“The global financial crisis is still a concern for all financial and economic elites in the world, each in his field, and a variety of analysis about the reasons and later on solutions and lessons learned from the experience that was said about it,” it destroyed the global economy and caused much suffering in all throughout the world,” Adnan A Yousif, President of UAB and the CEO of ABG told a gathering at the faculty of Business Administration and Commercial Sciences at the University of the Holy Spirit, Kaslik.
Univeristy has awarded its annual award to the Chief Executive of Al Baraka Banking Group and President of the Union of Arab Banks Adnan Ahmed Yousif.
The award was in recognition of Adnan’s many achievements both regionally and globally, in a ceremony at the main campus in Kaslik, in the presence of Dean of the Faculty Dr. Namma Azoury as well as officials from the university and Al Baraka Banking Group. This award is offered by the Faculty annually to honor a prestigious professional figure that can serve as a stand-alone school.
“The flexibility and efficiency of Islamic banks in times of financial and economic crises was a proof of the resilience of the IFIs,” Adnan Yousif said.
“The most of the reports emanating especially from the International Monetary Fund indicate now that the situation is improving, but according to these reports, the risk still exists, particularly in the field of purification of the balance sheets of banks through the liquidation of bad assets and raise capital, and work to reduce the volumes of defaulting mortgages. There is no doubt much work done by international organizations and we hope to bear fruit at the earliest possible opportunity in favor of global economies.”
“For Islamic financial institutions, they are not affected by the crisis dramatically and to some extent been affected by the slow-down of the international economy. This is due mainly to the special nature of banks that adopt this type of financial systems.”
“We very much appreciate the efforts of regulators and policy makers in the world in order to restore stability and confidence in global financial system. We also appreciate the research and studies conducted or are underway to find solutions to many issues that have emerged because of the global financial crisis, such as how to deal with large financial institutions, which were considered and still as they are larger than to fail or be allowed to collapse, as well as the issues of strengthening the systems of motivation and supervisory capacity, and a more effective precautionary framework. But at the same time we would like to see solutions that take into account our needs in this part of the world. Just as we impressed by the crisis, we will be affected by the solutions. If these variables are not dealt with from the perspective of building on the positives in them at the same time adopted economic policies based on our cultural values and heritage and commensurate with the size of our economies, we are undoubtedly going to have some difficulties. ”