Moayyad Tahtamouni is a member in the committee that drafted the code of corporate governance for listed companies in the Amman Stock Exchange. He also holds a Masters of Science in Finance from the Amman Arabic University.
Could you provide a brief journey of how you arrived where you are today?
I completed my Bachelors degree in accounting in three years from the most prestigious university in business in Jordan (Al-Yarmouk University) in 2003. After my graduation, the Amman Stock Exchange (ASE) offered me the chance to join its staff in April 2003 as a junior analyst in the companies and members department.
In 2004 I moved to the listing and operations department (after merging the companies and members department and the trading department). During my time there I got my Masters degree in finance in 2005, and in 2006 I was promoted to be the chief of both the listing and the members divisions. I am now responsible for 250 listed companies and 60 brokerage firms.
What does your role involve?
I am responsible for managing and performing the following tasks:
-
Corporate governance-related issues.
-
Reviewing listing applications.
-
Reviewing membership applications.
-
Monitoring listed companies’ and member firms’ obedience to ASE regulations.
-
Receiving listed companies’ financial & non-financial disclosures and examining their accordance with international standards governing these disclosures.
-
Examining the legal and technical aspects of introducing new products to the market.
-
Handling corporate actions for listed companies; increases and decreases of capital, mergers, acquisitions, etc.
What is your greatest achievement to date?
I think that it is hard to choose a single achievement to highlight in my nine-year career, so I would choose two achievements: the ASE membership in the World Federation of Exchanges (WFE) and my participation in the creation and adoption of the Jordanian code of corporate governance, which was approved in 2007.
Which of your products/services deliver the best results?
I think that the best ASE service would be encouraging transparency and disclosure in the market. The Jordanian capital market has been known since its establishment as one of the most developed markets in the region, especially in areas of market regulation and the enhancing of good corporate governance practices.
Additionally, the high level of foreign investor ownership in the market capitalization reflects their confidence in the ASE. The percentage of foreign investments in the ASE is more than 48% of market capitalization. This percentage is one of the highest in the region.
What are the strengths of your business?
I think that there are a lot of factors contributing to the ASE strength. First, authority: granted by the Jordanian Securities Law.
Second, autonomy: the ASE has been known since its establishment as an independent organization that keeps the same distance with all the parties.
Third, integration: the ASE always integrates with other parties before taking any decision that could affect the market.
What are the factors contributing to the success of your company?
I think that the ASE has positioned itself as one of the most attractive, developing and reliable exchanges in the region. I think that our success can be attributed mainly to our commitment to transparency and investor protection; and the equitable treatment of investors.
What are the obstacles faced in running your business today?
I think that our capital market is facing a number of challenges that arise from both the market structure and its correlation with the international markets.
Family businesses are the dominant form of companies listed in our market; and this in particular creates risks concerning transparency and corporate governance.
I think that Islamic finance will gain more ground from the traditional means of finance in the coming few years, with an increased impact on the global economy.
Name one thing you would like to see change in the world of Islamic finance.
I think that Islamic finance in Jordan is unfortunately still taking its first steps. Islamic banks in Jordan are still adopting the same old techniques in their operations, and our financial society is not informed enough regarding the wide range of services and products that Islamic finance offers.