Dubai Chamber and International Chamber of Commerce launch ICC Regional Banking Commission for MENA

The event attracted more than 150 high profile bankers, senior financial lawyers and banking sector professionals. It concluded with the signing of a Memorandum of Understanding (MoU) between ICC and the Dubai Chamber that aims to foster cooperation in areas of common interest.

H.E. Hamad Buamim, Director General, Dubai Chamber, signed the MoU with Mr. Kah-Chye Tan, Chair, ICC Banking Commission, to create a long-term institutional relationship at a regional and global level facilitating trade in the MENA region.

This new initiative empowers Dubai Chamber, which occupies the Deputy Chair's position at ICC's World Chambers Federation (WCF), to create a Regional Banking Commission while effectively coordinating and communicating with the Banking Commission as well as to act as the permanent host to the Regional Banking Commission for MENA. It also provides broader role for Dubai Chamber to meet increasing demands for premium trade finance information and up-to-date policy and market intelligence by the business community.

The ICC Banking Commission appointed Lakshamanan Sankaran, Chair, Regional Banking Commission (RBC) MENA International Chamber of Commerce who is also Deputy General Manager and Head of Operations and Trade Finance at Commercial Bank of Dubai. He will form a steering committee with inputs by Dubai Chamber and will work towards opening institutional communication channels with a proactive approach to forge stronger cooperation between the two organisations.

The agreement also allows Dubai Chamber to strengthen the Banking Commission's outreach at regional level, organise conferences and workshops on best practice implementations in trade finance, rules-writing for business, supply chain financing, regulatory environment in banking, dispute resolution in trade finance and developing a mechanism to better understand the regional needs in terms of policy advocacy as well as exchange of information and consultation.

Buamim said: "The launch of the Banking Commission MENA follows the new decree issued late last year by H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, empowering Dubai Chamber to represent Dubai businesses in global forums by linking up with international non-profit business organisations and associations and help them set a base in Dubai to expand into the region.

"In line with our new business strategy, we will be attracting more international associations to set up offices in Dubai under our umbrella and we hope to announce new openings shortly. This will enhance Dubai's position as an international business hub and will have a positive effect on the business climate as a whole," he said.

"Dubai was chosen to be the premium regional location for MENA as the emirate is clearly established as the primary regional hub for the Middle East and a gateway to Africa for international trade, banking and finance," he said.

The Director General of Dubai Chamber stated that establishment of the ICC Regional Banking Commission MENA in Dubai is an important development for the emirate's banking sector and one that will help seal the city as the region's leading banking and financial hub.

"Our modern banking and financial sector can easily accommodate this office and offers the best environment for it to thrive, and one where it will have the biggest impact. Similarly, this unit is going to create new opportunities for the region within the ICC and help to further strengthen Dubai Chamber's relationship with this important international organisation," he said.

"The private sector has an increasing role to play in policy advocacy within the ICC and the Regional Banking Commission MENA is an excellent place to start. It is going to provide us with the opportunity to shape and recommend policies that will drive growth and benefit the trade sector across the whole of MENA.

"Dubai Chamber is delighted to be part of this initiative and we will offer our fullest support to this unit to enable it to grow and develop. This Dubai 'model of excellence' will act as a template for the other ICC Regional Banking Commissions, which will extend the global reach of the ICC Banking Commission," added Buamim.

Mr. Kah-Chye Tan, Chair, ICC Banking Commission, said: "Facilitating trade, promoting economic development and enhancing the business environment are shared goals of ICC and Dubai Chamber. This is the reason why we have aligned to form this strategic partnership, to facilitate trade in the MENA region and strengthen the Commission's reputation as the banking industry's most reputable and reliable provider of market intelligence."

On his part, Thierry Senechal, ICC Banking Commission Executive Secretary, said: "The mandates and functions of the Banking Commission have significantly evolved and expanded over the last 10 years of our 80-year history. This initiative will help the commission to tap into regional expertise and provide a better service to the banking community. It will also enhance our membership, particularly in countries currently lacking an ICC presence."

With over 600 members the Banking Commission is ICC's largest commission. The Regional Banking Commission initiative will effectuate a better understanding of regional needs in terms of policy advocacy.

It will also extend the reach of ICC banking rules and related services including ICC rules and guidelines on documentary credits, UCP 600 - the most successful privately drafted rules for trade ever developed - and forthcoming Bank Payment Obligation rules on supply chain finance.

Other efforts by ICC to strengthen its presence in the region include a first annual conference on International Arbitration in the MENA region. The conference will reflect the region's changing and challenging perceptions on international arbitration and it is set to take place in Dubai from April 15 to 17.