The Association of UAE Accountants and Auditors held workshop oncontemporary moral issues in ethical finance and alternative banking at the headquarters of the Association, Al Qasbaa, as part of its ongoing quest to enhance the knowledge of members and inform them about the latest developments in accounting and finance. The workshop was attended by Mr. Saif Bin Abed Al Muhairi, Chairman of the Board of Directors in addition to financial officials and accountants and bankers, and parties interested in the finance sector.
The Association hosted advisor Basil Nadim, chief executive of Capital Development Company which is a consultancy and investment firm specializing in community investments and alternative banking to review latest developments in this growing financial field. Professor Basil Nadim served previously as senior Consultant and manager in Deloitte &Touché, and is currently chairman of the Financial Services committee in the Association.
The lecturer reviewed the financial realities and international banking from the perspective of achieving the objectives of development and the creation of real principles and the provision of banking services to communities (financial inclusivity), and pointed to some of the shortage points to meet those goals, citing the latest international statistics on financial derivatives and their relationship tototal local conclusion. Also he analyzed the financing gap for micro-enterprises, small and medium-sized firms estimated at 2.2 trillion dollars, as evidence of the reluctance of commercial banks to finance these companies on a global level. This result reinforces the presence of about 2 billion adults outside the banking system and thus are deprived of simple financial services. The International Monetary Fund statistics have shown that UAE occupies a privileged position globally in terms of financial inclusivity.
The lecturer in the second part of the workshop reviewed developments taking place in ethical finance, including the financing socially responsible and community financing and Islamic financing. Then he explained how these initiatives target and welcomed the projects with positive impact on the Association and the natural and human environment , infrastructures and green instruments, not to mention financial results.
In the latter part of the workshop, the lecturer presented a framework for financial inclusivity, which provides to bankers, advisers and organizers of financial services an integrated framework strategy to identify targeted needs of the financial services and the development of enhanced business model appropriate with financial technology (FinTech), which contributes to the provision of various forms of alternative banking such as payment via mobile and group finance and small and “petty coin” system. The field is still open for further innovations to meet the financial needs of the global economy.
At the conclusion of the workshop participants expressed happiness over the workshop and the extent of benefit, after which certificates were handed over to participants wishing them success and continuous progress. He stressed that the Association, by communication with members and through the exchange of ideas and suggestions, will provide the best training and professional services to its members.