News 2007

July 2007


Organized by SAMA on 22 May 2007
Samba Sponsored the "Banking Governance" Symposium

Samba Financial Group sponsored the Banking Governance Symposium started on Tuesday 5 Jumada I, 1428H (22/05/2007) at the Banking Institute in Riyadh, under patronage of His Highness Mr. Hamad bin Saud Al Sayyari, Governance of the Saudi Arabia Monetary Agency (SAMA). The two-day Symposium discussed in its basic sessions the concept of Corporate Governance and its role as an important tool for the prudent management of economical institutions in the Kingdom in general and banks in particular. The Symposium was attended by international specialists in corporate and banking governance who presented their papers on relevant international practices and basic concepts of corporate and banking governance.

Mr. Eisa Al Eisa, Samba Managing Director & CEO, chaired the session under the theme "international Benchmark and Reference Points for Banks on Corporate and Banking Governance" held on 5 Jumada I, 1428H (22/05/2007). The session discussed the reference points for good corporate governance for corporations and banks. 3 papers were presented during this session: the first one by Dr. Rainer Geiger, the CEO of OECD; under the theme "the 2004 OECD Guidelines and their Flexibility for Adaptation to the Framework in Emerging Countries such as Saudi Arabia".

The second paper was presented by Dr. Grant Kirkpatrick, a Senior Economist at OECD, under the theme "Guidance of Basil Committee on Banking Supervision (BCBS) for Enhanced Corporate Governance for Banking Organization". The third paper was presented by Professor Rifaat AbdelKarim, Secretary General of Islamic Financial Services Board (IFSB), under the theme "Guiding Principles on Corporate Governance for Institutions Offering Islamic Financial Services (IIFS)", (other than Islamic Insurance organizations, Takaful, and Islamic Investment Funds).

"The Symposium discussed topics of importance to Saudi Banking Sector, mainly with regard to enhancing awareness in the prime guidelines and principles of corporate and banking governance in emerging countries. The papers presented in the symposium were prepared by international industry specialists who highlighted the most important and applicable corporate governance principles and guidelines and concluded lessons with regard to enhancing governance at corporate, banking and financial institutions, especially the Islamic ones" says Al Eisa.

Al Eisa emphasized Samba's continuous support of such events, as it believes in the importance of promoting communications with international experiences in corporate governance and adopting the tools that aim at uplifting the local banking industry, to serve Samba's objectives to develop highly qualified administrative, legal and legislative teams.