Topics covered by speakers included managing liquidity, operational and credit risks and the importance of improving corporate governance practices and managing risks in Islamic banking.
Jihad Al-Wazir, governor of Palestine Monetary Authority, said: “Given the uncertainty and heightened risk in global financial markets, the Palestine Monetary Authority has issued different regulations directing banks to enhance their internal control and risk management systems and improve their capacity for formulating coherent business strategies with sound underlying capital management for the purpose of maintaining a sound and safe banking system.”
Youssef Habesch, country officer of IFC at West Bank and Gaza, said: “Risk management begins with awareness and realizing the important oversight and monitoring role that board members must play. This conference provides the opportunity to exchange views, ideas, predictions, and solutions.”
Reportedly, during fiscal year 2009, IFC committed over $46m in trade finance assistance to three banks and invested in two institutions in West Bank and Gaza. IFC also recently signed an agreement with Bank of Palestine to strengthen the bank’s risk management systems.