ICAI lauds efforts of Dubai Chapter

Dubai: Senior officials from the Institue of Chartered Accountants of India visited Dubai recently to meet with students from various schools and institutions, and highlight the successes of the Dubai Chapter.
Speaking at an event, Manoj Fadnis, president of the Institue of Chartered Accountants of India, said: "We are very proud of the contribution that our Dubai members are making to the local economy; it is undoubtedly a very important task, which our members are performing, and I'm sure that all our members will continue to render their services to their respective corporates and organisations in the best fitting manner. Our profession is growing very fast with members settling all across the globe in a total of 27 chapters."
Nimish Makvana, chairman of the Institue of Chartered Accountants of India UAE Chapter, said that the Dubai Chapter had benefitted from a host of professional speakers and top notch experts visiting over the past few months.
"I am delighted to inform you that we have recorded an increase in membership this year. We have been able to stay focused on the goals we had set on the beginning of the year; develop initiatives to help professionals become great business leaders; develop a proper and structured branding for the ICAI Dubai Chapter; introduce more women empowerment initiatives; organise motivational self-improvement and inspirational talks for members; and help members to boldly face and overcome several challenges," he told attendees.
The event also saw Olivier Panis, vice president and senior credit officer for banking from Moody's Investors Service, give a presentation on the GCC banking sector. Moody's had previously announced that public spending will continue to support operating conditions for banks in the GCC, allowing performance to remain resilient into 2016, but that liquidity would continue to tighten. It also noted that the outlook for the GCC banking sector in 2016 was stable.
"Emerging market banks' asset risk and profitability will be tested in 2016, owing to a weaker operating environment characterised by slower GDP growth, an expected rise in US interest rates, and high levels of leverage in some countries. However, banks have good capital and liquidity buffers in place," Panis said. Moody's forecasts credit growth in the 4-10 per cent range, as private sector declines are moderated by new government borrowings from local banks, helping to support profitability and margins. Core revenues will remain robust, driven by bank intermediation and commissions income with little reliance on derivatives or proprietary trading. While asset quality will face mild pressures, it will remain solid overall, with non-performing loans expected to reach a GCC average in the 3-4 per cent range.
In addition, Moody's considers that government support capacity and willingness remains high across the region, although Moody's notes that a more prolonged period of high fiscal spending and low oil revenues could ultimately impact governments' fiscal position and creditworthiness, which could in turn hit supported bank ratings.
rohma@khaleejtimes.com