Abu Dhabi Islamic Bank (ADIB) held forums on the international regulatory environment this week for banks from Sudan and Iraq to support the increasing integration of the two countries into the global economy. The forums followed the lifting of the United States' longstanding sanctions against the government of Sudan on October 12, 2017.
ADIB, which has branches in Iraq and Sudan, is playing a leading role in connecting the countries' financial sector to global markets, providing greater opportunity for international trade and investment.
The two separate forums, held in Abu Dhabi, gathered around 50 bankers from each country, to discuss the evolving international regulatory environment for financial institutions, and how they impact financial and trade flows.
They addressed issues such as Basel III and IFRS 9 requirements as well as anti-money laundering measures. ADIB executives also led a discussion on the latest developments in the international banking environment.
"Both Iraq and Sudan are emerging from the sidelines of the global economy, and greater participation in trade and investment flows is vital for socio-economic development of the countries," said Andreas Meletiou, ADIB's Head of Global Financial Institutions. "Because of our unique footprint across the Middle East and North Africa, ADIB plays a pivotal role in forming relationships between regional and global financial institutions and businesses. These seminars are equally important for transfer of knowledge and experiences, as well as for deepening networks."
ADIB, which has a large retail and corporate banking operation in its home market of the United Arab Emirates, also operates a wide international network, including Egypt, Iraq, Sudan and the United Kingdom.
The bank deploys this network to support multinationals operating across the Middle East, as well as regional banks and companies that are looking to access global markets, providing correspondent banking services, as well as trade finance.
"Development of the banking system is key for sustainable economic development in emerging markets," Meletiou added. "The participation of so many banks from Sudan and Iraq in our information forums this week shows how serious they are about implementing robust compliance programmes. They know how important this is for accessing global financial markets, and participating in international trade and investment."