The Banking Executive Magazine - December 2024 Issue

Arab Banks Awards & Commendations of Excellence 2024 DR. SHARIF FAROUK, MINISTER OF SUPPLY AND INTERNAL TRADE OF THE ARAB REPUBLIC OF EGYPT During The Arab Awards and Com- mendations 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 signifi- cance of the event in fostering col- laboration and excellence across the Arab banking sector. Dr. Farouk highlighted the critical role of transparency and oversight in strengthening the financial and com- mercial sectors. He emphasized that enhancing internal controls and gov- ernance practices is essential for en- suring institutional integrity and operational efficiency. In this con- text, 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 collabora- tion across borders creates opportu- nities 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 per- formance 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 fos- tering dialogue and collaboration at the regional and international levels is key to strengthening the financial and auditing sectors. This, he ex- plained, equips institutions with the tools needed to address future chal- lenges 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. the BANKING EXECUTIVE 44 ISSUE 192 DECEMBER 2024