The initiative aims to more
effectively coordinate and communicate Banking Commission activities in the
MENA region and meet increasing demands for premium trade finance information
and up-to-date policy and market intelligence.
promoting economic development and enhancing the business environment are
shared goals of ICC and the Dubai Chamber. This is the reason why we have
aligned to form this strategic partnership, to facilitate trade in the MENA
region and strengthen the commission’s reputation as the banking industry’s
most reputable and reliable provider of market intelligence,” said Kah Chye
Tan, Chair, ICC Banking Commission.
With over 600 members the
Banking Commission is ICC’s largest commission. The Regional Banking Commission
initiative will effectuate a better understanding of regional needs in terms of policy
advocacy. It will also extend the reach of ICC banking rules and related
services including ICC rules and guidelines on documentary credits, UCP 600 – the most successful
privately drafted rules for trade ever developed – and forthcoming Bank Payment
Obligation rules on supply chain finance.
“The mandates and functions
of the Banking Commission have significantly evolved and expanded over the last
10 years of our 80-year history,” said Thierry Senechal, ICC Banking Commission
Executive Secretary. “This initiative will help the commission to tap into
regional expertise and provide a better service to the banking community. It
will also enhance our membership, particularly in countries currently lacking
an ICC presence.”
Marking the occasion, a
regional commission launch conference was held at the Dubai Chamber attracting
more than 150 high profile bankers, senior financial lawyers and banking sector
professionals. The event concluded with the signing of a memorandum of
understanding between ICC and the Dubai Chamber that aims to foster cooperation
in areas including trade finance promotion, private sector development and
capacity building of businesses in the MENA region.
The agreement sets out
multiple areas of cooperation that aim to leverage the ICC-Dubai Chamber
partnership to strengthen the Banking Commission’s outreach at regional level
and to facilitate the organization of conferences and workshops on
best-practice implementation of topics such as trade finance, supply chain
financing, banking regulation and dispute resolution in trade finance.
“The establishment of the
ICC Regional Banking Commission MENA in Dubai is an important development for
the emirate’s banking sector and one that will help seal the city as the
region’s leading banking and financial hub for the Middle East and North Africa,”
said Hamad Buamim, Director General of Dubai Chamber. “Our modern banking and
financial sector can easily accommodate this office and offers the best
environment for it to thrive, and one where it will have the biggest impact.
Similarly, this unit is going to create new opportunities for the region within
the ICC and help to further strengthen Dubai Chamber’s relationship with this
important international organization. The private sector has an increasing role
to play in policy advocacy within ICC, and the Regional Banking Commission MENA
is an excellent place to start. It is going to provide us with the opportunity
to shape and recommend policy that will drive growth and benefit the trade
sector across the whole of MENA.”
Dubai is an established
regional hub for the Middle East and a gateway to Africa for international
trade, banking and finance, making it a strategic choice for the location of
the ICC Regional Banking Commission MENA which hopes to be a forerunner for
other ICC regional banking commissions.
The MENA Regional Banking Commission
will be led by Lakshmanan Sankaran, Deputy General Manager and Head of
Operations and Trade Finance at Commercial Bank of Dubai.
Other efforts by ICC to
strengthen its presence in the region include a first annual conference on
International Arbitration in the MENA region. The conference will reflect the
region’s changing and challenging perceptions on international arbitration and
it is set to take place in Dubai 15-17 April 2013.
For more information visit the ICC Banking Commission