About ACBS
The Arab Committee on Banking Supervision (ACBS) was established in 1991. Membership of the Committee is composed of banking supervision directors in addition to the Arab Monetary Fund which acts as its Secretariat by virtue of a resolution by the Council of Governors of Arab Central Banks and Monetary Agencies. The Council has assigned the mission and tasks of the Committee the most important of which are the follow up on requirements of compliance with the Basle Committee standards for capital adequacy, issues pertaining to the development of banking supervision through the study of banking supervision techniques in Arab countries with a view to reach unified banking supervision methods compatible with best international practices, aspects of developing banking legislations, and unifying accounting systems, in addition to the provision of training and technical assistance to the member countries to develop their supervisory capacities.
The ACBS discharges a vital and effective function of coordination between the Arab countries in issues and developments pertaining to banking supervision. At the same time, it represents an active instrument for the exchange of expertise and information between Arab supervisory authorities. The ACBS stems from and is affiliated to the Council of Governors of Arab Central Banks and Monetary Agencies. Due to this organic link, it submits to this Council working papers drafted by a designated task force on issues of banking supervision for its review. When endorsed by the Council, such papers are then forwarded as guidelines recommendations to Arab central banks and monetary agencies that could be applied in accordance with the framework of the regulations and legal systems of each country. The Arab Monetary Fund acts as the Secretariat of ACBS. In this capacity, the Fund contributes to supporting the Committee’s endeavors to achieve coordination in banking supervision issues and to foster the exchange of experiences between Arab countries. Through the Fund’s Economic Policy Institute (EPI), ACBS avails training to human resource capacity of the banking departments.
From its fourth meeting in Abu Dhabi during 26-27 November, 1994 onwards, ACBS started the practice of preparing papers on a number of requirements, subjects or supervisory standards which it submits recommendations to be taken in to consideration by each member country in accordance with their respective legislations and systems. In drafting such papers and recommendations, the Committee bases its work on comparable international principles and standards, especially those originated by the Basle Committee. It is worth noting that while some of these papers are descriptive and serve to introduce the subject at hand with highlights of its main aspects, other papers contain explicit recommendations on their closing section. Such, papers are prepared by the Committee’s task force which meets more than once a year. They are then discussed by the full-fledged Committee and revised to incorporate the ensuing amendments. These papers are then forwarded to the Council’s Permanent Bureau. The latter often adds its own amendments and submits them as final draft to the annual meeting of the Council.
The first subjects addressed in those papers dealt with the requirements of bank’s internal control and accounting disclosure. Subsequently, papers took up two subjects every year.
