AFE Financial Services Institutions Committee Meeting

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AFE Financial Services Institutions Committee Meeting

The AFE Financial Services Institutions Committee held its meeting on the 26th of April 2016 in Amman, Jordan. This Committee represents the AFE 34 Affiliated Members, Brokers and Investment Banks.

During this meeting, two working committees presented their papers. The “KYC” Working Committee represented by Mr. Fadi Chamas, General Manager at Arqaam Capital  as coordinator, Mr. Zafar Ullah Khan, Head of Securities Services at AlBilad Capital, Mr. Samer Abu Zahra, General Manager Institutional Sales at Mubasher, and Mr. Ahmed Abdel Hadi, General Manager at Qatar Securities Co.

The “Omnibus Accounts” Working Committee represented by Mr. Mohammad Ali Yasin, Managing Director at NBAD Securities as coordinator, Mr. Fadi Chamas , General Manager at Arqaam Capital,  Mr. Khaled Kurdieh, General Manager at ADIB Securities, Mr. Malek Kanawati, CEO at Mubasher, and Mr. Nabil Al Rantisi , Managing Director at MENACORP.

During his presentation, Mr. Fadi Chamas showed the importance of facilitating the KYC formalities for the International Investors, and the difficulties the local brokers are facing in collecting the related information, proposing several practical and adequate solutions.

As for Mr. Mohammad Ali Yasin, he presented the advantage of the Omnibus Accounts, proposing several conditions and limitations in order to avoid any misusage of such accounts.

The Financial Services Institutions Committee discussed the way of going forward with those two proposals by suggesting them to the related authorities through the AFE. The Committee discussed as well the main themes to be treated during its upcoming meetings.

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