The Faculty of Business and Commercial Sciences at the Holy Spirit University of Kaslik (USEK), inaugurated the dealing room, sponsored by the Bank of Beirut, in the presence of the papal ambassador to Lebanon Gabriel Caccia, the Minister of Education and Higher Education Elias Bou Saab, the Deputy Jean Oghassabian, the President of the University, Father Doctor Hady Mahfouz, the Chairman and CEO of Bank of Beirut, Dr. Salim Sfeir, the Dean of Faculty of Business and Commercial Sciences, Prof. Nehme Azoury, a number of officials from Bank of Beirut, members of the University Council and economic, banking, social, and academic personalities and students.

Yahchouchy

The Head of International Relations, Lea Yahchouchy, opened the ceremony: “USEK have set up a Thompson’s Reuters trading room for both professional and students which gives real time and historical access to financial data and news, including information on currencies, equities, stocks, commodities, securities, derivatives and other financial data and news. It is worth-mentioning that the Faculty of Business was a pioneer in the region back in 2004 when it first inaugurated a state-of –the art dealing room easily comparable to the world’s biggest and most prominent ones.”

She added: “Constantly seeking to be ahead of its time, USEK has taken upon itself the challenge of renovating its dealing room, with the support of BoB, making it a fully smart automated dealing room, equipped with a smart podium from where the whole room can be controlled, a video-wall and over a dozen of led screens. The Dealing room serves a great principle that goes in line with USEK’s educational mission: and that is to encourage and boost action-based learning as instructors will be able to help their students implement in real life the notions acquired in class. To name a few, students will become familiar with analyzing financial data, structuring and pricing complex products, and simulating strategies that are likely to facilitate a sound decision making process.”

Azouri

In his speech, the Dean of Faculty of Business and Commercial Sciences, Prof. Nehme Azoury stated that: “Today, we are witnessing the inauguration of a dealing room that not only is considered to be among the best in Lebanon and the region but also one that is comparable to the leading institutions of the world. It is with immense pride that USEK partners with Bank of Beirut to develop such a facility, with the purpose of equipping our graduates with all the practical skills required to survive in today’s competitive and uncertain environment.”

“It so happens that this Dealing Room was constructed right next door to our Learning and Teaching Excellence Center, which highlights the importance of using instructional innovative technologies and hands on learning; an objective in which the Dealing Room was created to significantly enhance the educational process for both students and professionals in the field. Students will have the chance to experience the thrill and pressures of a live market hence giving them an edge over those holding traditional finance degrees. In fact, this dealing room will not only prepare them for the real world but effectively will bring the real world to them,” he added.

He drew his speech to a close by concluding: “This inauguration demonstrates the good will of an organization and more so validates that successful Lebanese enterprises are investing in our youth; a vision that most certainly coincides with that of USEK’s. For this very reason, Bank of Beirut is and will forever remain a very dear and cherished friend to us.”

Father Mahfouz

The President of the Holy Spirit University of Kaslik (USEK), Father Doctor Hady Mahfouz addressed the audience with speech in which he said: “Beauty, technology and efficiency are three key concepts fitting with our gathering today and they all, somehow, are facets of two cherished concepts at USEK: Love and development. The scenery is nice, and the technology is at its peak: a first of its kind in Lebanon; a very advanced software in the dealing room, and highly developed techniques.

He added: “We are opening a new and very advanced dealing room thanks to Dr. Salim Sfeir’s donation. Thus, the best international practices, experiences and equipment are brought into our local context. This very openness to the international norms helps the local raising its standards and positively affects the international. We do indeed have, on earth, “a unique and common home” which we should build together and of which we should take care. That is the deep belief of Dr. Sfeir, and that is what reminds us of the title of the last encyclical of our beloved Holy Father, Pope Francis, on the environmental issue: “Laudato si. On Care for our Common Home”.

Father Mahfouz expressed hope that: “Students, when dealing with economy, will have this same belief and abide by the teachings of Pope Francis, in His Apostolic Exhortation “the Joy of the Gospel”: “Economy, as the very word indicates, should be the art of achieving a fitting management of our common home, which is the world as a whole.” (n. 206). The Holy Father indicates the way for this, in the same Exhortation: “I am firmly convinced that openness to the transcendent can bring about a new political and economic mindset which would help to break down the wall of separation between the economy and the common good of society” (n. 205).”

Sfeir

In his speech, the Chairman and CEO of Bank of Beirut, Dr. Salim Sfeir remarked: “Tonight we can all be proud to inaugurate USEK’s very own real-time trading platform where you will be able to trade foreign exchange bonds and the universe of international derivatives. In this room, you will have full access to the Global Financial Community, from New York to Shanghai, from London to Sydney, from East to West, in both hemispheres. The world of finance is literally at your fingertips.”

He added: “Your Salle de Marché will bring real time experience and real world trading into this classroom … a classroom of the future … You will learn, by experiencing many things ... including trading losses. You will learn how to endure those losses, and to celebrate the profits as you navigate the rough waters of international markets. In this trading room with the guidance of our great faculty, you will discover real world connections between micro and macro. Here, thanks to this innovative teaching facility, you can and should bridge the divide between theory and practice. Here you can learn through trial and error about risk about how to manage risk and how it is possible to create real value through managing risk.”

His final words of encouragement to the students were: “You should always remember that Lebanon needs you, Lebanon loves you, and Lebanon treasures you.

Minister Bou Saab

The Minister of Education and Higher Education Elias Abou Saab noted in his speech that this partnership between the University and Bank of Beirut is not a mere coincidence. He praised the sense of social responsibility the Bank has adopted, highlighting the fact that “their work is not limited to banking activities and dealing with clients only, but goes beyond such things to address society and serve its needs”. He added: “It is true that USEK is a long established university, but at the same time it is modern and youthful because success and excellence are among its priorities on both the academic and technological levels”. On another note, the Minister talked about the heinous crimes taking place in the region, which are rapidly spreading thanks to social media, stressing “the importance of staying up to date with technology in order to stay tuned with what is happening around us”.

“We are keen to keep things positive but we should stay alert about what might come up, since universities and schools play a main role in the struggle against terrorism through offering further education and technology to its graduates, which makes them more powerful and more attached to their homeland”, he added.

Abou Saab concluded by congratulating both institutions on such constructive cooperation which helps the students gain more experience and prepare them for the labor market, underlining that “our future in Lebanon is promising and we have high hopes. We are a nation that doesn’t give up, and despite all difficult circumstances, we can overcome all hardships”.

The ribbon cutting ceremony ended with a reception.