COFICERT: AD QCC Awarded Global Financial Quality Certificate MSI 20000
COFICERT / Key word(s): Rating
Paris, February 23th, 2023 - 06:00PM
AD QCC Awarded Global Financial Quality
The certification is the first for a governmental organization operating in the conformity assessment sector in the Middle East
Abu Dhabi Quality and Conformity Council (QCC) was awarded the financial quality certificate MSI 20000, the global standard allocated to the financial governance of companies, making it the first governmental organization operating in the conformity assessment sector in the Middle East to obtain this certification.
The QCC, government entity aiming to contribute to the improvement of the quality of Abu Dhabi's exports and products marketed locally, has a mandate to ensure provision of quality infrastructure in line with global standards.
The certificate was awarded by the French certification body COFICERT, international leader of financial and extra-financial certifications, with the technical support of Talal Abu-Ghazaleh & Co. Consulting (TAG-Consult) in its capacity as the exclusive partner for the MSI 20000 standard in the Middle East. The MSI 20000 standard is a comprehensive measurement and evaluation model of financial governance based on sectorial normative standardization and focuses on two main areas: financial solidity and financial performance. Globally recognized as a reliable tool, the standard MSI 20000 constitutes a valuation instrument for its beneficiary and provides a strong differentiation argument in the market for those institutions aiming to enhance presence within global markets.
QCC was awarded the certificate during a ceremony held under the patronage of His Excellency Hilal Humaid Al Kaabi, General Secretary of QCC, and in the presence of Mr. Abdulrahman Al Balooshi Financial Director of QCC, Mr. Cristian MOCANU General Secretary of COFICERT, Souheil Skander Managing Director of CFC Partners and Mr. Maher Khader, Regional Executive Director of Talal Abu-Ghazaleh Consulting.
The conclusions of the financial diagnosis, after undergoing a comprehensive evaluation of its financial governance over the last five years according with the MSI 20000 standard, demonstrated outstanding results for Abu Dhabi Quality and Conformity Council (QCC). Indeed, the ADQCC outperformed the conformity assessment sector’ standards on a global scale, especially in terms of commercial and economic efficiency. Moreover, the MSI 20000 evaluation revealed the compliance of QCC in terms of solidity across several criteria, in particular regarding its excellent liability management, as well as the conformity of its liquidity and its risk management when compared with the MSI 20000 normative reference ratio levels.
Abdulrahman Al Balooshi, CFO - QCC, said: “We are proud to be the first organization operating in the conformity assessment sector in the Middle East, to have achieved the MSI 20000 financial quality certification. Good financial governance and control of our indicators are essential points for ADQCC and at the heart of our strategy. This certification, obtained in a context of a number of global crises, reflects the QCC’s robustness and the excellent financial governance of our organization, but as well its commitment to best global practices and to the continuous improvement. It is the result of in-depth work carried out by the financial teams, which reinforces our attractiveness to all our stakeholders: partners, government, customers, employees etc.”
Abu Dhabi Quality and Conformity Council (QCC) is a government entity pursuant to Local Law No. (3) of 2009 to improve the quality of Abu Dhabi exports and products marketed locally. Founded in February 2011, QCC consists of a board of regulators and industry with a mandate to ensure the provision of quality infrastructure that meets global standards.
COFICERT is a french certification body COFICERT, international leader of financial and extra-financial certification. The organization gathers national and international experts around standards and certification, related to Finance: such as financial governance, (MSI 20000), anti-money laundry and counter financing of terrorism (AML 30000), corporate social responsibility (ESG 1000) and corruption (ISO 37001).
MSI 20000 is the international standard dedicated to the evaluation of the companies’ financial governance, through a sectorial approach and strict principles, based on many evaluation criteria and performance indicators using normative reference ratios. The standard was developed in 2008, in the aftermath of the subprime crises, by the French, non-government organization MSI Observatory, by top leading experts in the field of finance. It is since adopted and distributed by the top leading actors of the certification industry and currently distributed in close to 50 countries.
TALAL ABU-GHAZALEH & CO. CONSULTING (TAG-CONSULT)
TAG-Consult operates out of the Talal Abu-Ghazaleh Global offices, which has more than 100 offices in the Middle East, Africa, and the world and representative offices spread in Asia, Europe, North America, and Latin America. It also operates through a network of experts and specialists to offer the best management consulting services to local and international companies and institutions, in accordance with the best practices in this field.
Certification MSI 20000
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