The Securities & Investment Institute (SII) is to sign a Memorandum of Understanding with the Emirates Securities & Commodities Authority (ESCA), the financial services regulatory body for United Arab Emirates, on 12th February 2007 in Abu Dhabi.

The MoU, which will be witnessed by the Lord Mayor of the City of London Alderman John Stuttard and H.E. Sheikha Lubna Al Qasimi, Minister of Econony – ESCA Chairperson and H.E.Abdullah Alturifi, CEO of ESCA, will recognise the joint commitment to promote high standards of competence and integrity within the UAE securities & investment industry. This will be practically acknowledged by the establishment of an SII office in Dubai.

ESCA will formally adopt the SII Code of Conduct (copies attached in English and Arabic) which consists of seven Principles regarding financial services market integrity, honesty and professional standards.

Ruth Martin, Managing Director of the SII said, “We are delighted to be working with ESCA on these very important projects which will help establish international benchmark professional qualifications in the UAE and promote high standards of ethics and integrity in the financial services industry.”

The Lord Mayor Alderman John Stuttard said, “Today is a great example of “City of London, City of Learning” in action. ESCA and SII working together provides an exciting example of how the UK’s Financial Services Sector expertise in training and competence is being transferred to benefit the important emerging financial markets of the Gulf.”

Abdullah al Turifi, CEO of ESCA said: “We have a profound belief that this visionary partnership will add to the UAE securities and investment industry. The offspring of such collaboratory work will not be confined only to the Code of Conduct and enhancing the qualifications of securities professionals, but will also raise the bar for best practices. This will add value to the UAE investment infrastructure.”

The Securities & Investment Institute recently launched its Islamic Finance Qualification (IFQ) in Bahrain at the World Islamic Banking Conference. The IFQ is the first global benchmark examination covering Islamic finance to be available to candidates via computer based testing (CBT) It is also the world’s first ever global benchmark qualification to cover Islamic finance from both a technical product knowledge and a Sharia’ aspect.

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