The Housing Bank for Trade & Finance [HBTF] has adopted a Code of Ethics to lay down the fundamental principles of professional conduct expected between HBTF and its employees from one side, and HBTF with third parties from another side. The ethical aspect plays an extremely important and crucial role in the success of institutions and their ability to achieve their goals. Therefore, all professional organizations and institutions are endorsing their own Codes of Ethics based on their goals and nature of business.
Labor unions have strived to endorse their own Code of Ethics to organize its interactions and dealings with their organizations and with other third parties. Such approach was later on adopted by financial institutions, which created their own ethical conducts as have positive impact on putting their business in order and achieving their goals. For example, the Union of Arab Banks has endorsed a Code of Ethics especially made for banking business sponsored by Banking Association under the title “ Code of Conduct for Banking Business”. Such code has laid down the principles and practices for the banking employee and directs dealings between the banks. It has been also noted that American Institute for Certified Public Accountants and Institute of Internal Auditors as well as other professional bodies have endorsed Codes of Ethics especially tailored for their practice.
Moreover, a committee that supports institutionalized work has called upon institutions to adopt ethical conducts to establish how the various participants, including employees and third parties, interact in determining the direction and performance of their institutions. For that reason, HBTF has paid special attention to the employee’s ethical and behavioral aspect. Therefore, HBTF management has adopted a special Code of Ethics for the bank to lay down fundamental principles of professional conduct that direct relations between HBTF and its employees in addition to incorporating certain clauses extracted from human resources rules. HBTF has also prepared a study to assess the bank’s internal control system from the legal aspect [COSO]. Based on the results of the study, HBTF has adopted an institutionalized Code of Ethics to direct the relations between the bank and its employees from one side and the bank with various third parties including vendors, customers and others from another side.
