Financial Leadership- - ICAPKSA Chapter · 18 PRESENTATION / SPEECH ON “IFRS – ... , PARTNER, HEAD OF ACCOUNTING ADVISORY SERVICES - CMAAS – ... Symposium on Financial Leadership

MAIN SPONSOR CO-SPONSORS

Organized by

ICAP KSA Chapter

Financial

Leadership-The Way Forward

Thursday, May 15, 2014, from 4:30-10:30 pm

Ritz Carlton Hotel, Riyadh

Supported by3rd Saudi-PakAccountancySymposium

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CONTENTS

01 SYMPOSIUMAGENDA

02 WELCOMEMESSAGEFROMMR.MUHAMMADIQBAL,PRESIDENT,ICAPKSACHAPTER

03 MESSAGEFROMH.E.MUHAMMADNAEEMKHAN,PAKISTANAMBASSADORTOKSAANDPATRON-IN-CHIEF,ICAPKSACHAPTER

03 MESSAGEFROMDR.AHMADALMEGHAMES,SECRETARYGENERAL,SOCPA

04 MESSAGEFROMMR.WARRENALLEN,PRESIDENT,INTERNATIONALFEDERATIONOFACCOUNTANTS

04 MESSAGEFROMMR.MICHELPRADA,CHAIRMAN,IFRSFOUNDATION

05 MESSAGEFROMMR.NAEEMAKHTARSHEIKH,PRESIDENT,ICAP

05 MESSAGEFROMMR.AMINQURESHI,FOUNDERPRESIDENT,ICAPKSACHAPTER

06 ABOUTSOCPA

06 ABOUTICAP

07 SPEAKERS/GUESTS

08 PROFILESOFKEYGUESTS/SPEAKERS

15 SPONSORS

17 PROFILEOFACWAPOWER,MAINSPONSOR

18 PRESENTATION/SPEECHON“IFRS–TRANSFORMATIONAGENDAFORSAUDICORPORATES”BYGAVINSTEEL,PARTNER,HEADOFACCOUNTINGADVISORYSERVICES-CMAAS–MIDDLEEAST,PWC

28 PRESENTATION/SPEECHON“CLOUDCOMPUTING–WORTHEXPLORING”BYRIAZKHAN,VPANDHEADOFITOPERATIONS,BANKALJAZIRA

30 EXTRACTFROMUPCOMINGBOOK“ECONOMICSANDFINANCEWITHMORALITYANDJUSTICE:ANISLAMICIMPERATIVE“BYDR.M.UMERCHAPRA

32 ABOUTICAPKSACHAPTER

33 SYMPOSIUMORGNIIZINGCOMMITTEE

34 GLIMPSESFROMFIRSTSAUDI-PAKACCOUNTANCY

SYMPOSIUM2012

35 GLIMPSESFROMSECONDSAUDI-PAK

ACCOUNTANCYSYMPOSIUM2013

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4:30 pm Registration,WelcomeDrinks,Networking

5:30 pm RecitationofHolyQur’an

5:35 pm WelcomeAddressbyMr.MuhammadIqbal,PresidentICAPKSAChapter

5:40 pm GuestofHonorAddressbyDr.AhmadAlmeghames,SecretaryGeneral,SOCPA

5:50 pm PresidentAddressbyMr.NaeemAkhtarSheikh,PresidentICAP

6:00 pm Keynoteaddress“FinancialLeadership–TheWayForward”byDr.MuhammadUmarChapra,ResearchAdvisorattheIslamicResearchandTrainingInstitute(IRTI)oftheIslamicDevelopmentBank(IDB)

6:30 pm Magrhribprayer/Coffeebreak

6:50 pm VideoAddressby“ThelinkbetweenFinancingReportingandGovernance”byMr.WarrenAllen,President,IFAC

7:00 pm SpecialInterviewwithGuestofHonor,Eng.AbdulazizBinAbdullahAl-Zamil,Chairman,ZamilGroup;Interviewer:Mr.UmairMurtaza,GroupReportingManager,AliZaidAlQuraishi&Brothers

7:10 pm TechnicalSession– “IFRS – Transformation agenda for Saudi corporates” byMr.GavinSteel,Partner,HeadofAccountingAdvisoryServices,PWC,MiddleEast

7:30 pm TheGreatDebate–“Developing Good Financial Leaders: Nature or Nurture?”

Dr.YahyaAljabr,AssociateProfessorofAccounting,KingSaudUniversity;

KhalilAlSedais,PartnerandHeadofAudit,KPMGRiyadh;

ImranIqbal,TaxPartner,Ernst&Young,MiddleEast;

Dr.KhalidAl-Addem,AssistantProfessor,AccountancyDept.,KingSaudUniversity;

MuhammadNomanAnsari,GroupTreasurerandHeadofCorporateFinance,GM,STC;

MuhammadIqbal,President,ICAPKSAChapter

8:00 pm Ishaprayer/Coffeebreak

8:20 pm MentoringSession–“Inspiringsuccessstories–FromCFOsandCEOs”

KashifRana,ChiefFinancialOfficer,ACWAPower,AdrianFlowers,ChiefExecutiveOfficer,SABBTakaful,Paul-Louis-Gay,ChiefFinancialOfficer,AlmaraiGroupofCompanies,

8:50 pm InnovativeThinkingSession–“CloudComputing–WorthExploring”byMr.RiazKhan,VPandHeadofITOperations,BankAljazira

9:10 pm ChiefGuestAddressbyH.E.Mr.MuhammadNaeemKhan,AmbassadorofPakistantoKingdomofSaudiArabiaandPatron-in-Chief,ICAPKSAChapter

9:20 pm Distributionof1st“MostValuedContributiontotheProfession”Awardstothefollowing:

Dr.MuhammadUmerChapra,Dr.AbdulrahmanAlhumaid,Mr.TariqJaved,Dr.AhmadAlmeghames

9:35 pm ValedictoryAddress,GroupPhotos

9:40 pm Dinner

MasterofCeremony–AakifHasnaatKhan,GroupFinancialPlanningManager,OlayanGroup

AGENDASYMPOSIUM

01

WELCOME MESSAGEFROMMR.MUHAMMADIQBAL,PRESIDENT,ICAPKSACHAPTER

02

It is my privilege to welcome you to this

Symposium on “Financial Leadership –

The Way Forward”. This is the third annual

event and I hope that it will prove to be yet

another success, probably better. I would

like to thank Mr. Naeem Khan, Ambassador

ofPakistan,H.E.AbdulAzizAbdullahAlZamil,

former Minister of Industry & Electricity, Dr.

Ahmad Almeghames, the Secretary General

of SOCPA, Mr. Naeem Sheikh, the President

of ICAP and the respectable speakers

and the audience for taking out time to

participate in this symposium. I would also

liketothankSOCPAandtheAmbassadorfor

their continued support and patronage in all

ourendeavorsand lastbutnotthe leastthe

sponsors who, like in the past, have showed

theirgenerosityinfundingthissymposium.

ICAP has a member footprint across the

globewhoserveasbusinesspartnersfortheir

organizationsandarethebrandambassadors

of the ICAP. A large number of the overseas

members are located in GCC of which more

than 400 members are serving in Kingdom

of Saudi Arabia. This is a testament of trust

and confidence which the employers in the

region and particularly in KSA have reposed

intheabilityoftheICAPmemberstoprovide

invaluable professional services. The ICAP

KSA Chapter has been created to provide a

platform for sharing knowledge and provide

networking opportunities not only to the

ICAPmembersbut themembersof the local

institute namely the Saudi Organization

for Certified Public Accountants and like

professionalpeople.

The theme of the 3rd Saudi-Pak Annual

Accountancy Symposium is “Financial

Leadership – Way Forward”. Financial

Leadershipaimstoprovidethepathwayand

bring clarity of vision and approach to the

leadersofthetodayaswellasthefuture.The

entiresymposiumrevolvesaroundthistheme

withsegmentssettomagnify it fromvarious

angles.Overalltheaimofthissymposiumisto

bringtogethertheaccountancyprofessionals

from Pakistan, Saudi Arabia and other

countries together under one umbrella to

shareknowledgeandexperience,toeducate

and learn from the learned participants

and the audience through an interactive

engagementprocess.

Ifeelthatthissymposiumwillfurthercement

the strong collaboration between ICAP KSA

Chapter and SOCPA, provide the audience

withanenrichinglearningexperienceandwill

enabledisseminationofknowledgethathelps

bravingchallengesoffuturewhilerecognizing

thepresent.

Muhammad Iqbal, President,ICAPKSAChapter

MESSAGEFROMH.E.MUHAMMADNAEEMKHAN,PAKISTANAMBASSADORTOKSAANDPATRON-IN-CHIEF,ICAPKSACHAPTER

03

AssalamuAlaikum

It is a matter of immense pleasure for me toconvey my good wishes to the Institute ofCharteredAccountantsofPakistan(ICAP)KSAChapterontheoccasionoftheThirdSaudiPakAccountancySymposium,2014.

IamdelightedattheprogressmadebyICAPKSAchapterintheshortperiodofthreeyearssinceitsformation.IamgladthatmyconfidenceintheInstitutehasnotbeenmisplaced.Inthebrief period since its inception, the Institutehas proven its credentials by arranging, incoordination with the Saudi Organization for

Certified Public Accountants (SOCPA), twohighlyprofessionalseminarsonpertinentandmeaningful topics. Itwasmygood fortunetoattendthetwoseminars.

IamproudoftheEmbassy’spatronageofICAPanditsactivities.IamconfidentthattheywillnotonlykeepupthegoodworkbutexpanditintheinterestoftheAccountingprofessionalsand for the progress of prosperity of the twocountries.

I wish the Institute good luck in its futureendeavoursandactivities.

H.E. Muhammad Naeem Khan,PakistanAmbassadortoKSA

ICAP KSA chapter has proven to be a very

successful forum, managed by a dedicated

team of Pakistani chartered accountants. I

amquitehappythatSOCPAsupporthasbeen

there for the Chapter since its inception in

August 2011 and the ICAP KSA Chapter has

been a very active body in KSA. I am very

pleased to note that the CPD events done

by ICAP KSA Chapter are also attended by

SOCPAmembersingoodnumber.Ihavealso

hadthepleasureofmeetingcurrentandpast

presidents of ICAP and the KSA Chapter to

discussideasofmutualprofessionalmatters.

IamquitepositivethattheICAPKSAChapter

will reach out to SOCPA on a very regular

basisandtogetherwillbeabletoachievethe

objectives of MOU signed between SOCPA

and ICAP, forthemutualbenefitofmembers

ofbothbodies. Inallthisandmore,theICAP

KSAChapterhasaveryimportantroletoplay

andisaveryimportantlinkforus.

IpersonallyattendedthefirsttwoSaudi-Pak

Accountancy Symposiums and was really

happy with the manner the events were

organized and the subjects were discussed.

I wish and pray that Allah Almighty gives a

resounding success to the 3rd Saudi-Pak

AccountancySymposium.

Dr. Ahmad Almeghames, SecretaryGeneral,SOCPA

MESSAGEFROMDR.AHMADALMEGHAMES,SECRETARYGENERAL,SOCPA

MESSAGEFROMMR.WARRENALLEN,PRESIDENT,INTERNATIONALFEDERATIONOFACCOUNTANTS

04

On behalf of the International Federationof Accountants (IFAC), its Board, and its 179membersandassociatesin130countriesandjurisdictions, Iextendsincerecongratulationsto the Institute of Chartered Accountants ofPakistan (ICAP)—Kingdom of Saudi ArabiaChapter and the Saudi Organization forCertified Public Accountants (SOCPA) forpresenting the 3rd Saudi-Pak AccountancySymposium.

Both ICAP and SOCPA continue to makevaluable contributions to the accountancyprofession and are important members ofIFAC,supportingourmissionandprograms.Under the leadership of Naeem AkhtarSheikh and its Council, ICAP has beeninstrumental in developing the accountancyprofession in Pakistan and becoming, as itsvision states, “a benchmark of professionalexcellence upholding the principles ofintegrity, transparency, and accountability.”The organization has been involvedwith IFAC committees, in particular theProfessionalAccountancyOrganization(PAO)Development and Professional Accountantsin Business committees, and ICAP chapters

reflectcollaborationonaninternational leveland dedication on the part of its chapterleaders, including ICAP—Saudi ChapterPresidentMuhammadIqbal.

SOCPA isakeyplayer in thedevelopmentoftheaccountancyprofessionintheMiddleEastregion,workingtofulfillitsmissionofpromotingthe accounting and auditing profession,developing it, and improving its status.SOCPA’s willingness to share knowledge andbest practices has benefited the professionand has served the accountancy professiononaglobal level inmanyways, includingthetranslation of IFAC publications into Arabic.Finally, CEO Ahmad Almeghames has led byexamplewithhisserviceasadeputychairofIFAC’sPAODevelopmentCommittee.

IcommendICAP—SaudiChapterandSOCPAfor their unceasing efforts to strengthenthe profession nationally, regionally, andgloballythroughtheirmembershipinIFACandparticipationinIFACinitiatives.Thank you for allowing IFAC to participate inthisimportantevent.

Warren Allen,President,InternationalFederationofAccountants(IFAC)

MESSAGEFROMMR.MICHELPRADA,CHAIRMAN,IFRSFOUNDATION

I am delighted to take this opportunity toexpressmykeeninterestinthe3rdSaudi-PakAccountancySymposium.NotonlyareSaudiArabia and Pakistan both valued partners intheworkoftheIFRSinpromotinghighqualityaccounting standards around the world,but the symposium’s theme of ‘FinancialLeadership—Way Forward’ is the guidingprinciple that underpins our continuousresearch and development on creating evenbetteraccountingstandardsinthefuture.

Part of that work is the research that wehave been undertaking for some time onthe relationship between IFRS and Shariah-

compliant finance, which we know is a topicof particular interest to Saudi Arabia andPakistan.

We shall of course be watching withparticular interest your session on ‘IFRS—TransformationagendaforSaudicorporates’,and we look forward to receiving your reportonthepresentationanddiscussions.

Please accept my best wishes for aninterestingandproductivesymposium.

Michel Prada, Chairman,IFRSFoundation

MESSAGEFROMMR.NAEEMAKHTARSHEIKH,PRESIDENT,ICAP

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Iwouldliketoexpressmyheartiestfelicitationsto the Kingdom of Saudi Arabia Chapter ofICAP members and the Saudi Organizationfor Certified Public Accountants (SOCPA) fororganizing the 3rd Saudi-Pak AccountancySymposium on Financial Leadership – WayForward. I would like to commend the choiceof the theme of the symposium; the timingcouldn’t be better, at this juncture it iscriticalforustounderstandtheexpectationsand gaps of the financial leadership. I ampositive that this symposium will provide theprofessionalsanexcellentplatformtobroadentheirhorizonsandalsoenablethemtoidentifythewayforward.

ICAP being the regulator of the accountingprofession in Pakistan and having more than6000 members across the globe is aware ofits responsibility towards the professionals.ConsequentlyICAPisfocusedonstrengtheningthecompetenciesofitsprofessionalsbothatmemberandstudentphase.Forourmembers,theCPDoffersauniquesourceofprofessionalgrowth, the realignment of the CPDmechanism in near future will enable more

specific trainings for the professionals basedon the competencies required and relevantto their professional growth. Furthermorethere are also concentrated efforts beingmadetorevisethetrainingregulationsofthestudents aimed at reducing the expectationgaps between the skills, qualification andprofessional development of professionalaccountants.

The road ahead seems long and full ofchallengesbutwearesteadfast inourvisionand commitment. However I do believe thatwhileprofessionalaccountancyinstitutescanmaketheeffortsincreatingsupportstructures,address significant gaps, ensure the scopeof qualification and training but also a lotdependsontheprofessionalsthemselves.Theprofessionalsneedtoacceptthenewroleandshowwillingnesstobroadentheirhorizonsandcompetencies. I feel that this symposium willenable the professionals to identify the skillsrequiredforfinancial leadershipandwishtheorganizingteamgreatsuccess.

Naeem Akhtar Sheikh,President,ICAP

MESSAGEFROMMR.AMINQURESHI,FOUNDERPRESIDENT,ICAPKSACHAPTER

It is a matter of great pleasure for me thatthe Saudi-Pak Accountancy Symposiumhas become such a successful annual eventwhich is attended by a huge number of topaccountingprofessionalsandthatisanxiouslyawaitedforeveryyear.The ICAP KSA Chapter was established toprovideaprofessionalforumforICAPmembersandotherseniorprofessionalstonetworkandgainanopportunitytokeepuptodatewiththelatestdevelopmentsintheaccountingarena.ThisisthethirdsuccessfulyearofoperationsoftheChapterandbytheGraceofAlmightyAllahandthankstothesupportfromH.E.theAmbassador of Pakistan to Saudi Arabia Mr.NaeemKhan,theSecretaryGeneralofSOCPADr. Ahmed Almeghames and the ICAP, everyyearhasbeenabiggersuccessascomparedtothepreviousone.

I am extremely delighted to see theparticipation of so many members of ICAPandotherprofessionalbodiesintheChapter’seventsandcongratulatetheChapter’scurrentPresident Mr. Mohammed Iqbal for providingthe leadershipanddirectionthathashelpedthe Chapter continue the path of success.Other key members whose efforts alsodeserve to be acknowledged are Asif Iqbal,Khurram Amanullah, Shahid Murad, AshfaqBatavia, Asher Noor and Sohail Nini, withoutwhosesupport,Ithinkitwouldnotbepossibletocontinuetosucceed.IprayforthecontinuedsuccessoftheChapterandthemembersandlookforwardtomeetingthe Crème de la crème of the accountingprofessionatthe3rdSaudi-PakAccountancySymposium.

Amin Qureshi,FounderPresident,ICAPKSAChapter

ABOUTSOCPA

06

The Saudi Organization for CertifiedPublic Accountants (SOCPA) aimsto promote the accounting andauditing profession and all mattersthat might lead to the developmentof the profession and enhance itsstatus.SOCPAisspecificallyentrustedto review, develop and approveaccounting and auditing standards,establish an appropriate qualityreviewprograminordertoensurethatcertified public accountants complywithaccountingandauditingstandardsand the provisions of the CPAsRegulations, establish the necessary

rules for SOCPA fellowship certificateexamination, organize courses ofcontinuouseducation,conductspecialresearch work and studies coveringaccounting, auditing and other alliedsubjects, publish periodicals, booksandbulletinscoveringaccountingandauditing subjects, participate in localand international committees andsymposiumsrelatingtotheprofessionofaccountingandauditing.

SOCPA is managed by a Board ofDirectors consisting of thirteenmembers with the Minister of

Commerce and Industry as itsChairman. On the BOD, there aregovernment nominees from MinistryofFinance,MinistryofCommerceandIndustry, General Controller Bureau,Universities and Council of Chambersof Commerce while six membersare elected from SOCPA practicingmembers. The Secretary Generalexecutes and follows up on boarddecisions and practices authorities ofexecutivemanagement.

ABOUTICAP

TheInstituteofCharteredAccountantofPakistan(ICAP)wasestablishedon01July1961withtheprimeobjectiveofregulatingtheprofessionofaccountinginPakistan.Itwasduetothevisionandtheforesightofourpredecessorsthattoday we are the premier regulatorybody for the development andregulation of the Profession in theCountry.

ICAPhasindeedcomealongwayfromsmall band of members to currentlyabove five thousand professionals.Todayourprofessionalsarerecognizedand respected globally for theirtechnical expertise and adherence toethicsandintegrity.

The repute and the standing thatICAP commands today is due tothe determination, courage andloyalty shown by the membersand the leadership. The Institutewas envisioned and established toregulate the accountancy professionin general, particularly the auditing

profession and is responsible forimparting Chartered Accountancyqualification in the country. ICAPoffers great services to the nationby fostering and nurturing the youngtalentforleadershipthroughitsrobusteducation and examination systemthroughout the years producing highcalibreprofessionals.

In addition to this, ICAP plays itsrole in strengthening the regulatoryframeworkinPakistanthroughworkingin cooperation with important policymaking institutions and regulatorsincluding the State Bank of Pakistan,the Securities and ExchangeCommission of Pakistan, the FederalBoardofRevenueandotherMinistries.In the history of the country, themembers of ICAP have contributedplaying key role for reforming andbuildingof institutionswithnumberofseniormembersstillservingtheboardsof leading public and private sectorcompanies. Professionalaccountantshave a critical role in accelerating

the progress of our country towardseconomicstability.

ICAP continues to support andfacilitatenotonlyitsmembersbutalsothe government, the regulators andthebusinesscommunityinthisrespect.TheInstitute,beingthecustodianoftheaccountingprofessioninPakistan,hasgraduallyevolvedprocessestoensuretransparency,accountabilityandgoodgovernancewithintheprofession.

Simultaneously, the Institute hasfirmly established itself as a premierinstitution which produces qualifiedaccountants,whoarenotonly inhighdemand within the country but havealso made a mark for themselvesoutsidePakistan.

ThisjourneyofICAPhasbeenatestofendurance. The institute has come alongwayfromaverysmallcommunityof Registered Accountants to what itistoday–aprofessionalbodyofmorethan7000members.

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H.E. MuhammadNaeem KhanPakistanAmbassadortoKSA


Dr. Yahya Al Jabr, AssociateProfessorofAccounting,KingSaudUniversity

Riaz Khan,VPandHeadofITOperations,BankAljazira

H.E. Eng. Abdulaziz Bin Abdullah Al-ZamilChairmanZamilGroup

Tariq JavedSeniorAdvisor,SAMA

Muhammad Noman Ansari, GroupTreasurerandHeadofCorporateFinance,GM,STC

Paul-Louis GayChiefFinancialOfficer,AlmaraiCompany

Dr. M Umer ChapraAdvisor,IRTI,IDB

Naeem Akhtar Sheikh, President,ICAP

Dr. Khalid Al-Addem, AssistantProfessor,AccountancyDepartment,KingSaudUniversity

Adrian FlowersChiefExecutiveOfficer,SABBTakaful

Muhammad Iqbal, PresidentICAPKSAChapter

Dr AbdulrahmanAl-HumaidTrustee,IFRSFoundation

Kashif RanaChiefFinancialOfficer,ACWAPower

Khalil Al Sedais,PartnerandHeadofAudit,KPMGRiyadh

Warren Allen,President,InternationalFederationofAccountants(IFAC)

Gavin SteelPartner,HeadofAccountingAdvisoryServices–MiddleEast,PWC

Imran IqbalTaxPartnerErnst&Young,MiddleEast

GUESTSPEAKERS

PROFILESOFKEYGUESTS/SPEAKERS

08

H.E. Mr. Muhammad Naeem Khan is thecurrent Ambassador of Pakistan to theKingdom of Saudi Arabia. He holds aMaster’sDegreeinInternationalRelations.He joinedtheForeignServiceofPakistanin October, 1982. He has held variousdiplomatic assignments in Pakistan

MissionsinSpain,Yemen,USAandChina.He has also served as Ambassador ofPakistan to the Philippines from 2005to 2009 and as Additional Secretary(Europe), Ministry of Foreign Affairs,Islamabadfrom2009to2011.

H.E. Muhammad Naeem Khan, PakistanAmbassadortoKSA

Dr. M. Umer Chapra, born in February1933,ispresentlyservingasAdvisorattheIslamic Research and Training Institute(IRTI) of the Islamic Development Bank(IDB). Prior to joining IRTI in November1999, he worked at the Saudi ArabianMonetary Agency (SAMA), from where heretired as Senior Economic Advisor aftera long service of 35 years. As a tokenof appreciation for his services, he wasawarded the Saudi nationality by KingKhalid in 1983onthe recommendationofShaikhMuhammadAbaal-Khail,thethenMinisterofFinanceandNationalEconomy.Hehasalsotaught intheUnitedStateattheUniversitiesofWisconsinandKentuckyand worked in Pakistan at the Institute ofDevelopment Economics and the IslamicResearchInstitute.

He has made seminal contributions toIslamicEconomicsandFinanceovermorethanfourdecadesintheformof15books

andmonographsandmorethan100papersand book reviews. His most outstandingcontributions have been his five books:Towards a Just Monetary System (1985),IslamandtheEconomicChallenge(1992),The Future of Economics: An IslamicPerspective (2000), Muslim Civilization:The Causes of Decline and the Need forReform (2008), and The Islamic Vision ofDevelopment in the Light of Maqasid al-Shari‘ah (2008). Consequently, he hasreceived a number of awards, includingthe Islamic Development Bank Award forIslamic Economics, and the prestigiousKingFaysalInternationalAwardforIslamicStudies, both in 1990. Some of his booksand papers have been translated into anumber of languages, including Albanian,Arabic, Bangla, French, Indonesian,Japanese, Malay, Persian, Polish, Spanish,TurkishandUrdu.

Dr. M Umer ChapraAdvisor,IRTI,IDB

H.E.Eng.AbdulazizAlZamilistheChairmanofZamilGroup.Hestartedhisdistinguishedcareerin1968withSaudiConsultingHouse,Riyadh, Saudi Arabia. He was appointedVice Chairman and Chief Executive ofSaudiBasicIndustriesCorporation(SABIC),Riyadh in 1976 from the date it wasestablished, and then served as MinisterofIndustry&Electricityfrom1983to1995.He is Chairman of Alinma Bank, SaudiInternational Petrochemical Co. SIPCHEMandSaharaPetroleumCompany.

H.E. Eng. Abdulaziz Bin Abdullah Al-ZamilChairmanZamilGroup


09

Dr Abdulrahman Al-Humaid is the firstTrusteeoftheIFRSFoundationappointedfromtheMENAregion.DrAl-Humaidhasfor more than 30 years held leadershiproles within various accounting andfinancialservicesactivities,bothwithinhishome jurisdiction of Saudi Arabia as wellas in the broader Middle Eastern region.He chairs the Committee for AdoptingInternational Accounting Standards oftheSaudiOrganizationofCertifiedPublicAccountants (SOCPA), having served astheChairmanofitsAccountingStandardsCommittee from 1996 until 2002. In

addition to his responsibilities in the fieldof accounting, Dr Al-Humaid serves as amemberoftheBoardofvariouscompanieslistedontheSaudiexchange.

Dr Al-Humaid received his Ph.D. inAccountingfromLouisianaStateUniversityand his Bachelor’s degree in Accountingfrom King Saudi University in Riyadh,SaudiArabia.HeworkedasaProfessorofAccounting at King Saud University from1982 to 2008 and has published severalbooksonaccountingtheoryandpractice

Dr AbdulrahmanAl-HumaidTrustee,IFRSFoundation

Dr. Ahmad Almeghames is the SecretaryGeneralofSOCPA.HehadservedasViceChair of the Professional AccountancyOrganization Development Committee oftheInternationalFederationofAccountantsfrom2010-12anditsmembersince1997.He is also serving as board of trustee ontheAccountingandAuditingOrganizationfor Islamic Financial Institution (AAOIFI).InSaudiArabia,heisservingontheBoardof various major large public and privatesector entities, including banks. He is an

activepublicspeakerandeducationistandhasgivenvariouspresentations/lectureslocally and internationally. He completedhisDoctoralofBusinessAdministrativeDBAwithmajor inAccounting fromMississippi,StateUniversity,U.S.A.


WarrenAllenbecamepresidentof IFAC inNovember 2012 after serving as deputypresident for two years. He served as amember of the IFAC Board since 2006andwasontheEducationCommittee(nowthe International Accounting EducationStandardsBoard) formorethan10years,includingaschairfrom1998to2004.

Mr. Allen was a partner at Ernst & Youngin New Zealand and served on the firm’sManagement Board for more thansix years. He has held several otherleadership positions in the New Zealandfirm, including national leader of auditpracticeandcountrydirectorofaudit.He

is also a Life Member and past presidentoftheNewZealandInstituteofCharteredAccountants,wherehehasservedonandchairedvariousboardsandcommittees.Mr.Allenhasbeentherecipientofseveralawards, including the Valued ContributiontotheProfessionAwardin2001.Heistheauthor of numerous journal articles andpapersandhaspresentedseveralpapersatmajorinternationalconferences,includingfour World Congresses of Accountants,primarilyonaccountingeducationtopics.

Mr. Warren Allen, President,InternationalFederationofAccountants(IFAC)


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Mr.TariqJavedistheSeniorAdvisoratSAMAsince1986andhasbeenrepresentingoninternationalforumslikeBaselCommitteeonBankingsupervision,CapitalAdequacyworking Group of Basel Committee, BaselCommitteeAccountingTaskForce,IslamicFinancial Services Board committee onCapital and on Shariah Governance, etc.HeisamemberoftheCanadianInstituteof Chartered Accountants and Orderdes Comptable Agrees des Quebec ,withversatile experience of over 40 years in

the banking and financial sector. He isfondof reading,musicandanavidgolferand cricketer. As a cricketer, he hasrepresented Canada in the 1979 CricketWorld Cup. World-Wide travelling is yetanotherfeattohiscredit.

Mr. Tariq Javed,SeniorAdvisor,SAMA

Riaz A. Rehman Chamdia is a Fellowmember of the Institute of CharteredAccountants of Pakistan (ICAP). He is apartnerinErnst&YoungFordRhodesSidatHyder, Chartered Accountants, a memberfirmofErnst&YoungGlobalLimited.Hehasmore than 25 years of experience in thefield of accountancy, auditing, corporatelawandbusinessconsultancy.

Presently, he is Vice President – Southand a Council Member of the ICAP. He isthe Chairman Examination Committee

and member of Professional Standards& Technical Advisory, Public Sector andOverseas coordination committees ofICAP. He had been elected member ofthe Southern Regional Committee of theICAP. He has also served Accounting andAuditingStandardsCommitteeandQualityAssuranceBoardofICAP.RecentlyhehasbeenappointedasaTechnicalAdvisoronInternational Public Sector AccountingStandards Board (IPSASB) of IFAC for thetermofthreeyears.

Riaz Rehman,VicePresident(South),ICAP

Mr. Naeem Akhtar Sheikh is currentPresidentof ICAPandelectedmemberofICAP Council since year 2009. He is oneof the youngest Presidents of ICAP. Hehad been Vice President of ICAP in year2012-2013. He also had been Chairmanof Northern Regional Committee ofICAP (NRC) and was elected memberof NRC from 1993 to 2001. Also he is orremainedChairmanofvariouscommittees

of ICAP and NRC namely: ExecutiveCommittee, Investigation Committee,CPD Committee, Education & TrainingCommittee and Taxation Committee andservedasmemberofvariousconferencescommitteesandalmostallcommitteesofICAP. He qualified in 1990, since then heis in professional practice and is a seniorPartner in UHY Hassan Naeem & Co.,CharteredAccountants.Naeem Akhtar Sheikh,

President,ICAP

ElectedasCouncilmemberagain in2013fromNorthZone–B.CurrentlyworkingasChairman of the overseas committee ofICAP.Electedasmemberof theNorthernRegional Committee of ICAP from NorthZone–Bin1998andremainedSecretaryof the Committee and Chairman of CPDCommittee Peshawar. In 2004, electedasCouncilMemberof ICAPandremainedmemberoftheExamination,ExecutiveandInvestigation Committees for four years.AlsoservedasVicePresidentofICAPandChairman of Investigation Committee foroneyear.

Nominated and honored as member oftheBoardofGovernorsoftheInstituteofPublic Finance Accountants of Pakistan(PIPFA). He remained as Vice President,Secretary and Chairman of ExaminationCommitteeofthisinstituteaswell.

Hidayat Ali, ChairmanOverseasCoordinationCommittee,ICAP

INNOVATIVE THINKING SESSION – “CLOUDCOMPUTING–WORTHEXPLORING”

VP and head of IT Operations at BankAljazira, Riaz graduated with a degree incomputer studies from East London in1984andspentthenext30yearsapplyingtechnology solutions to major businessproblemsglobally.Hehasdesignedandledtechnology and business transformationstrategies for Aviva Investors, the RoyalMail, British Petroleum, British Gas, andfor the UK and Portuguese governments.With a Master’s degree in LeadingInnovation and Change from UK’s York StJohn University, Riaz continues to enjoyleveragingtechnologyinnovationtoopen

upnewbusinessopportunitiesandreduceoperating costs, and has delivered over£1billioninquantifiablebenefitsforblue-chips in the US, Europe, Middle East, andAsia.

Riaz Khan,VPandHeadofITOperations,BankAljazira

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TECHNICAL SESSION –“IFRS–TRANSFORMATIONAGENDAFORSAUDICORPORATES”

Gavin has over 25 years of professionalexperience and has worked on IFRSprojects for approximately 18 years. Heprovides accounting advisory servicesacross a broad range of competenciesincluding conversion exercises, businesscombinations, fair value accounting,financial instruments, impairment testingandcarveoutengagements.Gavinhasabroad industry experience which includestransportation, construction, oil & gas,financial services, telecommunications,realestateandindustrialproducts.

With the relatively recently announcedadoption of IFRS by SOCPA in SaudiArabia, Gavin heads up PwC’s accountingconversion activities in the Kingdom ofSaudi Arabia. Gavin has recently led aseries of seminars in Saudi Arabia aimedat increasing awareness of SOCPA toIFRS accounting differences and theapproachesrequiredtoensureaccounting

conversionexercisesperformedarerobustandcomprehensivesuchthatIFRScanbefully adopted by entities in Saudi Arabia,asrequiredbySOCPA.Gavinisconsideredan expert in the process of accountingconversions.

Gavin has extensive experience of manyof the more complex areas of accountingandisthetechnicalreviewpartnerfortheMiddleEastRegionofPwCresponsibleforresolving accounting issues encounteredby PwC’s audit teams. In addition, Gavinhas delivered many of the region’s mostsignificantPPAandimpairmentexercises.GavinalsoheadsupthePwC’sMiddleEasttechnicalaccountingfunctionwhichassistsourauditteamsinensuringtheirtechnicalaccounting conclusions are appropriateand aligned to the requirements of IFRS.Consequently, he can advise on a widerangeofcomplexaccountingissues.

Gavin Steel, Partner,HeadofAccountingAdvisoryServices-CMAAS–MiddleEast,PWC

12

THEGREATDEBATE–“DEVELOPINGGOODFINANCIALLEADERS:NATUREORNURTURE?”

Dr.YahyaAlJabrisanAssociateProfessorof Accounting at King Saud Universityin Riyadh. Prior to that, he worked asthe Deputy Secretary General of theSaudi Organization for Certified PublicAccountants(SOCPA)andasanAssistantProfessor of accounting at the Instituteof Public Administration in Riyadh. Heearned his Ph.D. in Accounting from theUniversity of Melbourne and a Master’sdegree of Accounting from University ofMiami. Yahya has contributed articles inacademicjournals.HeholdsSOCPA(SaudiArabia),CMAandCFM(USA)qualifications.

Dr. Yahya Al Jabr, AssociateProfessorofAccounting,KingSaudUniversity(Judge)

Muhammad Noman Ansari is the GroupTreasurer and Head of CorporateFinance forSTC.He isaFellowCharteredAccountantfromtheInstituteofCharteredAccountants of Pakistan and is a CFAcharterholderfromtheCFAInstitute,USA.HejoinedSTCin2007andsincethen,hasheld multiple positions in Finance. Priorto joining STC, he has worked in differentseniormanagementpositionswithToyotaMotors Company Group and Deloitte &Toucheattheirinternationalofficesbasedin different countries, between 1995 and2007.

Muhammad Noman Ansari,GroupTreasurerandHeadofCorporateFinance,GM,STC(Debater)

Khalid Al-Addem, Ph. D. is working as anassistant professor in the accountancydepartmentatKingSaudUniversity(KSU)where he teaches undergraduate andgraduatecourses.HeearnedhisdoctorateandhismasterfromCaseWesternReserveUniversity,USA.

Dr. Al-Adeem is an active member ofAmerican Accounting Association (AAA).At the professional level, he is activelyinvolvedwithSOCPAinIFRSconvergenceproject. He is also the vice-presidentof the Third Preliminary Committee inRiyadh for Tax and Zakat Objections.At the educational level, in addition toteaching at KSU, he has given numerous

lectures through the Accounting Club atKSU on variety of accounting topics. Hegot several awards and letter of thanksand appreciations from the Governor ofthe Eastern Province, from the Presidentof KSU, from Prince Bandar Bin Sultan,the Saudi Ambassador in Washington,USA, the Director of the Master ofAccountancy program at Case WesternReserve University, the Accounting Club,and the session chairman at 2013 Mid-AtlanicMeeting,AAA.Hisresearchinterestincludesamongothers:accountingtheoryand philosophy, auditor independence,IFRS implementation challenges, andrecently has developed interest inaccountinginIslamicfinancialinstitutions.

Dr. Khalid Al-Addem, AssistantProfessor,AccountancyDepartment,KingSaudUniversity(Debater)

13

KhalilI.AlSedaisisaPartnerandHeadofAudit in KPMG Riyadh office with severalyearsofexperienceinprovidingwiderangeof auditand advisoryservices to a broadrange of businesses. His experience andprofessional skills include many auditingand financial accounting assignments.Khalilleadstheauditactivitiesofavariousnumber of Riyadh office clients includingglobalclients,publiccompanies,andlargefamily business. Further, Khalil workedin KPMG London, on secondment for 2years, during which he gained extensiveexperience by working with differentclients including global clients, such asTotal UK-Downstream operations, SasolChevron and Star Energy Group plc.

Khalil is a fellow member of SOCPA andis actively participating in many of theSOCPA’s activities including the qualityreview program of CPA firms in SaudiArabia where the work of CPA firms wereexaminedbySOCPA.HewasamemberofSOCPA’s examination committee until hebecameamemberofSOCPA’sAccountingStandardsCommittee.

Khalil Al Sedais – PartnerandHeadofAudit–KPMGRiyadh(Debater)

THEGREATDEBATE–“DEVELOPINGGOODFINANCIALLEADERS:NATUREORNURTURE?”

Muhammad Iqbal is a Fellow member ofthe ICAP. He is a seasoned banker andservingasChiefFinancialOfficerofAlinmaBank. He also holds the directorship ofAlinmaInvestmentCompany,asubsidiaryofAlinmaBank.PriortoAlinma,heservedas CFO of a large bank in Pakistan foroveradecadeandrepresentedatvariousbanking and ICAP committees. He heldthepositionofchairmanICAPKSAChapterPlacement Committee for the last twoyears. Besides that, he is a member ofvarious committees in the Kingdom suchas:FinancialControllersCommitteeofKSABanks and Zakat/Taxation Committee ofKSABanks.

MuhammadIqbal,PresidentICAPKSAChapter(Moderator/Judge)

Imran Iqbal is a tax partner with Ernstand Young’s Middle East practicebased in Riyadh. He is the championfor independence and SOX compliancematters for the Riyadh office taxdepartment.Imranhasexperienceofover14yearswiththetaxdepartmentofErnst&YoungSaudiArabiaandhasbeenactivelyinvolved in providing tax complianceand advisory services to multinationalcompanies. Imran isamemberofa teamadvising both existing and potentialforeigninvestorsinstructuringallaspectsoftheirSaudiArabianoperationsandjointventurearrangements.

PriortojoiningErnst&YoungSaudiArabia,Imran worked for KPMG Pakistan for tenyears in the audit and tax department.Imranalsoworkedwithoneofthereputedbrokerage house in Pakistan for threeyearsasFinancialController.

ImranisaCharteredAccountantandfellowmemberoftheICAP.Imranhasmorethan20 years post qualification experience.During his professional career, he hasgained extensive experience in audit andtaxconsultingservices.

Imran IqbalTaxPartnerErnst&Young,MiddleEast(Debater)

MENTORINGSESSION–“INSPIRINGSUCCESSSTORIES–FROMCFOSANDCEOS”

Kashif Rana is a Chartered AccountantfromInstituteofCharteredAccountantsofPakistanwithmorethan10yearsworkingexperience in Power & Water sector ofMiddle East & Pakistan. He is currentlyworking as Chief Financial Officer ofACWAPower,aleaddeveloper,ownerandoperator of independent water & powerprojects. Before joining ACWA Power hehas worked with Aqualyng AS as DirectorProjectFinance&withAESCorporationasCFOfortheMiddleEastRegion.

Kashif Rana, ChiefFinancialOfficer,ACWAPower

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Paul-Louis Gay is a senior financeexecutive, who has developed a verylarge and diversified expertise in thefinancial management of multinationalorganizations. He was appointed asAlmarai’s Chief Financial Officer inSeptember2011.

Prior to joining Almarai, Paul was theChief Financial Officer of Firmenich, theSwiss privately held Fragrances & Flavorshouse. He has previously held variousfinancemanagementpositionswithin theRoche group. In the past, Paul workedin the Information Technology industry,holding finance management positions

for Computerland Europe in Luxembourg,ICLinLondon,NationalSemiConductorinParisandIBMintheUSAandParis.

Paul started his career with the auditpracticeofArthurAnderseninParis,whereheworkedextensivelyinFranceandWestAfrica. He holds an executive master’s ofbusinessadministrationfromESCP(OptionFinance) in 1980 and earned his FrenchPublic Accountant Certificate in 1982.He also obtained in 2003 the INSEADCorporate Finance diploma. Mr. Gay is amemberoftheIMDAlumniClubGeneva.

Paul-Louis- Gay, ChiefFinancialOfficer,AlmaraiGroupofCompanies

AdrianFlowersistheChiefExecutiveOfficerof SABB Takaful (a joint venture Takafulcompany with Saudi British Bank andHSBC)basedinRiyadh,KingdomofSaudiArabia.Hepreviouslyservedinnumeroussenior positions in HSBC and HouseholdInternationalandpriortomovingtoSABBTakafulwastheGeneralManagerforHFCBank(HSBCsubsidiary)inUKandIreland.

Mr. Flowers has more than 25 yearsof experience in Retail Banking andBancassuranceinUK,USAandCanada.Hehasaproventrackrecordinleadingmulti-location businesses and re-engineeringsales and distribution to meet the everchangingneedsofcustomers.

Mr.FlowersisagraduateoftheHouseholdInternational General ManagementTrainingPrograminChicago,USA.

Adrian FlowersChiefExecutiveOfficer,SABBTakaful

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SPONSORS

MAIN SPONSOR

CO-SPONSORS

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MAINSPONSOR

MAINSPONSOR

ACWAPower isadeveloper, investor,co-ownerandoperatorofaportfolioofplantswith a capacity to generate 15,979 MWofpowerandproduce2.4millionm3/dayofdesalinatedwater.Theportfoliohasaninvestment value in excess of USD 23.5billion and provides employment to morethan2,400peoplein8countries.

The company was founded in 2004 asan operator of power generation anddesalinated water producing plants inwhich it has a meaningful economicinterest and exercises managementcontrol. ACWA Power was born out ofthe policy decision by the Kingdom ofSaudi Arabia to increase private sectorinvolvement in the power generation anddesalinated water production sectors toincludeownershipandoperationofassets.

The company was incorporated in theKingdom of Saudi Arabia with a paid-up capital of approx. USD 1.5 Billion. It isownedbyeightSaudiconglomeratesalongwith Sanabil Direct Investment Company(owned by the Public Investment Fund)andtheSaudiPublicPensionsAgency.FromitsheadofficeinSaudiArabia,ACWAPowerhasalreadyexpandedintotheGCC,Jordan and Egypt and further afield toTurkey,Morocco,andthesouthernconeofAfrica.Ithas:

• Regional offices in Dubai, Istanbul,Rabat, Johannesburg, Maputo andBeijing

• A customer base that includes stateutilitiesandindustrialmajorslocatedonthreecontinents

• Employees representing 30nationalitiesworkingin10countries

• More than 20 plants spread over 8countries.

The current portfolio of assets andinvestmentsdelivers:• Over 6,050 MW of power and

approximately 2.4 million m³/day

of desalinated water in Saudi Arabiawhichrepresents12%oftheinstalledpower generation capacity of theKingdomand45%ofthedesalinatedwater producing capacity of theKingdom

• 1,550 MW of power in Jordan whichrepresentsover55%oftheelectricitygenerationcapacityofJordan

• 427 MW of power and 91,000 m³/day of desalinated water in Oman,representing 6% of the installedelectricity generation capacity and16%ofdesalinatedwatercapacityofOman

• 60MWp using photovoltaictechnology in its solar plant inKaradzhalovo, Bulgaria (which is thesinglelargestrenewableenergyplantinthatcountry).

The portfolio also includes the world’slargest two sea going barge mounted,self-contained water desalination plantseach capable of producing 25,000 m³/dayofwater.

New capacity of 6,000 MW of powergeneration,55,000m3/dayofdesalinatedwater and 2,270 tons per hour of steamcapacity is under construction in SaudiArabia. A 50 MWe Concentrated SolarPower (CSP) plant at Bokpoort in SouthAfrica,a160MWeCSPplantatOuarzazateinMoroccoanda45,000m³/dayofwaterdesalination project in Oman are alsounderconstruction.Inanadvancedstageofdevelopmentarean835MWgasfiredplantinTurkey.

ACWA Power relentlessly pursues itsmission to reliably deliver electricity andwateratthelowestpossiblecostbyfirmlyadhering to its core values comprisingIngenuity, Rigor, Diversity, Fairness andIntegrity;redefiningboundaries.

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IFRS–TRANSFORMATIONAGENDAFORSAUDICORPORATESBYGAVINSTEEL,PARTNER,HEADOFACCOUNTINGADVISORYSERVICES-CMAAS–MIDDLEEAST,PWC

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CLOUDCOMPUTING–WORTHEXPLORINGBYRIAZKHAN,VPANDHEADOFITOPERATIONS,BANKALJAZIRA

As chief executives in a rapidlychanging world economy we faceexciting new opportunities but alsoconsiderablechallenges.Ontheonehand, we can reach more customersthrough more channels, and withmoreservices;butontheotherhand,global competitors eye our marketswhile barriers to entry are lowered,and customers are demandingbetter,varied,andmorepersonalizedservices.

Advantages from brand recognitionand economies of scale are nolonger shielding incumbents, whilesmall agile startups are disruptingmarkets, fundamentally changinglong-standing business models,providing equivalent services moreconveniently and cheaply, and tocustomers located globally. Theyarefindingandexploitingnichesandoffering specialized services andproducts.

Our fundamentalobjectiveshoweverremainthesame.Wewishtogrowourbusinesses, improve profits margins,and deliver shareholder value.To do this we must have marketintelligence on which to base gooddecisions, the capacity to quicklyexploit opportunities, and the abilityto reprioritize initiatives or even exitswiftlywhenmarketsturn.

Thefinancialofficersamongstuslookto supporting the chief executives’plans by optimizing investments,managing costs, and reducingfinancial risk. This is however notalways straightforward, because inan exceedingly dynamic businessenvironment it is difficult to ensurethatlargecapitalinvestmentsinmajorprojectswithlongdeliverytimescaleswill produce the forecasted returnsbeforemarketsorcustomerbehaviorschange.

Cloud-Computing,ifproperlyplannedand exploited, promises to addresssome of the challenges facing ourbusiness leaders today. It allows usto more effectively use our internalassetsandharnessresourcesbeyondour own organizations to respondto opportunities. The ultimate goalof Cloud is to turn technology into autility where it is paid for based onthe quantity used and at the timeconsumed. We turn it on when weneed it,weconsumemoreor lessasthe circumstances demand, we payforwhatweuse,andweswitch itoffwhenitisnolongerrequired.

There was much debate previouslyon what exactly cloud computingwas, and mired in technical jargon,thediscussionsconfusedratherthanenlightened. As individuals however,we all have first-hand experience ofcloudcomputing.

When we search the internet withGoogle,weareusingasophisticatedapplication that does not reside onour computers. This applicationtrawls through massive indexes builton Google’s computers by scanningwebpages locatedacrosstheglobe.The results are displayed on a webbrowser, like Internet Explorer orFirefox,whichisinstalledonourPCs.When we use Gmail or Hotmail orspend time on social networks likeFacebook or LinkedIn, our mail,information, and conversations arebeingmanagedoncomputerslocatedelsewhere, but easily accessible tous from desktops, laptops, or mobiledeviceswithabrowseroranApp.

We access lectures, geographiclocation information, and streamentertainmentvideos. Wealsostoresome of our information on sites likeDropBox and iCloud so that theyare not only accessible to us fromanywhereandonanydevice,butare

alsosecureandretrievableevenifwedamageorloseourowncomputersormobiles.

Theseareallexamplesofusingcloudcomputing in our personal lives. Soinessencecloudcomputing isabouthavingaccesstodigitalservicesovera network or internet connection.The best cloud offerings allow us toself-serve, securely access servicesanywhere on any device and at anytime,andpayforonlywhatweuse.

Cloud services provided forcorporations like ours can beapplications–forexampleproductivityor customer management serviceslike Google Docs or Salesforce.com;platformsonwhichwebuildourownapplications–forexampledatabasesand transaction processing enginesprovided by IBM and Google;infrastructure – for example serversprovidedbyAmazonanddiskstorageprovided by DropBox; and even data– for example market informationprovidedbyReutersorBloomberg.

Becausethescaleofservicerequiredis driven by user demand that canvaryfromdaytodayandevenminutetominute,cloudapplicationsarebuilton special technologies that sharecomputer resources and measuretheir utilization. These technologiesmanage computing resources anddivertthemrapidlyandautomaticallyto where there is increased demandand away from functions that arebeing underutilized. This allowsfar more efficient usage of ourtechnologyinvestments.

Therearemajorconstraintscurrently.A full range of predefined cloudservices do not yet exist that allowbusinesses like ours to rely entirelyon external cloud service providersandwehavealreadysunksignificantsums in technology investments.

28

We must therefore be proactive andmakeinformedchoices.Wecanbuildour own private clouds to allow usto maximize our current investmentin technology and therefore delaycapital expenditure until absolutelyneeded. We can use servicesprovided by third parties so that weavoid capital outlay, have accessto these services immediately, notworry about acquiring technologyexpertise, and pay for only what weuse and at the time we use it. Wecan come together as a communityand invest in particular servicesand therefore share costs, expertiseand industry information. Orwecandecideonamixtureofprivate,publicor community services to achieveour own particular requirements andcircumstances.

Other challenges also need to beconsidered. Information security,regulatory constraints on wherecustomer data can be held, andthe overreliance on third parties forcore business services are all validconcerns.Therearehoweverwaystomitigate these risks, and as businessleaders, it is up to us to take themeasuresnecessary, individuallyandasagroup,toapplytheriskmitigationstrategies.Thecloudprizeisworthit.Cloud information security is nodifferent to traditional informationsecurity. It is about allowing onlyauthorized access to secured data.This requires the application of theright safeguards in the right places,andbyexperiencedpeople.Weneedto work within communities and withour legislators to ensure that theappropriate compliance rules aredraftedondatasecurityandstoragelocations. This could mean buildingcommunitycloudswithinourborders.We also need to ensure that we cansafely exit third-party relationships

and move our data to other serviceproviders or bring it in-house whentherelationshipisnotworkingforus.Thecloudprizeisthatwecanleverageresources beyond our organizationsright now to pursue opportunitiesbasedoncurrentmarket informationand while they still exist. We canalso quickly alter direction whenthe market or customer behaviorschange.

A well thought out cloud strategyallows us to minimize sunk costs,maximize our current investmentin technology, move from a capitalexpenditure to an operationalexpenditure financial model,upscale or downscale as we seerevenuesincreaseordiminish,betterunderstand our service provisioncost,sharecostsacrossacommunityof consumers, and (if needed) moreaccuratelycross-chargeourbusinesslinesforthetechnologytheyuse.We see how Cloud can benefit ourown businesses, but as leaders, wecan do even more. With Cloud wecan establish the foundation for notonly making our own businessesstronger, but we can also help theKingdom compete in the globalinformation economy. To do this,we need to allow Saudi businessesto access technology cheaply andwithouthavingtomake largecapitalinvestments.

Asabusinesscommunity,wecandoourpartinavarietyofways.Wecanencourage cloud service providers,buildandsharecommunityresources,andinformandfacilitateappropriatedatasecuritygovernance.Byworkingwith government, we can also helpensure that the right investmentsare made towards building thereliableandhighthroughputnetworkinfrastructure needed to support

cloudservices. Thiswillbenefitboththeeconomyandourorganizations.

Riaz KhanTodiscussthisorotherbusinessandtechnology issues further, you maycontact me at [email protected]/in/riazkhanconsultantdirector/

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CLOUDCOMPUTING–WORTHEXPLORINGBYRIAZKHAN,VPANDHEADOFITOPERATIONS,BANKALJAZIRA

Mankind is faced with a number ofserious problems which demand aneffective solution. The prevalenceof injustice and the frequency offinancial crises are two of the mostserious of these problems. Eventhoughagreatdealofefforthasbeenmade around the world to reduceinjustice, particularly by the welfarestates, and also to minimize thefrequency and severity of financialcrises, both the injustice and thefinancial crises continue to prevaileverywhere in different forms andvarying degrees. This causes miseryto a large number of people, andparticularlytheunderprivileged.Theycontinuetosufferfromeconomicandfinancial instability, unemployment,poverty, and lack of adequate needfulfillment.

There are certainly a number ofreasonsforthefinancialcrisesaswellasthe injustice. It isnotthepurposeof this book to get into a discussionofallthese.Howevertwoofthemostimportant of these reasons are theexcessiveexpansionofcreditand itsinequitable allocation. While a greatdealofefforthasbeen,andcontinuestobe,madetoincreasethestrength,efficiencyandstabilityofthefinancialsystem, not enough attention seemsto have been given to the need tomake it more equitable. Since thefinancial institutions mobilize a vastpool of resources from all sectors ofthe society, the dream of creating a‘just’societymaycontinuetoremainunrealizedunlessthecreditextendedby them on the basis of theseresources serves the interests of allsectorsofthesocietyinanequitablemanner.

This raises the question of what canbe done to not only minimize thefrequency and severity of the crises

but also make the financial systemmoreequitable.Thisbookisahumbleattempt to answer this question. Itconsists of an ‘Introduction’ alongwithaselectionofeightofmypapers,most of them published in reputedinternational journals. Four of thesepapers are on Islamic economicsandtheotherfouronIslamicfinance.Togethertheymaybeabletocreateabetterimpactthanwhattheycoulddoindividually.

Banks are profit-making institutions.Theirowncapitalis,however,relativelyvery small. Their primary reliance ison the resources mobilized by themfrom a vast spectrum of depositors.There are, however, a number ofways in which the banks can utilizethese resources to earn profit. Howthese resourcesareutilizedby themisboundtohaveasignificantimpacton the realization of the society’scherished goals, including not onlyminimization of the frequency andseverity of financial crises andrealizationofahigherrateofgrowthin output as well as employment,but also ensuring greater justice insociety. While making a reasonableamountofprofitisboundtobeoneoftheir prime objectives, realization oftheirsociety’scherishedgoalsneedsalso to carry a substantial weight intheir decision making. Even thougha number of the ways in which theyutilize these resources may be moreor less equally profitable, only someof them may be able to contributemoreeffectively to the realizationoftheirsociety’scherishedgoals.

The question, therefore, is which ofthese ways should receive priority. Asocially more acceptable preferencemay be to give priority in the use ofthe banks’ resources to those waysthat can help promote not only

financial stability and a reasonablyhigh rate of economic developmentbut also greater justice in society.Unless the promotion of justice alsocarries a significant weight in theutilization of the banks’ resources, itmaynotbepossibletomakeamoremeaningful contribution towards thegoal of removing hunger, poverty,unemployment and disease. Eventhough this goal has always existed,ithasgainedcrucialimportanceafterarise insocialtensionsthatbecamereflected in the ‘Occupy Wall StreetMovement’ which took place in NewYork on 17 September 2011. Thishas intensified the realization thatensuring justice is indispensable forpromotingpeaceandsocialharmonyin this world. The actualizationof justice needs therefore to beconsidered a matter of utmostconcernofallhumaninstitutions,andthe financial system cannot be anexception.

The financial system does not,however, appear to be attuned tothe realization of this goal. It has abuilt-in tendency towards promotingeconomic inequality by mobilizingresources from a vast spectrum ofsociety and making them availableprimarily to a relatively muchsmaller spectrum. This may also beacceptable if the credit is grantedforpurposesthathelpbenefitalargespectrum. This does not, however,seem to be the case. The resourcesthat the financial system mobilizesget used for any purpose, includinggamblingandspeculationinthestock,commodity and foreign exchangemarkets, production of weaponsof mass destruction, luxury goodsand status symbols used primarilyby the rich, and even pornographicmaterial, when resources needed fortheproductionofsomeofthegoods

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“ECONOMICSANDFINANCEWITHMORALITYANDJUSTICE:ANISLAMICIMPERATIVE“

EXTRACTFROMTHEUPCOMINGBOOKBYDR.M.UMERCHAPRA

and services needed by millions ofpeople for a more comfortable andproductive life are not availableadequately.

While there may be no objectionto the effort of banks to earn areasonable amount of profit, thisneedtobedonewithintheframeworkofpromotingjusticeandhelpingtheirsocietyrealizeitshumanitariangoals.The logic behind this expectation isthat, since the banks mobilize theirvast pool of resources from a largespectrum of the population, it is fairto expect that they would utilizethese resources in a way that alsohelps serve the interests of a largespectrumofthesociety.Thisdoesnotnecessarily mean that the resourcesmobilized by banks should be madeavailabletoalargenumberofpeople.All it means is that these resourcesshouldbeutilizedbythemeffectivelyinsuchawaythatthebenefitextendsto a large number of people byhelpingpromotethekindofeconomicdevelopment that leads to generalwell-beingthroughanumberofways,including expansion of employmentand self-employment opportunitiesaswellasthesupplyofneed-fulfillingandinvestmentgoodsandservices.This does not, however, seem to betaking place. The resources that thefinancial system mobilizes becomegenerally available to a relativelysmall spectrum of high net worthindividuals and firms as well asgovernments without giving dueconsideration to the use of theseresources for fulfilling the people’sneeds, promoting employment andself-employment opportunities,and solving the society’s economicproblems. The primary considerationseemstobetomakemoneywithoutgivinganysignificantconsiderationtothefulfillmentofthegenuineneedsoftheirsociety.Theconsequenceisthat

adequateresourcesarenotavailablefor expanding job opportunities as-wellthesupplyofhousing,education,vocational training, and other needfulfilling and investment goods andservices.This accentuates the need for ameaningful reform of the financialsystem in a way that would enablethe society to solve its problemsand realize its humanitarian goals.For greater clarity one may takethe example of a banker who isconfronted with the demand forcreditfromtwoequallycredit-worthyparties, one from a golf partner whowishestopurchasealuxuryyachtandtheotherfrombusinessmenwhowishtoimporttextbooksanduniformsforschool children or medical suppliesfor hospitals. Which of these shouldreceive priority if the resources arelimited:hisgolfpartnerortheschoolsandhospitals?

The vision of the Islamic financialsystem needs to be to transform allhuman activity, including banking,intoa‘blessing’(rahmah)formankindas envisaged by the Qur’an in verse21:107. This repudiates the idea that‘Islamization’ of the financial systemcan be accomplished by merelyintroducing some cosmetic changesin the conventional financial systemthroughtheemploymentof‘mark-up’instead of ‘interest’ without makingany worthwhile contribution towardstheresolutionofthesociety’sseriousproblemsandhelpingrealizesameofitscrucialgoals.

The primary purpose of this bookis, therefore, to help fulfill this needwithoutturningbanks intocharitableinstitutions. It consists of anintroduction plus eight papers, mostof which were published in reputedinternationaljournals.

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“ECONOMICSANDFINANCEWITHMORALITYANDJUSTICE:ANISLAMICIMPERATIVE“

EXTRACTFROMTHEUPCOMINGBOOKBYDR.M.UMERCHAPRA

ABOUTICAPKSACHAPTER

The ICAP KSA Chapter was formed inAugust 2011 by ICAP under its MOU withtheSaudiOrganizationforCertifiedPublicAccountants (SOCPA) and is functioningunderthepatronageofPakistanEmbassyin Saudi Arabia. H.E. Mr. MuhammadNaeemKhan,theAmbassadorofPakistanin Saudi Arabia is the Patron-in-Chief ofthe Chapter. The Chapter is managed bya Managing Committee of five memberselectedforaperiodoftwoyears.InAugust2013, the second Managing Committeesuccessfully tookchargeand its termwillexpireinAugust2015.

The CPD committees in Riyadh andKhobar have organized 27 CPD seminarsindependentlyand12 jointlywiththePAFJeddah, which have been attended inlarge numbers by SOCPA members andother finance professionals as well. ThePlacement committee has developed adatabase of resumes of our members tohelpfacilitatejobsearchandhavealreadysuccessfullyplacedsomeofthemingoodpositionsinreputableorganizations.

The first ground breaking AnnualSymposium was held in 2012 whichcoincided with the Golden JubileecelebrationsofICAP.Itwasourfirstmajorevent to be held in coordination with theSaudi Organization for Certified PublicAccountants (SOCPA). Thereafter, theSecond Annual Symposium proved to beyetanotherresoundingsuccess.Thelargeparticipation and the coverage of theseeventsinthemediaprovidedanimmenseopportunity for the ICAP KSA Chapter tomarkitspresenceinthebusinesscirclesofKSAasaleadingprofessionalbodywithinarelativelyshortspanofoperationalhistory.

The Chapter has also organized threehighly successful family events in whichhandsome gifts were also distributedbesidesalotoffunfilledactivitiesforthewholefamily.

Another major achievement wasorganizingtheICAPFinalExamsinRiyadh.Alhamdulillah, over 700 candidates wereable to appear in their final exams fromKSA and more than 25 have qualifiedtheir final exams and became CharteredAccountants.

The ICAP KSA Chapter remains gratefulto ICAP and SOCPA and the continuedpatronageofEmbassyofPakistaninSaudiArabia.

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Muhammad Iqbal President,ICAPKSAChapter

Amin Qureshi

Aakif Hasnaat Khan

Umair Murtaza

Shahid Murad VicePresident,ICAPKSAChapter

Asher Noor

Ali Husain

Ali Haider

Muhammad Asif Iqbal Secretary,ICAPKSAChapter

Sohail Nini

Abdul Hameed Suriya

Arslan Azhar

Khurram Amanullah HeadofFinancialAffairs,ICAPKSAChapter

Muhammad Farhan

Raeel Rafique

Ashfaq BataviaJointSecretary,ICAPKSAChapter

Atif Alvi

Safwat Khalid

33

SYMPOSIUMORGANIZINGCOMMITTEE

GLIMPSESFROMFIRSTSAUDI-PAKACCOUNTANCYSYMPOSIUM2012

H.E. Muhammad Naeem Khan, Pakistan Ambassador to KSA

Rashid Rahman Mir, Then President, ICAP

Special guests cutting the ICAP Golden Jubilee cake

Dr. Ahmad Almeghames, Secretary General, SOCPA

Asher Noor moderating the Panel with partners of all big 4 firms Asad Zain, Master of Ceremony

Dr. Said Al-Shaikh, Member Shoura Council & Chief Economist NCB

First Management Committee with ICAP President and Ambassador

34

H.E. Muhammad Naeem Khan, Pakistan Ambassador to KSA

Ahmad Saeed, Then President, ICAP

Dr. Ahmad Almeghames, Secretary General, SOCPA

Asher Noor and Taha Ali Khan co-moderating the Panel Session

Aakif Hasnaat, Master of Ceremony

Kashif Rana, CFO, ACWA Power

Amin Qureshi, Founder President, ICAP KSA Chapter

35

GLIMPSESFROMSECONDSAUDI-PAKACCOUNTANCYSYMPOSIUM2013

For comments and feedback on theSymposium, please send email at

[email protected]

Website: ICAP KSA Chapterwww.icapksachapter.org

Financial Leadership- - ICAPKSA Chapter · 18 PRESENTATION / SPEECH ON “IFRS – ... , PARTNER, HEAD OF ACCOUNTING ADVISORY SERVICES - CMAAS – ... Symposium on Financial Leadership

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