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.
ABA extends condolences on death of Tirad al-Mahmood of ADIB
The Arab Bankers Association extends its condolences to the family and friends of Tirad al-Mahmood, who died in April after a long battle with illness. Mr. Mahmood had been Chief Executive Officer of Abu Dhabi Islamic Bank (ADIB), which he joined in 2008. He had previously been head of Corporate and Investment Banking at Samba Financial Group in Riyadh, and before that he had enjoyed a long career with Citibank, including stints as their CEO for Romania and for Slovakia and as Regional Credit Director for North Africa.
Mr. Khamis Buharoon, ADIB's Vice Chairman, is now acting CEO. ADIB is present in London through ADIB (UK) Ltd, whose CEO is Bruno Martorano.
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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.