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Transparency a must for strong financial system

Abdul Basit – Chief Reporter
Filed on October 24, 2014

The global financial crisis raised a number of serious questions about the conduct and regulatory oversight of financial markets.

Dubai: Industry specialists from Australia highlighted the importance of building transparent and strong financial systems to deal with any global financial crisis during a workshop in Dubai.

The University of Sydney, in collaboration with Dubai Financial Services Authority (DFSA) and Al Tamimi and Company, hosted the workshop and discussion for top officials of finance industry in Dubai.

The global financial crisis raised a number of serious questions about the conduct and regulatory oversight of financial markets. The workshop discussed primarily in the context of the recent experience of Gulf Cooperation Countries with a view to gaining a better understanding of what has been achieved so far and the challenges that remain.

Dr Mark Melatos, who is senior lecturer in the School of Economics at University of Sydney and the Associate Dean Postgraduate Coursework in the Faculty of Arts and Social Sciences, provided quick background of Australian financial system and its objective.

Dr Mark has worked with the OECD, European Commission and NZ Treasury on trade policy issues and consulted for the French Ministry of Justice on the impact of legal institutions on economic growth.

He also talked about the importance of effective financial system and delivery. He mentioned that delivery is very important.

Joining the discussion, associate professor of Sydney Law College Salim Farrar talked about Islamic finance. He discussed the problems of Islamic institutions. He also discussed risks involved in Islamic finance and corporate governance in Islamic institutions. He said that there is no Shariah-compliant bank in Australia. Muslim population in the country is around 500,000 but its growing, he added.

Christopher D’Cotta, associate director at DFSA for Enforcement also talked briefly about his experience in the related field.

Talking to Khaleej Times after the workshop, Dr Mark said that at the moment Australian financial system is very strong. The country avoided the global financial crisis because of very well designed and regulated financial system, he said. The system is very much concentrated on very large banks in the country, he added.

Talking about the lessons learnt from the global financial crisis, he said transparency is very important and multiple regulators at same territory should understand their own responsibilities and mimimise overlapping.

Talking about GCC countries, he said they depends a lot of global financial markets, so recent volatility in markets affected here in Gulf region as well. The region is oil producing countries, so falling oil prices could be a point of concern here.

Talking about global issues, he said there are a lot of issues including political and financial that hurt economies across the world. Europe has debt issues, China’s economic growth is slowing down, Middle East is facing political problems, then Ukraine and Russia issues but a new and additional problem is Ebola.

—abdulbasit@khaleejtimes.com





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