International electronic reporting module provides faster, more reliable, and more accurate handling of financial data
Abu Dhabi: First Gulf Financial Services (FGFS), a subsidiary company of First Gulf Bank, was recognized as one of the first financial brokers in the UAE to implement the eXtensible Business Reporting Language (XBRL) system within its operation during the 24th XBRL International Conference, which was inaugurated today by HE Engineer Sultan bin Saeed Al-Mansoori, Minister of Economy and Emirates Securities and Commodities Authority (ESCA) Board Chairman.
The honorary shield was received by Hana Al Rostamani, Executive Vice President Strategy and Planning First Gulf Bank, and Farooq Al Marzooqi General Manager of First Gulf Financial Services (FGFS), during the ceremony held at Yas Hotel in Abu Dhabi.
The international XBRL module is used in developed markets by the participants, including listed companies and brokers, for developing regulatory reports. The system offers major benefits at all stages of business reporting and analysis, offering faster, more reliable and more accurate handling of data, improved analysis and a better quality of information to support decision-making processes for both the regulators and participants.
Commenting on the recognition, Farooq Al Marzooqi said: "First Gulf Bank and its subsidiaries has always been a pioneer in utilizing the latest, cutting-edge technologies in the finance and banking world. Our adoption of the XBRL system demonstrates our support for ESCA's efforts, and for promoting further transparency in reporting methods. FGFS members attended the training sessions organized by ESCA about the module, and implemented the system with immediate effect."
Al Marzooqi added: "The XBRL system has resulted in many advantages for FGFS, as it enables producers and consumers of financial data to move away from manual processes, typically involving time-consuming comparison, assembly and re-entry of data. It allows users to concentrate efforts on analysis, aided by software which can validate the information."
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About FGB
As one of the leading banks in the UAE, First Gulf Bank (FGB) has Shareholder Equity of AED 26, 7 Bn as of end of year 2011 making it one of the largest equity based banks in the UAE. Established in 1979 and headquartered in the UAE capital, Abu Dhabi, the bank provides financial services in various business and industrial areas with a wide network of branches across the Emirates; in addition to the bank's branches in Singapore, Qatar, a representative office in India and a subsidiary in Libya.
Today, FGB is recognised as a world-class organisation committed to maximising shareholders, customers and employees' value as it focuses on delivering banking products and services that meet the Clients' requirements as well as the dynamic economy, perpetuate progress in the UAE. In line with its commitment to excellence the bank also continues to improve service standards, while simultaneously investing in HR, IT, and communication systems.
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© Press Release 2012
