As business activity picks up after the summer, we offer a summary of some of the stories we're following at the Arab Bankers Association.
Contact list for Egyptian banks' management teams
We are grateful to one of our Corporate Members for sharing with us a contact list for senior managers, including Chairmen, at 30 Egyptian banks. The list is attached below. We are publishing this in a spirit of helpfulness and make no representations as to the list's accuracy. Although the list was compiled at the end of 2017, it is possible that some positions have now changed.
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Fitch downgraded the Republic of Lebanon to CCC on 23 August, the same day that S&P affirmed its B- rating and negative outlook. The ABA's Editor, Andrew Cunningham, considers the different views on Lebanon's financial health. The views are his own, not necessarily those of the ABA.
This is an important report, and one of its findings is that those who use Islamic finance say that they have a good experience.
A change in Jersey's tax legislation has clarified that commodity murabaha contracts that are used to strcuture Shari'ah-compliant transactions will not be subject to Jersey tax.
The Directors and staff of the Arab Bankers Association send best wishes to members and their families on the occassion of Eid el-Adha. The holiday was due to begin in most countries on 12 August and will last for four days.