The FINANCIAL — On 29 September, the ICC Banking Commission released the 2015 edition of the ICC Global Survey on Trade and Finance. The final report included representatives of 482 respondent banks across 112 countries – a sharp increase from 2014.
The report was released during a launch event hosted by the Dubai Chamber of Commerce (DCCI) and ICC’s Regional Banking Commission (RBC) MENA, in the presence of more than 70 trade finance experts.
The launch event included a presentation of the latest updates and projects of the ICC Banking Commission by David Bischof, Policy Manager, ICC Banking Commission, who explained the importance of market intelligence in the trade finance industry and highlighted several ICC products that bridge the information gap and create better understanding on how trade finance works, according to ICC.
Thierry Sénéchal, Deputy Director, ICC Business Development, Global Coordinator, ICC Academy, complemented the presentation by focusing on the ICC Academy’s offering of new standards in professional and business education.
Vincent O’Brien, Chair of the ICC Banking Commission Market Intelligence Group presented the ICC Global Survey on Trade Finance 2015 findings and engaged the audience in an insightful question & answer session around trade finance developments worldwide and in the MENA region. Mr O’Brien said that this year’s survey underlined the severity of the trade finance gap – which continued to be impacted by regulation, despite the low-risk nature of trade finance – and particularly its impact on Small – and medium-sized enterprises (SMEs).
Addressing the audience in his welcome remarks Omar Khan, Director, International Offices, Dubai Chamber said: “The Survey has provided a comprehensive and insightful analysis of the major trends influencing the past, current and future of the trade finance industry. These insights are relevant more than ever as we see the dynamics in global trade and finance change, with the EU facing some troubled times and the rise of economies of Asia and Africa. This Survey also looks into the realm of Islamic finance, which is important not only to this region, but to the rest of the world as well, with the value of assets in Islamic finance sector expected to increase by 80% to reach US$ 3.24 trillion by 2020.”
The relevance of the MENA region for the ICC Global Survey on trade finance is increasing year by year with MENA survey respondents continuing 10% of the overall survey population. In addition, the report includes a highlight interview with Eng. Hani S. Sonbol, Deputy CEO, International Islamic Trade Finance Corporation, outlining ICC’s sharp focus on expanding the reach into the Middle East and North Africa region.
ICC Regional Banking Commission for the MENA region is a joint initiative of the ICC Banking Commission and the Dubai Chamber, launched in April 2013. Dubai Chamber is instrumental in the development of the region’s international trade, banking and finance sectors through its role as the permanent host to the ICC Regional Banking Commission for MENA and guarantor for expanding its goals of facilitating trade, promoting economic development and enhancing the business environment.