12 February 2007
City Lord Mayor welcomes UK Securities & Investment
Institute’s new partnership with UAE
Lord Mayor of the City of London John Stuttard today (Monday)
witnessed the signing of a Memorandum of Understanding
between the Securities & Investment Institute (SII) and the
Emirates Securities & Commodities Authority (ESCA), the
financial services regulatory body for United Arab Emirates.
Lord Mayor John Stuttard, who leads a City business delegation
to the UAE as part of his global work on behalf of UK financial
services, said: “Today is a great example of City of London,
City of Learning in action. ESCA and SII working together
provides an exciting example of how the UK’s financial services
sector expertise in training and competence is being transferred to
benefit the important emerging financial markets of the Gulf.”
The MoU, also witnessed by H.E. Sheikha Lubna Al Qasimi,
Minister of Econony – ESCA Chairperson and H.E.Abdullah Alturifi,
CEO of ESCA, recognises a joint commitment to promote high
standards of competence and integrity within the UAE securities
& investment industry. This will be practically acknowledged by
the establishment of a SII office in Dubai.
ESCA will formally adopt the SII Code of Conduct which consists
of seven principles regarding financial services market integrity,
honesty and professional standards.
Ruth Martin, Managing Director of the SII said, “We are
delighted to be working with ESCA on these very important projects
which will help establish international benchmark professional
qualifications in the UAE and promote high standards of ethics and
integrity in the financial services industry.”
Abdullah al Turifi, CEO of ESCA said: “We have a profound belief
that this visionary partnership will add to the UAE securities and
investment industry. The offspring of such collaborative work will
not be confined to establishing the Code of Conduct and enhancing
the qualifications of securities professionals, but will also raise
the bar for best practice elsewhere. This will add value to the UAE
investment infrastructure.”
The Securities & Investment Institute recently launched its
Islamic Finance Qualification (IFQ) in Bahrain at the World Islamic
Banking Conference. The IFQ is the first global benchmark
examination covering Islamic finance to be available to candidates
via computer based testing (CBT) It is also the world’s first ever
global benchmark qualification to cover Islamic finance from both a
technical product knowledge and a Sharia’ aspect.
Ends
Notes to editors
For further information on SII please contact Lora Benson, Press
Officer, SII in London on tel 020 7 645 0662 or Dr.Emad Husseinm
Advisor for International Cooperation at ESCA on 00971
50 6120 116.
The Lord Mayor is the annually-elected head of the City of
London Corporation which provides local government services for the
Square Mile, the financial and commercial heart of the UK, and
which is committed to maintaining and enhancing the status of the
business City as the world's leading international financial and
business centre through its policies and services. Its
responsibilities also extend far beyond the City boundaries and
include management of the Barbican Centre, Central Criminal Court
at the Old Bailey, 10,000 acres of open space including Hampstead
Heath and Epping Forest, three wholesale food markets, as well as
acting as the London Port Health Authority.
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