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.
Condolences on the death of David Sambar
David Sambar, who died recently after a long illness, was an investment banker and company director who was instrumental in developing Chase's operations in the Middle East during the 1960s and 1970s.
David was born in Haifa, where his father was serving as the Lebanese Consul General. He studied in Lebanon before taking a Doctorate in finance in France. (He remained a francophile all his life.) After working in the oil industry he joined Chase Manhattan in 1955 and then worked with Chase in various countries before moving to London as an Executive Vice President in 1976.
After leaving Chase, David was a director of several investment funds and banks both in the Middle East and in Europe.
David was a keen tennis player and a regular visitor to the opera. He will be missed by the London Arab banking community.
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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.