News / DMCC Appoints Committee for Dubai Receipt System

DMCC Appoints Committee for Dubai Receipt System

Dubai, 28 September 2003 - Dubai Metals and Commodities Centre (DMCC) today announced the appointment of its Advisory Committee for the Dubai Commodity Receipt (DCR) system. DMCC recently announced the DCR, a system of commodity warehouse receipts to facilitate the storage, trading and financing of commodities, scheduled for implementation in early 2004.

The Committee, comprising leading members of the banking, warehousing and commodity trade sectors in Dubai, will play a key role in the development of the DCR system leading up to its implementation.

Welcoming members to the first Advisory Committee meeting today, DMCCs Executive Director, Commodities, Dr. David Rutledge, emphasised the Committees role in providing feedback, from a users perspective, on the design and operation of the DCR System. DMCCs approach to the development of DCRs is to ensure that the system meets the needs of the marketplace, said Dr. Rutledge, who will chair the Committees deliberations. This can only be achieved if there is an active dialogue between the designers of the system and those who will use it commercially. The Advisory Committee will play a key role in facilitating this dialogue.

In addition to Dr. Rutledge, members of the Advisory Committee are:

Mr. Mohammed Shamim Anwar, Managing Director, Peninsula Shipping Company LLC; Mr. Faisal Galadari, Assistant General Manager - Retail & Commercial, Commercial Bank of Dubai; Mr. Haseeb Haroon, Head of Structured Inventory Products, ABN AMRO Bank N.V; Mr. Ravi Kashyap, Manager, Steinweg-Sharaf FZE; Mr. Simon Maddocks, Managing Director, B. Pacorini S.p.A.; Mr. Jonathan Morris, Head of Corporate and Institutional Banking-UAE, Standard Chartered Bank; Mr. Wasim Saifi, Head of Corporate Banking, Dubai Islamic Bank; Mr. Ed De Kwant, Director of Systems & Special Projects Henry Bath Group; Mr. Rohan Shetty, Managing Director, Scan-Trans Chartering LLC; Mr. Saeid Shokravi, Managing Director, Arveen General Trading LLC; Mr. Rohit Walia, Division Manager, Commercial Banking Group, Mashreqbank psc; Mr. Vikram B. Venkataraman, Head of Corporate & Institutional Banking, Dubai Bank; Mr. Ali Amer Al-Hashimi, Asst. Manager - Islamic Finance & Funds Management, Abu Dhabi Islamic Bank; Mr. Ramdas K., Manager - Credit Administration, Emirates Bank International PJSC.

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