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Legal PerspectiveCommercial banks play a pivotal role in most trade finance transactions. Herein, the banks can take different roles, such as the issuing bank, the confirming bank, the nominating bank, the advising bank or otherwise depending on the intention and interest of the bank in serving their different clients.I believe that the role of each of the above-mentioned banks is important and highly needed for such transactions. However, the role of the confirming bank could be more important and very essential to complete the smooth process of trade finance transactions.Therefore, we need to know more about confirming banks. Under the UCP 600, a confirming bank is a bank that adds its confirmation to a letter of credit (LC) at the initial request or authorisation of the issuing bank, undertaking obligations similar to the issuing bank's own. In other plain words, it is a kind of a “confirmer” that agrees to perform the principal duties of the issuing bank.This banking activity adds an extra layer of security for the exporter (beneficiary), ensuring the payment even if the issuing bank defaults. Moreover, the key responsibilities of a confirming bank include examining documents for compliance and ensuring payment or negotiation if the presentation is complying.According to the UCP (Uniform Customs and practices for Documentary Credits) 600, explain the meaning of “Confirming Bank”. Sub-article 37 (c) of UCP 600 states: “A bank instructing another bank to perform services is liable for any commissions, fees, costs or expenses (‘charges’) incurred by the bank in connection with its instructions”.Based on this and according to sub-article 8 (b) of UCP 600, the obligation of a confirming bank begins only when it adds its confirmation to the credit: “A confirming bank is irrevocably bound to honour or negotiate as of the time it adds its confirmation to the credit”.In trade finance transactions, the issuing bank is in fact open to confirmation being added, but not mandating it. The confirming bank can add its confirmation, however, it still retains the right to decline the confirmation, as stated in sub-article 8 (d) of the UCP 600. As a rule, if a bank authorised or requested by the issuing bank to confirm a credit, is not prepared to do so, it must inform the issuing bank without delay and may advise the credit without confirmation. All this is optional for the confirming bank as they deem appropriate and acceptable for them.Many people ask if the issuing bank can also take the role of a confirming bank. Generally, the answer is yes. An issuing bank can also act as the confirming bank, although typically these are separate entities. Normally, the issuing bank issues the LC, while the confirming bank adds its own guarantee of payment, which provides greater security to the beneficiary. However, in situations where the issuing bank is also the one performing the confirmation, it's acting in both capacities within the same transaction.Even though, the role of the confirming bank is very clear, however, there are many cases in Courts between the issuing banks and the confirming banks and or clients. It is important to be more vigilant and careful in such transaction as they may cause unnecessary troubles and legal obligations.Dr AbdelGadir Warsama Ghalib is a corporate legal counsel. E-mail: [email protected]

Under the banner "Together We Shape the Future", the Ministry of Labour, in partnership with Commercial Bank, hosted a career fair designed to provide Qataris and children of Qatari women with employment opportunities, professional training, and immediate career pathways within the private sector.The initiative forms part of the Ministry's broader programs with private sector partners to advance the nationalisation agenda. It reflects sustained efforts to broaden prospects for national talent, enhance professional competencies, and align workforce development with the Third National Development Strategy, which seeks to empower citizens, increase participation in the Labour market, and ensure rewarding private-sector roles.Speaking at the event, Assistant Director of the National Manpower Recruitment Department Mohammed Al Kawwari emphasised that the colLabouration with Commercial Bank demonstrates the Ministry's commitment to increasing employment for Qataris and children of Qatari women in key industries. He noted that the fair opens new horizons for national talent and supports the 2024-2030 National Workforce Strategy, aimed at building an effective and highly productive workforce.Al Kawwari highlighted the Ministry's dedication to creating a safe, stable, and motivating environment for private sector employers one that attracts and retains national talent. He underlined that nationalisation should be regarded not merely as an obligation but as a strategic opportunity to enhance performance, productivity, and competitiveness, while contributing to a sustainable and resilient economy.Executive General Manager and Chief Human Capital Officer at Commercial Bank Khalifa Nasser Al Rayyis, reaffirmed the bank's commitment to nurturing Qatari talent, describing investment in local professionals as a cornerstone of the bank's long-term strategy. Hosting the career fair for the first time at its headquarters, he highlighted the bank's focus on providing meaningful career pathways through training, sponsorships, and colLabouration with the Ministry and universities.Al Rayyis noted that Commercial Bank was among the first institutions to implement the nationalisation program with the Ministry, including its sponsorship of the Financial Cadres initiative. He added that the bank continues to develop the next generation of Qatari professionals by integrating training and development schemes across multiple platforms.The career fair targeted exceptional university students, recent graduates, and highly qualified professionals capable of leading the banking sector and advancing financial services nationally and regionally. Participants engaged with senior bank leaders, explored career opportunities, and undertook interviews, assessments, and mentoring sessions with HR specialists.Ministry representatives observed the bank's sponsorship and support programs, which extend beyond finance to disciplines including economics, management information systems, computer engineering, cybersecurity, data science, technology, and law. Selected candidates were offered immediate recruitment, streamlining the hiring process under Ministry supervision.The fair also highlighted student sponsorship initiatives designed to support high-performing Qatari students whose skills and ambitions align with the bank's workforce requirements.Through its partnership with Commercial Bank, the Ministry of Labour reaffirmed its commitment to expanding opportunities for Qataris and children of Qatari women within the private sector. The initiative reflects national priorities to enhance workforce participation, nurture professional growth, and advance the human development pillar of Qatar National Vision 2030.

The total assets of commercial banks in Qatar scaled up 6.5% to QR2.12tn in July this year compared to the same period in 2024, according to latest data issued by the Qatar Central Bank (QCB).Total domestic deposits with local banks rose 2.3% to QR852.3bn in July compared to the same period last year. Total credit disbursed by the local banks totalled QR1.34tn in July, up 5.5% on the same period in 2024. Broad money supply (M2) increased by 1.7% to QR739.5bn in July, compared to the same period in 2024, the QCB noted. M2 is an estimate of liquid assets, including cash on hand, money deposited in checking accounts, savings accounts, and other short-term saving vehicles such as money market funds and certificates of deposit.An increase in the country's bank assets, deposits, and credit indicates a growing banking sector, which clearly suggests an expansion of the money supply and increased economic activity. A healthy banking sector with growing assets and credit improve access to capital for businesses and households, facilitating their growth and development.

Norway's $2tn wealth fund, the world's largest, has divested from US construction equipment group Caterpillar and from five Israeli banking groups on ethics grounds. The five banks are Hapoalim, Bank Leumi, Mizrahi Tefahot Bank, First International Bank of Israel and FIBI Holdings, the fund said in a statement. The six groups were excluded "due to an unacceptable risk that the companies contribute to serious violations of the rights of individuals in situations of war and conflict," said the fund, which is operated by Norway's central bank. The companies did not immediately reply to requests for comment. The Israeli embassy in Oslo declined to comment. Prior to its divestment, the fund held a 1.17% stake in Caterpillar valued at $2.1bn as of June 30, its records showed. The stakes in the five Israeli banks were valued at a combined $661mn, also as of June 30, according to fund data. The news was announced when the Tel Aviv and New York stock exchanges were closed. Shares in Caterpillar were down 0.4% in pre-market trading at $430.61 per share Tuesday. FIBI Holdings shares were up 4%, putting them on course for their best day since early 2024. Hapoalim's stock was up 3.3% and Bank Leumi, Mizrahi Tefahot Bank, and First International Bank of Israel were between 1.8% and 2.8% better off. The fund's ethics watchdog, called the Council on Ethics, said that "in the council's assessment, there is no doubt that Caterpillar's products are being used to commit extensive and systematic violations of international humanitarian law". Bulldozers manufactured by Caterpillar "were being used by Israeli authorities in the widespread unlawful destruction of Palestinian property," it said. The violations were taking place both in Gaza and the West Bank, the council said, adding that "the company has also not implemented any measures to prevent such use". "As deliveries of the relevant machinery to Israel are now set to resume, the council considers there to be an unacceptable risk that Caterpillar is contributing to serious violations of individuals’ rights in war or conflict situations." The council, a public body set up by the Ministry of Finance, checks that firms in the portfolio of the fund meet ethical guidelines set by Norway's parliament. The fund is invested in some 8,400 companies worldwide. It makes recommendations to the board of the central bank, which has the final say. The board agreed with the council's recommendation. The Norwegian fund said on August 18 that it would divest from six companies as part of an ongoing ethics review over the war in Gaza and developments in the West Bank, but declined at the time to name any groups until the stakes were sold. On the banks, the ethics watchdog initially scrutinised the Israeli banks' practice of underwriting Israeli settlers' housebuilding commitments in the region. On Monday, the council said that all the banks excluded had, "by providing financial services that are a necessary prerequisite for construction activity in Israeli settlements in the West Bank, including East Jerusalem ... contributed to the maintenance of Israeli settlements". Around 700,000 Israeli settlers live among 2.7mn Palestinians in the West Bank and East Jerusalem. Many settlements are adjacent to Palestinian areas and some Israeli firms serve both Israelis and Palestinians. The United Nations' top court last year found that Israeli settlements built on territory seized in 1967 were illegal, a ruling that Israel called "fundamentally wrong", citing historical and biblical ties to the land.

Commercial Bank has marked the successful conclusion of the third edition of its Young Investors Programme, alongside the completion of its summer internship programme.As a key player in the financial landscape, Commercial Bank has always been an advocate for financial empowerment. This dedication has been reflected in the Bank’s Young Bankers Programme, which sparked students’ interest in exploring investment opportunities and wealth-building strategies. In response, Commercial Bank launched the Young Investors Programme to provide Qatar’s youth with practical banking knowledge, hands-on experience in financial markets, and direct exposure to real-world scenarios. Since then, the Bank has conducted a series of sessions covering both local and international markets, later expanding the initiative to include participation from external organisations such as the Qatar Stock Exchange, as well as experts from local universities. The summer internship programme, held as part of this initiative, was recently concluded with a graduation ceremony attended by the young participants, their parents, and employees representing Commercial Bank’s various departments. The ceremony celebrated the hard work of the youth as they completed their practical learning journey.Stephen Moss, Group Chief Executive Officer at Commercial Bank, said: “At Commercial Bank, we remain committed to empowering the next generation through financial education. Today marks the successful completion of the third edition of our Young Investors Programme and the conclusion of our summer internship programme. The dedication and passion of the participants have proven that the future of finance is in capable hands. I would like to thank the parents, guardians, trainers, university experts, and employees whose support and guidance have made this programme a success.” Shahnawaz Rashid, EGM and Head of Retail Banking at Commercial Bank, stated:“This initiative represents a vital pillar of our Corporate Social Responsibility strategy. We remain committed to dedicating the necessary resources to ensure its continuous growth and enhancement. It is a privilege to support our participants on their journey toward financial confidence and empowerment. The graduation ceremony was a proud milestone, showcasing the success of our expanding alumni network across Qatar and our ongoing commitment to nurturing talent.”Reham S. Thawabi, AGM and Senior Director of Premium Banking at Commercial Bank, added: "From elevating banking experiences to empowering the next generation to become financially adept, Commercial Bank has always embraced being an enabler of change. Our CB Young Investors Programme has not only transformed the students' understanding of banking from theory to practice but also introduced them to the concepts of investing in both local and international markets. “