Group Chief Executive Officer at Kuwait Finance House (KFH), Mazin Saad Al-Nahedh stressed the importance of practically facing the economic challenges facing the GCC banks in light of the fall in oil prices, indicating the necessity of applying best practices and highest standards in the structural changes, regulatory compliance and cyber security as they are the major challenges for now.
His statement was made during his participation in the 2017 IIF MENA Financial Summit Held in Dubai for 2 days to discuss the main challenges facing the economies of the MENA region and the effect of the drop in oil prices on the GCC banks.
Al-Nahedh said that banks should offer best service quality, and implement best technologies in efforts to preserve customers’ rights and protect their information, yet to achieve growth in all indicators.
He emphasized the need for deepening and diversifying financial markets in the region by exploring the needed policies and market instruments.
He added that despite the geopolitical variables that take toll on the foreign investment in Turkey, and caused fall in the value of the Turkish Lira, the Turkish government took several procedures to boost liquidity in banks and revitalize the market in order to continue the development in all sectors, mainly the energy and transportation sectors. He said the position of KFH-Turkey is good, the asset quality is strong, and the Turkish market is still promising. KFH is operating in different geographies including Turkey, Saudi, Bahrain and Malaysia, indicating KFH Malaysia is transforming to digital banking to be distinguished among peers.
Al-Nahedh stressed the importance of implementing structural reforms and income diversification to achieve sustainable development. He discussed the developments of non-bank segment of the financial markets in the MENA region.
The session included besides Al-Nahedh, Mark Robinson, Chief Executive Officer, Commercial Bank International PSC, Amin Al-Husseini, Chief Executive Officer, Oman Arab Bank, Abdulaziz Al Onaizan, Chief Executive Officer, Bank Al Bilad, Vince Cook, Chief Executive Officer, and National Bank of Fujairah
The summit has been attended by many banking, finance and investment leaders and decision Makers as well as finance ministers.