Leaders From Government, Business And Industry Convene To Celebrate Bank Of Sharjah's 40th Anniversary

Under the patronage of HE Sultan Bin Nasser Al Suwaidi, Governor of the UAE Central Bank, leaders from government, business and industry came together on December 15 to celebrate the 40th anniversary of Bank of Sharjah. Dignitaries including HE Abdul Aziz Al Ghurair, Chairman of the Federation of UAE Banks and CEO of Mashreq Bank; and HE Abdulla Mohammed Saleh, Governor of DIFC; among others heard a keynote address from former Deputy National Security Advisor to the US President HE Juan Zarate about the crucial role of financial integrity in maintaining national security.

Established in 1973, Bank of Sharjah used the significant milestone of its 40th anniversary as an opportunity to reflect on the enormous achievements of the UAE financial services industry over the past four decades, while assessing new opportunities and challenges for the country.

During his address, HE Zarate, who currently holds the post of Senior Advisor at the Center for Strategic International Studies in Washington DC, called on financial institutions, regulators, and enforcement authorities in the UAE to ensure that the required resources, training, and expertise are in place to build preventive, risk-based compliance programs and systems.

“As the UAE becomes an ever more important component of the global financial system, the country’s financial institutions will be increasingly judged by whether their systems are effective and are addressing real threats and specific risks,” said HE Zarate. “Financial integrity is central to national and regional security, especially given the inter-connected banking system in the 21st century. The financial system itself needs to be protected from illicit financing, with banks serving as guardians at the gate of the financial system.”

Ahmed Al Noman, Chairman of Bank of Sharjah, added: “Over the last four decades, Bank of Sharjah has been one of the many beneficiaries of the UAE Central Bank’s tireless efforts, under the leadership of HE Sultan Bin Nasser Al Suwaidi, to build a regulatory regime that meets the highest international standards of integrity and transparency. Coming during a period of resurgence in the UAE banking sector, HE Zarate’s keynote address was a timely reminder of why upholding these values is so important to the ongoing success of the UAE as a trusted global center of banking and finance.”

Varouj Nerguizian, Executive Director and General Manager at Bank of Sharjah, stated, “Ever since inception, Bank of Sharjah has been a model of compliance with written and understood procedures for combatting money laundering and terrorism financing. The vigilance that is instilled in the spirit and procedures of the Bank is constantly upgraded to ensure that reputational risk is mitigated by sound judgment.”

Emirate:  Sharjah

Date: Dec 16, 2013

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