ICC QATAR REVIEWS CHALLENGES OF DOCUMENTARY CREDITS

Doha, – The International Chamber of Commerce Qatar (ICC Qatar) organized its second banking workshop titled: “Masterclass in Documentary Credits by Prof James .E. Byrne”, in collaboration with the Institute of International Banking Law and Practice at the Grand Hyatt Hotel in Doha.

For his part, ICC Qatar Secretary General Remy Rowhani provided in his welcoming remarks an overview of the history of the International Chamber of Commerce (ICC) established in 1919 by a group of merchants for promoting trade with a noble vision to promote peace and prosperity.

ICC, the world’s largest business organization, representing more than six million members in over 100 countries, was granted ” Observer Status” last year at the UN. ICC enabled global business to have a clear voice in UN decision making, Rowhani noted.

Rowhani highlighted the roles played by ICC Qatar in promoting and representing the Qatari private sector worldwide thanks to the support presented by Qatar Chamber. ICC Qatar would increase the number of commissions to five as ICC Qatar has very active commissions on banking, arbitration and energy and environment, he added.

Kamal Wahidi, AGM, Treasury Operation Custody and Trade Finance, Qatar National Bank (QNB), praised the content of the workshop which highlighted the challenges facing documentary credits, noting that the bank’s sponsorship of this important workshop came as an important part of the Bank’s CSR program and its efforts to support a knowledge-based economy in both in Qatar and abroad across its international footprint.

The four session workshop offered participants a comprehensive one-day overview of pressing issues impacting commercial letters of credit, standby LCs, and independent guarantees.

The first session dealt with threats and challenges facing the present and future of commercial LCs, while the second session addressed key aspects of recent ICC Opinions.

The third session illuminated common problems with independent guarantee practice and offered viable solutions for today’s banking professionals to consider, whereas the last session compared the important features and differences between standby LCs and independent guarantees. It concluded with a summary of critical issues and an opportunity for final questions and answers. (QNA)

Source: Qatar News Agency