The Union of Arab Banks (UAB) has organized in Brussels-Belgium during 28-29 June 2007 the International-Arab Banking Summit “The Euro-Arab Banking Dialogue", in collaboration with The World Union of Arab Bankers (WUAB) and in cooperation with the European Banking Federation (EBF) and International Bankers Forum (IBF). The Summit was attended by some (200) key banking, financial and economic personalities from both the public and private sectors, from the Arab, European and American Countries. The Summit was attended by Mr. Adnan Ahmed Yousif the Chairman of UAB, Dr. Joseph Torbey The Chairman of WUAB, H.E. Mr. Guy Quaden the Governor of the National Bank of Belgium, H.E. Ambassador Abdul Wahab Derbal Head of the Delegation of the League of Arab States in Brussels representing H.E. Mr. Amr Moussa the Secretary General, who also inaugurated the Summit. Key official and private personalities presented Keynote Addresses, namely H.E. Mr. Sami Haddad the Minister of Economy and Trade in Lebanon, H.E Mr. Malek Akar the Minister of Investment in Sudan, H.E. Dr. Jassim Al-Mannai the Chairman and Director General of the Arab Monetary Fund, H.E Dr. Umayya Toukan the Governor of the Central Bank of Jordan, H.E. Dr. Sinan Shebibi the Governor of Central Bank of Iraq, H.E. Mr. Elija Malok the Deputy Governor of the Bank of Sudan and the President of the Bank of Southern Sudan, H.E. Mr. Ahmed Humaid Al-Tayer Chairman of Emirates Bank Group and Commercial Bank of Dubai, and Mrs. Geert Van Lerberghe Head of European Affairs at the Belgium Financial Sector Federation. Also the Summit was attended by H.E. Mr. Juma Al Majed Vice Chairman of the Central Bank of UAE, H.E Mr. Sultan Al-Suweidi Governor of the Central Bank of UAE, Mr. Majeed Jumblat Deputy Governor of the Central Bank of Lebanon, Mr. Jihad Al Wazir Deputy Governor of the Palestine Monetary Authority, Mr. Ahmed Al Ali Deputy Governor of the Central Bank of Iraq, and Mr. Marwan Al Maashar Senior Vice President of the World Bank. The Summit discussed issues related to Euro-Arab banking and economic relations, the European and US partnerships with the Arab region, infrastructure project financing, contemporary issues in international banking and finance, and Islamic banking. The Summit was characterized by a special ceremony for honoring H.E. Mr. Ahmed Humaid Al Tayer following his selection by UAB as the “Arab Banker of Year 2006" owing to his banking and economic achievements in UAE and the Arab region in general. It was also characterized by announcing that UAB and Hawkama will undertake a survey for choosing the "Best Corporate Governance Bank" in the MENA region, sponsored by MasterCard Worldwide. The participants declared that Arab and European banks have a key role to play in supporting and enhancing the Euro-Arab economic cooperation. They could join forces and synergize their potentials to finance mutual investment projects and trade exchanges, and act as catalysts for attracting foreign investments. The participants stressed the need to have the Neighborhood Policy “initiated by the EU toward the Mediterranean countries fill the gaps of the Euro-Med Partnership Agreement, and move the current Euro-Med relations towards better and more rewardable prospects. It should promote the current status of mutual trade, investment and financial cooperation. The participants welcomed the financial and economic reforms and actions to enrich investment environments in the Arab countries. They stressed the need to rally up these reforms and strengthen economic integration, because this is necessary to enhance Arab sovereign ratings which, in turn, is important to improve Arab banks credit ratings, especially if these banks continue their efforts in strengthening their financial soundness and management techniques. The participants declared that Arab bankers and finance professionals have a significant role in opening up the Arab financial markets for better inter-regional banking and economic ties, especially now several Arab banks have succeeded in expanding in some regional markets. Also, they should seek feasible business solutions for the significantly emerging petrodollars which are chasing viable investment opportunities in the region. The participants declared that the private sector should be a full partner in the elaboration and implementation of economic policies aiming at strengthening growth and socio-economic development under the Euro-Med partnership. These policies must promote and support private investments, whether domestic or foreign. The EU must support the efforts of Arab countries in developing and financing SMEs in a sustainable manner due to their economic and social significance. The participants highlighted the significant efforts Arab banks are exerting in the direction of complying with international standards in the fields of AML-CFT, corporate governance, Basel-II standards, integrated risk-management and financial disclosure. They also stressed the significance of continued support on the part of the European and international communities to the Arab banking systems. The participants focused on the positive role played by Islamic banks and financial institutions in mobilizing internal and external resources, via efficient saving and investment schemes, to finance economic and social development in their respective countries. They also stressed that the further development of Islamic banking requires the establishment of an Islamic capital market equipped with Shrari’a-compliant instruments, and better enabling environments. The participants said that the large volume of infrastructure projects and the positive prospects for financing such projects in the Arab region necessitates some better and more effective bridges of cooperation between regional and international banks, with multi-facet financing schemes whether strictly conventional schemes or strictly Islamic schemes or a mix of Islamic-conventional schemes. In the Summit’s closing, the participants thanked the King of Belgium, President, Government and People for their kind hospitality and reception during their stay in Brussels. They also thanked H.E. Mr. Guy Quaden and the League of Arab States and its Secretary General H.E. Mr. Amr Moussa for embracing the Summit. Also, the participants thanked UAB, WUAB, EBF and IBF for their outstanding organization of the Summit, for striving to ensure its success, and for their sound selection of the Summit’s topic and its discussion areas.
