Syrian Arab news agency - SANA - Syria : Syria news ::

Union of Arab Banks: Importance of Cooperation with Turkish Banks

Oct 04, 2009

Istanbul, SANA_ Union of Arab Banks Forum stressed Saturday the importance of enhancing mutual cooperation between Arab and Turkish banks.

Participants in the forum underlined, in the final statement, the importance of such meetings in forming strong relations between Arab and Turkish banks to positively affect the mutual cooperation between the two sides in the future.

The statement hailed the important strategic role of the small projects in pushing economy in most of the world countries, indicating that small and medium projects could avoid the economic and financial crisis that devastated most of the world countries.

The statement reviewed the safe investment capabilities in the Arab region, indicating that Arab economies showed an ability to contain the fallout caused by the global economic downturn, as well as declining investment and both market and stock exchanges disruptions.

The 3-day forum, which brought together senior Arab and Turkish bankers, discussed important issues such as the new proposals of the Basel II, which were issued last July in the midst of the global recession.

Basel II is the second of the Basel Accord, which are recommendations on banking laws and regulations issued by the Basel Committee on Banking Supervision .

The purpose of Basel II, which was initially published in June 2004, is to create an international standard that banking regulators can use when creating regulations about how much capital banks need to put aside to guard against the types of financial and operational risks banks face.

Ismael Al Kazhali / Ghossoun