Dubai Chamber puts International Standard Banking Practices in the spotlight

Dubai Chamber of Commerce and Industry organised a seminar on the latest International Standard Banking Practices (ISBP) at its headquarters today as part of its efforts to update and inform the business community on the latest business practices.

The seminar provided a comprehensive overview of best practices when examining documents under commercial documentary credits and examined the obligations and challenges faced by parties involved in the examination of documents, as well as detailed analysis of the application of the newly updated ISBP.

Jehad Kazim, Director of Legal Services at Dubai Chamber said that the seminar provided practical knowledge about how to apply the latest ISBP practices.

Mrs Kazim said: “The seminar will help exporters, trade professionals and bankers to identify and avoid the risks associated with credit documents and to facilitate doing business within clear frameworks to ensure transparency for all parties involved.”

Speakers were: Vincent O’Brien, a member of the ICC Banking Commission and ICC and Chair of the ICC Market Intelligence Group (MIG); and Khalil Matar a Certified Documentary Credit Specialist, a Certified Internal Auditor, and the seminar was attended by trade professionals, experts in documentary credit, sales and purchasing managers and trade consultants, bankers and others.

Mr O’Brien said that the cornerstone of success in documentary credit operations is documentary compliance, which means that trade professionals must be fully versed in the application of international standards.

The 2013 ISBP has gone through a thorough analysis and drafting before being approved by the ICC Banking Commission, which includes membership from all corners of the World.

Mr O’Brien said: “The 2013 ISBP is an essential tool for day-to-day documentary credit operations, not only of importance to bankers but also to trading companies. It also provides a detailed insight into documentary credit examiners expectations and standards when examining documents.  Remember one discrepancy in a presentation can mean delay in payment and on occasion no payment at all of a documentary credit.”

This event is part of a series of seminars and workshops organised by the Legal Services Department of Dubai Chamber to update the business community with legislation governing the work environment in Dubai as well as any updates to legal aspects that could affect their businesses.