Secretary of Arab Banks: the contribution of the largest 22 banks in the Arab world to establish the Office of the banking

April 21, 2013 02:22 PM Last updated: 21 Apr 2013 14:22


Mortgage and Sam Fattouh, Secretary-General of the Union of Arab Banks, the success of the proposed establishment of the Office of the Arab banking, which bent the Union and League of Arab States, the establishment that there should be recognition of regional and international to those Arab umbrella, with funding guaranteed to influence them in the decision-making International Financial Centre.

He said Fattouh's «Sunrise» The timing suitable for the establishment of the Commission at the time weakened the global financial markets, and export their problems to the Arab region, with the presence of liquidity and a strong economy of the Arab countries can participate in the development of legislation global applied without taking into account the Arab vision.

On the funding to be its availability to the success of the Commission said Fattouh His proposal to the Commission, that the proposal be contributing to one of the largest Arab bank in the countries of the University of States to be distributed to contribute, in close ensure that use financial pressure and the actions of the Commission and, more importantly from the point of view Fattouh continued support.

«Dimension for political money and the continued flow of important points that duty provided in the draft Commission, and the presence headquartered in any Arab state is not disputable, and most importantly focus on its success in good time enhances the impact of the decision Arab in global markets» according to Fattouh.

The Secretary General of the Union of Arab Banks said the project aims to establish for the establishment of the Commission Arab banking, enabling the region to participate in the drafting of legislation Banking and Finance issued by international organizations as a committee of the Basel, FATF and others, as well as the development of legislation Arab Banking appropriate to the peculiarities of working Arab banking, and work on internationally recognized .

Fattouh pointed out that the Commission assist in the development of banking legislation on Islamic banking. He stressed that this commission will include president or general manager of the largest bank in the 22 Arab countries, and delegates from the Arab central banks, permanent representative of the League of Arab States and the President and Secretary General of the Union of Arab Banks, and many Islamic organizations.

Fattouh said that the Arab central banks demand for products and the expansion of Islamic banking need the organization, especially as the only party in Malaysia need to be developed.

Fattouh, confirmed that the reason for the launch of the Arab Banking Commission, is that despite the economic and financial weight great for the Arab region, they do not have an appropriate presence on the world stage, especially in international forums such as the International Monetary Fund and the World Bank and the Basel Committee.

Fattouh said that the European Commission, which was established a few years ago, Germany was her biggest contribution and so it was the headquarters of the then Commission, stressing that the time is best to take advantage of the imposition of the Arab point of view on the international financial decision.

«Makes no sense denying the Arab countries, and financial institutions to influence regulatory decisions and legislation of the international financial work by Fattouh.

And holding of the Secretary-General of the Union of Arab Banks and Sam Fattouh in Cairo two weeks before a meeting with the Assistant Secretary of the Arab League to Hnan economic Mohammed Twaijri to discuss steps to establish that the Commission and recognized internationally.

The banking sector consists of 430 Arab banking institution manages assets equivalent to about 105% of the volume of Arab GDP, and is based on the deposit base, equivalent to about 65% of the size of the Arab economy, as the volume of consolidated assets at the end of 2012 about $ 2.6 trillion.

He said Fattouh he seeks to bring private institutions of Arab banks to ensure the strength of the largest in the decision, did not rule out at the same time there is strong support for the completion of the establishment of the Commission, stressing that persuade Arab governments will accelerate the establishment, stressing the need to continue to pay the subscription.

In a different context, Fattouh told «Sunrise» The Cypriot parliament approved the proposal of Arab banks do not bear Arab Aldharbah banks imposed Cyprus because of the financial crisis, and as much as Fattouh size of those funds by about $ 2 billion.

Fattouh said that Arab banks addressed Cyprus not apply Aldharbah the amount of 30% imposed on bank deposits, stressing that the Arab banks amounting to 12 banks in Cyprus survived of trimming Cyprus because of the speed of the move.

And on the law of tax compliance U.S. (FATCA) planned to be signed in July, said Fattouh The Bankers Association recommended the signing of government agencies unable to sign with the U.S. administration, without prejudice to the confidentiality of the accounts, suggesting that the unit of money laundering in the Arab countries have signed with the power of U.S. .

It is scheduled to be there for meetings during the coming period with the U.S. administration to discuss the mechanisms of the application with technical and financial assistance to help in the application.

«More Americans fear of application Alvta, is a close U.S. accounts in Arab banks, which hinders investment and change the map of international funds do not guarantee where its destination is Fattouh said.

Americans expressed by Fattouh willingness to cooperate with the Arab banks to avoid the closure of the U.S. accounts for a number of clients and توجهيه investments to other countries, pointing out that the application of the law comes from the strength of the U.S. economy and the control of its currency on international trade.

He warned Fattouh of the consequences of bad social and economic as a result of the application without the existence of agreements take into account the balance in that Britain was the smartest in dealing with U.S. law, as have occurred since the announcement of U.S. law, but they put a requirement to take advantage of any future development in the law.

Fattouh added that the U.S. administration decided to apply a 30% discount which is the maximum in taxes in case of violation, stressing that with the signing of American States to the law to its relevance with the principle of sovereignty. The U.S. tax ranging between 5 to 30%.

Fattouh said that the best available in the U.S. Alvta Act for our Arab banks is the exchange of information, technical and infrastructure development in the Arab banks, stressing that there was no financial estimate of the amounts assessed in Arab banks to apply the law.

Has yet to crystallize a unified stance of Arab banks to deal with U.S. law, stressing that the fears of breaking the secrecy is the biggest concern of U.S. law enforcement.

Fattouh said that the non-signing of the U.S. law threatens to reputational risk, and lead to sever economic ties with the United States.


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