ICC Qatar reviews challenges of documentary credits

Sponsored by QNB and Doha Bank

  • “Masterclass in Documentary Credits by Prof James .E. Byrne”

The International Chamber of Commerce Qatar (ICC Qatar) organized its second banking workshop titled: “Masterclass in Documentary Credits by Prof James .E. Byrne”, in collaboration with the Institute of International Banking Law and Practice on Wednesday 26th April at the Grand Hyatt Hotel in Doha.

The one full day workshop, organised under the patronage of HE Sheikh Khalifa bin Jassim Al Thani, Chairman of Qatar Chamber and ICC Qatar and the Executive Board Member of ICC International Secretariat, was sponsored by Qatar National Bank (QNB) and Doha Bank and supported by Qatar Chamber.

Official media partners were Entrepreneur Qatar, ILoveQatar.net, BQ Magazine and Inc. Arabia.
ICC Qatar Vice Chairman and Qatar Chamber’s Honorary Treasurer Eng. Ali Abdullatif Al Misnad attended the inauguration of the event.

The four session workshop offered participants a comprehensive one-day overview of pressing issues impacting commercial letters of credit, standby LCs, and independent guarantees.

The first session dealt with threats and challenges facing the present and future of commercial LCs, while the second session addressed key aspects of recent ICC Opinions.

The third session illuminated common problems with independent guarantee practice and offered viable solutions for today’s banking professionals to consider, whereas the last session compared the important features and differences between standby LCs and independent guarantees. It concluded with a summary of critical issues and an opportunity for final questions and answers.

For his part, ICC Qatar Secretary General Remy Rowhani provided in his welcoming remarks an overview of the history of the International Chamber of Commerce (ICC) established in 1919 by a group of merchants for promoting trade with a noble vision to promote peace and prosperity.

ICC, the world’s largest business organization, representing more than six million members in over 100 countries, was granted “ Observer Status” last year at the UN. ICC enabled global business to have a clear voice in UN decision making, Rowhani noted.

Rowhani highlighted the roles played by ICC Qatar in promoting and representing the Qatari private sector worldwide thanks to the support presented by Qatar Chamber. ICC Qatar would increase the number of commissions to five as ICC Qatar has very active commissions on banking, arbitration and energy and environment, he added.

Kamal Wahidi, AGM, Treasury Operation Custody and Trade Finance, QNB, praised the content of the workshop which highlighted the challenges facing documentary credits, noting that the bank’s sponsorship of this important workshop came as an important part of the Bank’s CSR program and its efforts to support a knowledge-based economy in both in Qatar and abroad across its international footprint.

This banking workshop is the second for ICC Qatar, the first was held in May 2016. It will be organized annually due to the great turnout by those working in the banking sector and other interested parties.

ICC Qatar works to connect local businesses globally – and the world to the businesses of Qatar. As part of the world largest business organisation, ICC Qatar advances the interests of the Qatar business community in trade, investment, industrial and international relations.

Professor James E. BYRNE is the Director of the Institute of International Banking Law & Practice, Inc. and was a member of the faculty of George Mason University School of Law for over 30 years. He chaired and served as Reporter for the International Standby Practices (ISP98) and the Council on the International Standby Practices (CISP).

He is the Editor of Documentary Credit World, a monthly journal of letter of credit law and practice, and has written or edited more than 20 books and numerous articles and lectured extensively on LC law and practice, electronic commerce, international sales of goods, and commercial and financial fraud in more than 40 countries.

He regularly attends meetings of the ICC Banking Commission, and was a member of its consulting group on the revision of UCP500, its Working Group on Electronic Credits which drafted the eUCP, and chaired the Task Force that drafted the 2004 version of the International Standard Banking Practice (ISBP 2004).

He chaired the American Bar Association/ U.S. Council on International Banking Task Force Study of U.C.C. Article 5, served as head of the U.S. Delegation to UNCITRAL in drafting the 1995 United Nations Convention on Bank Guarantees and Standby Letters of Credit, was an Advisor in the 1995 revision of the U.S. domestic statute, Uniform Commercial Code Article 5, is Past Chair of the American Bar Association’s Letter of Credit Subcommittee. Professor Byrne has a Bachelor’s degree from the University of Notre Dame, a Juris Doctor degree from Stetson University College of Law, and an LL.M. from the University of Pennsylvania College of Law.

He clerked for the Honorable Paul H. Roney of the U.S. Circuit Court of Appeals for the Eleventh Circuit and practiced law for several years in Florida. He is a member of the Florida and Maryland bars.

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