A forum held Saturday by the Union of Arab Banks in Sharm al-Sheikh called upon Islamic banks to reinforce the role of risk management and formulate policies that suit the special nature of those banks.
The forum, attended by several chiefs of Arab and Egyptian banks and the Central Bank of Egypt, urged central banks to ensure more protection of financial stability through precautionary measures that serve as early alerts.
Wissam Fattouh, the union’s secretary general, called for the establishment of a standing committee that works on the exchange of expertise and coordination on the enhancement of risk management.
Edited translation from Al-Masry Al-Youm
