I think the market should reward banks that have been transparent in recognising their problems. I think the tendency of banks to hide the problem assets over a period of three or four years should not be allowed.
Banks are concerned the central bank is imposing too many regulations. If the trend continues, we'll swing to heavy regulation. We need to have balanced regulation to encourage the economy.
One way to ease liquidity for banks is that the government can buy all highly rated securities held by the banks. Every single bank in the U.A.E. has some sovereign debts in their portfolios. I am not asking them to buy any junk bonds, rather the high quality U.A.E. government debt.
The Central Bank should have a permanent window for discounting high quality securities where banks could go and discount these. It gives peace of mind to the banks. In the absence of this facility, what banks tend to do is to keep a liquidity cushion for emergency requirements. This is a very expensive way of managing liquidity.
What bitcoin does better than the current financial system is it's a better stored value globally. There are a lot of countries that really don't trust their banks or their currency, and bitcoin is an alternative.
What's really happening is that every bank in the country is experimenting with the blockchain and experimenting with bitcoin to figure out where the value is. For the first time ever, they're working hand in hand with startups. Banks are asking startups for help to build products.
I remember Tyra Banks giving me encouraging advice during my first Victoria's Secret commercial shoot. I was so nervous, and she told me to just relax and be confident - that made me feel very comfortable.
On the banks of the Nile, the Rosetta branch, I lived an enjoyable childhood in the City of Disuq, which is the home of the famous mosque, Sidi Ibrahim.
I think public sector banks need to have greater private participation of people who have skin in the game.
It's hard to tell which assets will be toxic. The best way to ensure that only shareholders and banks feel it is have adequate capital.
