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Noor Bank concluded the first of its seminar series focusing on ‘Optimizing Trade & Supply Chain Finance Solutions’ last week. Drawing an audience of more than 80, the event invited a review of the challenges businesses face in gaining funding and the flexibility of Islamic financing structures.
Senior officials of Noor Bank, Kazim Ali, Head of Corporate Banking, and Ehsaan Uddin Ahmed, Head of GTS and Corporate Strategy, headlined each of the two panels along with business owners Asim Siddiqui from AGE Group and Vijey Kapoor of Velocity Ventures. Mike Pasic, Head of Tax and Accounting from Thomson Reuters, co-organisers of the seminar, moderated the discussions that were designed for SMEs, as well as emerging and large corporates.
In his keynote address, Ahmed Bin Sulayem, Executive Chairman of DMCC (Dubai Multi Commodities Centre), highlighted Noor Bank’s role in Islamic trade financing. He said: “In March 2014, DMCC started collaborating with Noor Bank to ensure that successful sharia compliant financing transactions can take place for the corporate and SME client base throughout the DMCC Tradeflow platform. Our partnership with Noor [Bank] validates how DMCC Tradeflow is becoming an indispensable tool for Islamic banks to trade commodities and facilitate murahaba financing.”
The first panel discussion focused on trade finance and value added structures - specifically related to topics such as the difficulties and challenges with funding businesses in the Middle East, the flexibility of Islamic structures, and how to overcome challenges from a business perspective.
Commenting on the event, Kazim Ali said: “The seminar series articulates Noor Bank’s continuing dialogue with the customers and industry observers on a broader platform. The initiative helps us listen to their concerns, address the specific issues that should be tackled by offering solutions that exist and that need to be worked upon. It also draws out the perspective of the Islamic banking industry on business and trade issues.”
In his participation at the second panel on ‘Supply Chain Finance Solution’, Ehsaan Ahmed elaborated on supply chain financing solutions that address the working capital requirements of clients. He also focused on innovation in Islamic financing while highlighting the pros and cons of technology support for business growth.
Managing Partner of Velocity Ventures Vijey Kapoor, who was part of the second panel, said: “Such a seminar is highly beneficial as it helps maintain ongoing communication with the bank – a crucial imperative for any business. A platform such as this provides an opportunity for our peer group to listen to the various views of businesses and their challenges in obtaining financing. Banks, on their part, can highlight the solutions they offer to businesses. An event like this is always welcome as it has an educative value for all of us. I enjoyed the active participation of the audience.”
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