Dubai Chamber and ICC launch regional banking commission

DUBAI — Dubai Chamber of Commerce and Industry in partnership with the International Chamber of Commerce (ICC) launched the first ICC Regional Banking Commission Middle East and North Africa (Mena), a chapter of ICC’s influential rule-making body for the banking industry, during a launch conference held at the Chamber premises late on Tuesday. It is the ICC’s first office outside Paris.

By (Staff Report)

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Published: Thu 21 Feb 2013, 11:47 PM

Last updated: Fri 3 Apr 2015, 4:57 AM

The event attracted more than 150 high profile bankers, senior financial lawyers and banking sector professionals. It concluded with the signing of a MoU between ICC and the Dubai Chamber that aims to foster cooperation in areas of common interest. Hamad Buamim, director-general, Dubai Chamber, signed the MoU with 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 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.

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