A Legacy of Excellence
In the dynamic and historic city of Cairo, the “Arab Banks Awards & Commendations of Excellence 2024” took place on a distinguished October evening, celebrating its tenth consecutive year. Organized by the World Union of Arab Bankers (WUAB), this prestigious event honored exceptional achievements and groundbreaking innovations within the Arab banking and financial sector. More than an annual ceremony, it stands as a cornerstone tradition, reflecting the unwavering commitment to excellence and the drive for innovation that define the Arab banking industry.
An Assembly of Distinguished Leaders
The prestigious awards ceremony took place at the renowned Four Seasons Hotel Cairo At Nile Plaza, a venue that brought together distinguished leaders from the Arab banking sector, prominent figures, and officials representing regulatory institutions and international bodies. More than a celebration, the event served as a strategic platform for fostering dialogue, exchanging insights, and cultivating long-lasting partnerships within the banking community.
The Selection Process: Celebrating the Best
Central to the event’s prestige is its rigorous selection process. A distinguished committee of economists, banking professionals, and the adept research department of the Union of Arab Banks and the World Union of Arab Bankers undertook the daunting task of evaluating nominees. This meticulous process, based on stringent criteria, ensures that the awards reflect genuine excellence and innovation in banking and financial practices, leadership, and strategy.
Spotlight on Achievements and Innovations
Each award was carefully curated to recognize different facets of excellence, ranging from innovative product development to sustainable banking practices and exemplary leadership in challenging economic climates. The ceremony highlighted individual success stories, providing a platform for sharing innovative ideas and strategies that have positively impacted the Arab banking sector.
Profiles of Excellence: Stories of Leaders and Innovators
Special segments of the ceremony were dedicated to profiling the achievements of individual banking leaders and institutions. These profiles served not only as recognition but also as inspirational narratives for the audience. They highlighted the resilience, ingenuity, and foresight of leaders who have navigated complex challenges to steer their institutions towards growth and success.
The World Union of Arab Bankers: A Unifying Force
Established in 2006 in Casablanca, the World Union of Arab Bankers has grown into a formidable force, unifying over 500 members from the Arab banking sector. This organization, through events like these awards, plays a pivotal role in promoting excellence, facilitating knowledge exchange, and shaping the future of banking in the Arab world.
The Banking Executive Magazine: A Decade of Illuminating Success
‘The Banking Executive’, as the English-language magazine emerging from the World Union of Arab banks, has been a beacon of insight and information. For over a decade, it has consistently highlighted the triumphs and advancements of the Arab banking sector, offering its readers a window into the dynamic world of Arab finance.
A Legacy and a Vision for the Future
The “Arab Banks Awards & Commendations of Excellence 2023” event is more than a ceremony; it is a reaffirmation of the Arab banking sector’s commitment to excellence, innovation, and leadership. As the event concludes, it leaves behind a legacy of inspiration and a vision for the future, motivating banking and financial professionals to continue pushing the boundaries of what is possible in the world of finance.
Dr. Sharif Farouk, Minister of Supply and Internal Trade of the Arab Republic of Egypt
During The Arab Awards and Commendations of Excellence ceremony, Dr. Sherif Farouk was honored with the “Arab Banking Excellence and Achievement Award for 2024” by the World Union of Arab Bankers (WUAB). In his acceptance speech, Dr. Farouk expressed his gratitude to the organizers for this prestigious recognition and praised the significance of the event in fostering collaboration and excellence across the Arab banking sector.
Dr. Farouk highlighted the critical role of transparency and oversight in strengthening the financial and commercial sectors. He emphasized that enhancing internal controls and governance practices is essential for ensuring institutional integrity and operational efficiency. In this context, he underscored the importance of internal auditing as a cornerstone for promoting accountability and achieving organizational success.
The Minister of Supply and Internal Trade also addressed the necessity of sharing best practices and expertise among Arab nations, noting that such exchanges are pivotal to achieving sustainable economic growth. He stressed that collaboration across borders creates opportunities to develop more effective oversight mechanisms, which are vital for adapting to the evolving global financial landscape.
Dr. Farouk showcased the ongoing efforts by the Ministry of Supply and Internal Trade to improve monitoring systems and upgrade infrastructure. These initiatives, he noted, are aligned with achieving the United Nations Sustainable Development Goals (SDGs). He emphasized that such improvements in governance not only enhance institutional performance but also contribute to broader economic development.
Concluding his remarks, Dr. Farouk highlighted the importance of events like this one in creating a platform for exchanging ideas and visions among industry experts, banking leaders, and policymakers. He noted that fostering dialogue and collaboration at the regional and international levels is key to strengthening the financial and auditing sectors. This, he explained, equips institutions with the tools needed to address future challenges effectively while advancing shared economic goals.
Dr. Farouk’s address reflected a clear vision for enhancing transparency, strengthening oversight practices, and leveraging knowledge-sharing to drive sustainable development and regional cooperation in the financial sector.
Dr. Joseph Torbey, Chairman, World Union of Arab Bankers (WUAB)
Dr. Joseph Torbey, in his opening remarks, warmly welcomed the distinguished attendees to The Arab Awards and Commendations of Excellence ceremony, held in Egypt, a country rich in history and culture. He extended his gratitude to participants from across the Arab world and the members of the World Union of Arab Bankers (WUAB) for their presence and participation in this prestigious celebration of excellence.
Dr. Torbey highlighted the significance of the event as an opportunity to honor visionary leaders and institutions in the Arab banking sector that have demonstrated resilience, financial strength, and exceptional contributions to the industry. He emphasized that these institutions remain a cornerstone of Arab economies, providing stability and growth amidst ongoing challenges.
Reflecting on the future, Dr. Torbey addressed the importance of preparing for a rapidly changing economic and technological landscape. He stressed that the Arab banking sector’s progress depends on developing skilled human capital, as capable individuals form the backbone of any successful organization. This, he stated, requires continuous investment in enhancing both professional and personal skills, as human resources are instrumental in achieving institutional goals and driving innovation.
He further underscored the evolving role of artificial intelligence (AI) in the global banking sector, noting its transformative potential in improving decision-making processes and operational efficiency. However, Dr. Torbey emphasized that AI must complement—not replace—human intelligence. While AI offers speed, precision, and advanced analytical capabilities, human creativity, emotional intelligence, and ethical guidance remain irreplaceable in steering technology toward serving humanity’s broader goals.
Dr. Torbey urged Arab financial leaders and decision-makers to embrace digital transformation, modernize operations, and integrate AI into their institutions to remain competitive globally. Drawing on international examples, he referenced initiatives aimed at reducing bureaucratic inefficiencies and fostering smart leadership focused on problem-solving rather than traditional credentials. He emphasized the need for visionary and adaptable leaders to navigate the challenges posed by rapid technological advancements.
In conclusion, Dr. Torbey expressed pride in the achievements of the honorees celebrated during The Arab Awards and Commendations of Excellence. He praised their dedication, innovation, and leadership in advancing the Arab banking industry. Dr. Torbey encouraged them to continue striving for excellence, contributing to the progress of Arab economies, and setting new standards of success for future generations.
The evening, he noted, was a testament to the spirit of leadership and distinction that defines the Arab financial sector, with the World Union of Arab Bankers playing a pivotal role in fostering such achievements.
Dr. Wissam Fattouh, Secretary General of the World Union of Arab Bankers (WUAB) and Union of Arab Banks (UAB)
At The Arab Awards and Commendations of Excellence ceremony, Dr. Wissam Fattouh, Secretary General of the World Union of Arab Bankers (WUAB) and Union of Arab Banks (UAB), delivered a speech that underscored the critical role of leadership, resilience, and innovation in the Arab banking sector. Dr. Fattouh began by extending his gratitude to Egypt’s leadership, government, and people for hosting the event, acknowledging their unwavering support for Arab unity and progress. He noted, “Cairo, this timeless city, has always been a meeting point for ideas, collaboration, and excellence.”
Addressing the current challenges in the Arab region, Dr. Fattouh spoke candidly about the difficult times many countries are enduring, describing them as “a period of immense difficulty, where tragedy has touched both stone and man.” Despite these hardships, he emphasized the need for collective resolve and collaboration, urging the Arab banking community to unite under a shared vision to navigate uncertainty. “Our response to these challenges,” he asserted, “must be grounded in dialogue, innovation, and a clear focus on sustainable development.”
Dr. Fattouh highlighted the World Union of Arab Bankers’ mission to strengthen and modernize the Arab banking sector, emphasizing the importance of equipping institutions with advanced tools and expertise to thrive in a rapidly evolving global economy. He stated, “We remain steadfast in our efforts to elevate the Arab banking profession, ensuring it meets international standards and contributes to the prosperity of our economies.” He further pointed out the necessity of investing in human capital, calling it “the cornerstone of progress, as no technological advancement can replace the vision, creativity, and leadership of talented individuals.”
The speech also celebrated the event as a platform to honor leaders and institutions that have made significant contributions to the Arab financial sector. Dr. Fattouh praised the honorees, describing them as “pioneers of excellence who have demonstrated an unwavering commitment to innovation, resilience, and leadership in advancing the Arab banking industry.” He commended their ability to “drive meaningful change, transform their institutions, and serve as role models for future generations.”
Highlighting the evolving role of technology, Dr. Fattouh called for a balanced approach to innovation, where technological advancements and human expertise coexist harmoniously. “While technology, particularly in the realms of digital transformation and artificial intelligence, offers us tools to enhance efficiency and analysis, it is human ingenuity that will guide these tools toward creating lasting value for our societies.”
Concluding his speech, Dr. Fattouh reaffirmed the WUAB’s commitment to fostering collaboration and recognizing achievements across the Arab world. He stated, “The path forward lies in leadership, innovation, and unity. Together, we have the power to overcome challenges, build resilient institutions, and pave the way for a brighter future for our economies, our people, and our region.”
Dr. Fattouh’s address was a call to action for the Arab banking community, urging leaders to embrace change, foster innovation, and work collectively toward sustainable growth. His words resonated with the audience, serving as both a reflection on current realities and a vision for a stronger, more unified Arab financial sector.
