MasterCard Worldwide supports Hawkamah - UAB Bank Corporate Governance Awards 2008

The Award, which was inaugurated in 2007 by The Hawkamah Institute for Corporate Governance and the Union of Arab Banks (UAB), in association with MasterCard Worldwide, aims to promote best practices in corporate governance within the banking sector in the Arab world. The criteria for the Hawkamah - UAB Bank Corporate Governance Award cover a number of key areas including: commitment to good corporate governance; structure and functioning of the Board of Directors (or equivalent Supervisory Board); controlled environment and processes; transparency and disclosure; and treatment of minority shareholders. Award winners will be chosen based on their proficiency in the selected criteria.

This year's award entries attracted submissions from banks in UAE, Egypt, Iraq, Jordan, KSA, Kuwait, Lebanon, Oman, Palestine, Qatar, Sudan and Tunisia. The deadline for submissions ended on November 14, 2008 and applications are currently undergoing rigorous assessment by a distinguished jury panel including Michael Stevenson, Middle East Senior Partner, PricewaterhouseCoopers; Charles Freeland, a well-respected international banking consultant, former Deputy Secretary General, Basel Committee on Banking; and Chris Pierce, Chairman, Global Governance Services Ltd.

Dr. Nasser Saidi, Executive Director, Hawkamah Institute for Corporate Governance, commented, "The ongoing banking & financial crisis clearly demonstrates that Corporate Governance deficiencies and mal-governance facilitated or did not prevent practices that resulted in poor performance, including failure and bankruptcy of major financial institutions. To protect and give confidence to their depositors, shareholders and the general public, it is imperative that our banks continue to invest in improving their corporate governance policies and practices including good risk management practices. The annual Hawkamah - UAB Bank Corporate Governance Award is designed to recognize good practice and outstanding corporate governance performance, and we are pleased to receive, once more, the support from MasterCard."

Dr. Fouad Shaker, Secretary General, Union of Arab Banks, commented, "UAB aims to provide an effective platform for the development of the Arab banking industry to compete with the increasingly competitive and dynamic global industry while taking into consideration the uniqueness of local markets. Raising awareness and encouraging innovation in corporate governance standards is an important part of our mandate. We are committed to developing good governance, transparency and accountability among banks in the Arab region and the Hawkamah-UAB Bank Corporate Governance Award 2008 underscores this commitment."

Denzil Lawson, General Manager, Middle East & Levant, MasterCard Worldwide, commented:

"MasterCard is delighted to lend its support to this prestigious award for a second consecutive year. Since its inception, this award has contributed to the advancement of corporate governance in the Middle East and North Africa (MENA) region and has promoted transparency and efficiency in the banking sector. Moreover, it is aligned with our commitment to further strengthen the payments landscape in the region."

The Award winner and the two runner-ups will be announced on 22 December 2008 during a special awards ceremony will be held at Jumeirah Emirates Towers Hotel.