A more active role is required for regional financial institutions says Al -Qassimi

The increase in internal Arab tourism and trade activity, and the increasing number of regional countries joining the WTO and the infrastructural development projects in this region, will all contribute positively toward increasing the financial and credit institution's activity in the region.

Sheikh Tariq pointed out the various significant steps that have been taken to secure and promote the banking sector in the UAE, and put it on the world map. Some of these measures are, hosting the recently conducted IMF & World Bank meeting and the tightening up of money laundering regulations, all which are geared toward promoting the UAE as a regional leader in this sector.

He added that banks play a major role in the economy as well as in people's lives. "The banking sector is not just a loan and credit instrument, but a major player in the community development aspect too."

Sheikh Tariq highlighted the significant areas of achievement in the overall sector: the UAE accumulated 16% of total Arab banking profit distributions; 11.5% of the total assets after Saudi Arabia (with 24%). He also drew attention to the asset increase pattern, such as 44.5% for First Gulf Bank and 30% for Abu Dhabi Islamic.

Sheikh Tariq also stressed the need to prevent the September 11th tragedy from affecting the scope and growth of regional banks, since regional players now need to be more active on an international level.