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 welcomes FTI Consulting as new corporate member
FTI Consulting is an independent global business advisory firm that is dedicated to helping organisations manage change, mitigate risk and resolve disputes: financial, legal, operational, political, regulatory, reputational and transactional.
FTI's principal link to the Arab Bankers Association is Federica Taccogna (firstname.lastname@example.org). Federica leads FTI's regulatory compliance team which comprises lawyers, industry experts and former regulators. Other people who will be points of contact with the Association are listed on FTI's entry on our Corporate Members page.
At the moment, the regulatory and compliance team is particularly active in advising financial regulators on matters related to financial crime regulation, and it is also active in advising financial institutions how to address questions from financial regulators about their compliance practices and procedures. Other areas of focus include governance and data management, prudential regulation and credit risk, and MiFID.
We are attaching below some examples of recent research notes published by FTI.
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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.