| Conference Background: |
As a result of various industrial countries being drawn into its realm, the current financial crisis has been deemed global, where the world countries are being exposed from time to time to its implications and repercussions.
This severe crisis, in its complex dimensions, have surpassed its US origin, and in just a short period of time, reached the European Markets and then to most economies in various regions of the world, taking into consideration that the US economy is deemed as the locomotive of the world economies.
Not surprisingly, this prolonged financial and economic hurricane has raised many questions and uncertainties, particularly concerning its possible outcomes on the global financial and economic platforms and foundations, and with respect to the development of the economic growth rates in various countries of the world.
Opinions are many and interpretations vary, sometimes contradictory, about the reasons, implications and remedies, where some have discussed that the crisis is the result of the failure of the capitalist financial system, while others have described it as part of the concurrent financial and economic crisis that hit the world especially the great depression of 1929 which originated in the US. Many have deemed the current crisis as unprecedented on all levels, from its depth, its breadth and negative impacts on various economies and markets of developed and developing countries. This has prompted rapid interventions from Central banks and governments, which pumped hundreds of billions of dollars into the markets in an attempt to prevent prestigious banks and financial institutions from bankruptcy so as not to increase the size of losses and collapses amidst the increased number of countries that seek remedies and solutions. The G20 of the largest industrial countries have presented ideas of changing the international financial system into a new global financial and economic system.
Despite sustained efforts from various regional and international bodies seeking to remedy the crisis and avoid its repercussions and implications that have affcetd real economies in various countries, the negative effects of the crisis are expected to continue during 2009 and later on.
In its sustained quest to reach effective solutions for the crisis, the Union of Arab Banks will organize its annual Arab Banking Conference entitled ‘The Crisis: Vision for Tomorrow’. This conference will present an ideal platform for Arab participation in the International decisions, particularly those related to the international financial and economic system, and common efforts to securitize and enhance the Arab banking system in face off the repercussions and implications of the crisis, and encourage the Arab internal investments.
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| Conference objectives: |
- Diagnose the various implications and repercussions caused by the current global financial crisis on Arab economies, capital and real estate markets, amidst the expectation of a stability in oil price during the current year, hoping to reach to some kind of recommendations that would reduce the crisis effects on our Arab countries.
- Focus on the link between the crisis of the financial and banking sectors, and the real sectors crisis, on the importance of encouraging the Arab bilateral investments in light of the learned studies from the crisis, and on the development of the cooperative mechanisms and the Arab financial and economic integration.
- Mobilize the role of Arab countries and its participation in reforming the current global financial system and establishing a new global financial and economic system taking into consideration the interest of the Arab countries in seeking equality with other authoritative sides engaged in modifying the current system or changing it with a new banking and financial system.
- Discuss the challenges, risks and opportunities resulting from the sustained crisis on the Arab banking and financial systems, the extend of its involvement in the current international banking and financial systems, and identify the right path that would achieve stable Arab economy and acceptable reasonable growth rates.
- Identify the role of the control and supervision systems in the banking and financial sectors, in addition to the role of credit rating agencies in order to establish arab elements and standards in control and rating capable of securing the Arab banking and financial sectors from any shake-ups in the future.
- Gain access to the Arab sovereign funds reserves in financing projects in general, particularly the medium and small sized projects, in order to support the basic structures of the Arab economies and its real sectors.
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| Topics |
First: the direct and indirect causes of the crisis:
- Performance and mentality of banks (traditional and investment)
- Financial derivatives and its connection with the crisis
- The role of credit rating agencies
- The role of control and supervision bodies
- The greed of bank leaders
- Capitalist thought and the crisis
Second: Effects, Implications and Repercussions:
- Liquidity drying up
- Deterioration of oil price
- Repercussions on the real economy (reduced growth, increase in unemployment, bankruptcies, etc…)
- Connection of globalization with the crisis
Third: Means of Confrontation:
- The role of governments and central banks
- The role of Basel II or Basel III?
- International monetary bodies (IMF, World Bank, G20)
- Expansion of the decision-making cycle from G7 to G20
- Restructuring the banking and financial sectors
Fourth: Financial Crisis and Islamic Banking:
- Was the Islamic banking affected by the Crisis?
- Is investment in Islamic banking the alternative?
Fifth: Financial Crisis and Arab Economies:
- Its effects on the real estate and real sectors
- Its effects on stock exchanges
- The crisis and Arab investments
- A new vision for Arab financial, banking and economic strategy
Sixth: Lessons learned regionally and globally:
- Is Basel II sufficient or do we proceed for Basel III?
- The compliance in ethics and morals of the banking and financial profession, and implementing good governance
- Reconsidering the structures, work mechanisms, and voting shares of member countries in International monetary institutions
- Should there be a discussion of an International economic security council?
- Are we on the verge of a new Britton Woods agreement?
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