Sheikh Saleh Kamel the God Father of the Islamic banking in the MENA region says that the banking sector in the UAE is safe and sound. As the economic slump carry on, leaders of the financial industry are getting more involved in various specialized events. Sheikh Saleh Kamel spoke at the recent Union of Arab Banks conference-Dubai about the effect and causes of the global crisis and the state of the banking sector in the UAE.
Sheikh Saleh Kamel detailed the effects and causes of the global crisis saying “we were protected from the effect of the crisis by the stringent regulatory efforts of our region’s central bank and this is a very positive factor and we ask for additional regulations in the future.
Meanwhile in the United States the common trend was the contrary, pushing for more deregulations and this led to the current crisis and its effects that affected most of the world. Additionally, I believe that is greed and the lack of regulations are the major causes of this crisis.”
While officials in the Asian countries like China are trying to balance between creating jobs and keeping a lid on prices, the MENA regions is taking the step of wait and see as Khaled Abu Nahel, Chief Operating Officer of Trust International Insurance and Reinsurance Co. commented.
Then Sheikh Saleh Kamel also gave his opinion on the state of the banking sector in the UAE saying that “The banking sector in the UAE is safe and sound. Meanwhile I do not believe in the stock market, neither here or in the United States.”
