The International Chamber of Commerce Qatar (ICC Qatar) held its first ‘Banking Commission’ meeting for the year at the Qatar Chamber headquarters on Wednesday, it was announced in a statement.
ICC Qatar director of International Relations and Chamber Affairs Sheikha Tamader al-Thani provided updates regarding ongoing meetings with the parties concerned related to the use of the internationally accepted ICC Uniform Rules on Demand Guarantees 758 when issuing guarantees.
She said: “The Banking Commission meeting is an important opportunity to consider the latest issues relevant to the banking industry. Some of the topics discussed included ICC draft opinions, issuance of guarantee clauses by banks, and Incoterms 2020 amongst others.”
ICC Qatar Banking Commission vice-chairman Ghassan Azar presided over the meeting, in the presence of representatives from the majority of banks in Qatar.
Azar highlighted the importance of the upcoming ‘ICC Banking Commission Annual Meeting 2019’ that will be held from April 8 to 11 in Beijing. He noted that it is a unique gathering of banking executives and government officials from more than 65 countries to rethink the future of trade finance, encourage governments, regulatory bodies, and G20 leaders, and to remove obstacles to trade finance and stimulate economic growth and job creation.
Other topics include the increasing prominence of digitalisation within the trade finance sector, the ongoing changes in regulatory and compliance requirements and the growing interest from both banks and customers in supply chain finance methods.