ABA News Red Money events held its annual IFN Conference on Islamic Finance at London’s Guildhall on 28-29 May. The first day focussed on the needs of issuers of Islamic debt while the second focussed on investors. Several of the presentations from the event have now been published on the conference website. Sohail Jaffer, Deputy Chief Executive of FWU Global Takafol Solutions, provided a detailed analysis of sukuk issuance, showing that Malaysian issuance continues to dominate the global market, with about 70% of the total issuance, but that GCC sukuk continue to grow &...
A message from the Chief Executive Officer
Welcome to the Arab Bankers’ Association!
We are an association of bankers and finance professionals who work in Arab financial markets. Most of our members, both corporate and individual, are based in the U.K. but a significant proportion are based outside. Nearly all of us have spent much of our professional lives living and working in the Arab world.
Our aims are simple: to foster improved relations, information sharing and understanding between the private and public sectors in the Arab world and the U.K. We achieve this through our programme of evening seminars and social events, through tailored events for individual members and their clients, and through personal interaction and introductions that are based on decades of business experience.
You will find more information about our work on the various pages of this website. For example, elsewhere on this page you can download a copy of our Annual Magazine; on the “Events” page you can download presentations given at recent evening seminars; and soon we will be adding a new page to our website -- “Arab Banking News” – where you will see a brief round-up of recent events that are relevant to our membership.
The “Join” page also contains a full list of member benefits.
This is an exciting time for Arab banks and their subsidiaries and affiliates in London. Gulf banks are looking to expand their international operations, banks in Egypt and other north African countries are finding their footing after the uncertainties of the Arab Spring, and debt issuance across the region is increasing.
London hosts the largest and most important banking community in Europe, so its not surprising that it is in London that many of the innovative new financial structures that are shaping Arab finance are designed and sold.
The ABA has been serving and promoting Arab banking in London for more than 30 years and we are as enthusiastic and committed to our mission today as we were on the day we were founded. If you are a member, I look forward to working alongside you in the months ahead. If you are not a member, I hope you will consider joining us.
George E. Kanaan Chief Executive Officer
24/05/13 Eyes on Dubai
ABA News Dubai will not have difficulty repaying debt obligations estimated at around $48bn, according to the Director of the IMF’s Middle East and Central Asia Department. The remark, made by Masood Ahmed, when launching the IMF’s latest Regional Economic Outlook for the MENAP (Middle East North Africa, Afghanistan and Pakistan) region on 21 May, came two weeks after international rating agency Moody’s also expressed confidence in Dubai’s financial condition, despite assessing that $22bn of debt will fall due for repayment in the next year. “We believe that the ...
25/04/13 Ratings of Middle East sovereigns compare well to those of many European countries and other emerging markets
ABA News The Eurozone crisis has led to multi-notch downgrades of many European sovereign issuers, and one result is that the ratings of many Middle East countries – and not just the oil producers in the Gulf – now compare favourably to those in Europe. Saudi Arabia, Kuwait, Qatar and Abu Dhabi hold AA ratings, while Oman and Bahrain are firmly within investment grade territory. Spain, which until September 2011 was rated AA, now sits at the bottom of the investment grade scale, with Italy only one notch higher. Greece and Cyprus are now rated C, the score given to countries...
ABA News Four Arab banks Rank Among World’s Safest 50 Four Arab banks have been ranked among the world’s Safest 50 banks by Global Finance Magazine. National Bank of Abu Dhabi (NBAD) ranked 31, National Bank of Kuwait (NBK) 35, Qatar National Bank (QNB) 42 and Samba Financial Group 43. Global Finance’s rankings are based on credit ratings assigned by the three big credit rating agencies, Fitch, Moody’s and Standard & Poors, as of 11 February 2013. NBAD and NBK have the same ratings – AA- from Fitch and Moody’s, A+...
ABA News Lord Lamont of Lerwick and Patrick Seale prompted a lively discussion about Britain’s role in the Middle East on 7 March. Both speakers called for a more independent British approach to the Middle East, with Lord Lamont focussing his remarks on British relationship with Iran, and Patrick Seale concentrating on the situation in Syria, Iraq and Palestine. The event, entitled, “The Middle East in Turmoil: What Can Britain Do?”, was organised by the Arab Bankers’ Association in partnership with the Conservative Middle East Council. Following the prese...