News Two Lebanese banks, Banque de l'Industrie et du Travail (BIT) and Near East Commercial Bank, have announced their intention to merge. A statement issued by the banks in early July noted that the agreement between the banks still requires approval from the Banque du Liban. The most recent Annual Reports published on the banks' websites show that BIT had equity of $80mn at the end of 2012, assets of $693mn, and customers' deposits of $503mn. NECB had equity of $25mn, assets of $381mn and customers' deposits of $323mn. Both banks have grown since then and the merged ba...
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
Mon July 14 2014
Mon July 14 2014
Events , ABA Events We will be holding our annual Iftar Dinner to celebrate the holy month of Ramadan on Monday 14 July at Maroush Gardens. The dinner, which is being held under the kind sponsorship of Qatar Islamic Bank (UK) and Abu Dhabi Islamic Bank (UK), is open to members, friends and their families. To book tickets, please either follow the links on this website, or contact Ms Joumana Karam (phone 0207 659 4889) or Mrs Huda Lahiani (phone 0207 659 4892) at the Arab Bankers Association's offices.
News The UK's sovereign five year sukuk issue offerred a yield of 2.036%, the same as conventional UK government five year bonds. HSBC led the issue and acted as bookrunner. Barwa Bank, CIMB, National Bank of Abu Dhabi and Standard Chartered Bank also arranged the issue. Road shows began on 17 June in Jeddah and Kuala Lumpur, and then moved to Riyadh, Doha, Dubai and Abu Dhabi before ending in London. The sukuk is based on an ijara-structure, using rental income from three UK government offices. On 19 June, the Luxembourg Government presented a new proposal for its own sovereign ...
Events , ABA Events The ABA's "Investing in UK Real Estate" seminar, held at the Association's offices on 17 June, attracted over one hundred members and friends. Presentations addressed trends in the UK residential and commercial property markets and the growth of Islamic real estate finance. The seminar began with Sophie Chick from Savills providing detailed statistics on the revival of London's residential property market, with charts showing how the London market compares to other regions in the UK. She was followed by her colleague, Steven Lang, who addressed the commercial property market, includi...