CBI News 04/28/2021

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A press release issued by: the Secretariat of the Board of Governors of Central Banks and Arab Monetary Institutions

 

  

 April 28, 2021

 

 

» A press release issued by the Board of Governors of Central Banks and Arab Monetary Institutions (Arab Day for Financial Inclusion 27 April 2021 under the slogan:
 “ The Role of Digital Transformation in Promoting Financial Inclusion ” ) ... For more information click here
 

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ARAB DAY FOR FINANCIAL INCLUSION - APRIL 27, 2021 UNDER THE THEME OF “ROLE OF DIGITAL TRANSFORMATION IN INCREASING FINANCIAL INCLUSION”

 27-04-2021

 

Enhancing and accelerating the transition to digital financial services, and importance of raising awareness

 

Call on to:

 

Alignment with the priorities of the Group of Twenty (G20)

Promoting digital financial inclusion for young people, women and MSMEs

Giving great importance to the applications and issues of Fintech

Importance of building a strategy to move to a digital banking system to enhance financial inclusion

Spread the digital financial literacy to all community categories

 

The issue of promoting access to financing and financial services in the Arab countries is receiving great attention from the Council of Arab Central Banks and Monetary Authorities’ Governors, in recognition of the potential and great opportunities that can be achieved through enhancing financial inclusion to support inclusive and sustainable economic development, address unemployment challenges, and achieve social justice. There is no doubt that the current developments and the negative repercussions of the COVID-19 pandemic have clearly highlighted the great importance of deploying Fintech for the purposes of financial inclusion, and the need to enhance digital financial services and familiarize users with them. The pandemic has increased the demand for digital financial services and made the need to accelerated digital transformation and improved digital financial services a critical issue in economic policies in the Arab region.

The available statistics highlight the great opportunities inherent in the development of digital services, as nearly 85 percent of adults in the Arab region have a mobile phone, 48 percent have a mobile phone and can access the Internet at the same time, 7 percent own mobile money account, and 33 percent made or received digital payments in the previous year, compared to nearly 44 percent globally.

In this context, the Council of Arab Central Banks and Monetary Authorities’ Governors, considering the growing need to intensify awareness of the importance of financial inclusion among all community categories in the Arab countries, endorsed in 2016 the 27^th of April as the “Arab Day for Financial Inclusion”, celebrated this year under the theme of “Role of Digital Transformation in Increasing Financial Inclusion”. It is important on this occasion to emphasize support for the efforts of the international community in enhancing financial inclusion, which was adopted by the G20 as one of the main aspects to support the sustainable development goals and enhance financial stability. The G20 pays special attention to supporting the access by young people, women and micro, small, and medium-sized enterprises (MSMEs) to digital financial services using Fintech, in addition to paying attention to digital community awareness and education, which increases the chances of success of efforts and policies in this regard.

The Council is keen to give a great importance to the issues of financial inclusion in the Arab countries, as it welcomed the launch of the “Financial Inclusion for the Arab Region Initiative” (FIARI) by the Arab Monetary Fund in cooperation with several regional and international organisations, to empower capabilities that aim to overcome the challenges of enhancing the financial inclusion indicators in the Arab countries. In this regard, the Council values the FIARI activities that focus on digital financial transformation. The Council calls on the partner organisations to pay more attention to supporting the use of Fintech in enhancing the access of young people, women, and MSMEs to financial services, and welcomes the “Digital Financial Transformation Framework” in the Arab region issued in the framework of FIARI initiative in September 2020, as a roadmap to help develop domestic policies and action plans to create inclusive and secure Fintech ecosystem. The framework is based on a few primary goals to enhance access and expand usage and quality, and discusses Fintech sandboxes, consumer protection and financial literacy, financial and technical infrastructure, competition, data and cybersecurity, monitoring and cooperation. In this regard, it is important to mention measures and actions taken by the Arab countries to enhance digital financial literacy. Arab countries can also work on developing country action plans that contribute to digitally transforming financial systems and supporting economic development to achieve sustainable growth and poverty alleviation.

The Council also reaffirms the need to integrate all community categories into the formal financial system, especially young people, women, entrepreneurs and MSMEs, to benefit from Fintech and follow-up efforts to raise the awareness of all these categories, protect their financial rights, and improve their knowledge of digital financial issues, so that they can make sound investment decisions. In this context, the ministries of education, culture, and higher education in the Arab region can contribute to strengthening efforts to spread and deepen education and digital financial literacy.

In the context of the increasing importance of using Fintech in the financial and banking sector and the great and rapid growth witnessed by Fintech and related services, the Council commended the role of the “Arab Regional Fintech Working Group” launched by the Arab Monetary Fund in sharing expertise and knowledge about Fintech issues and crystallising different visions on the best way to regulate and put technologies into effect in the Arab countries. In this context, it is worth noting that the Fund issued in 2020 guiding principles to enhance the requirements of digital transformation, specifically the frameworks on digital identity and “e-KYC”, principles for building national strategies for Fintech, and Open banking operations. Arab countries can adopt these guiding principles within the framework of needs and procedures of each country.

On the other hand, the Council values the increasing interest in Fintech issues in the activities of the “Arab Financial Inclusion Task Force”, and its role through developing policies and procedures related to enhancing financial inclusion, ways to improve financial inclusion indicators, working to help Arab countries implement relevant international standards and principles, and strengthening cooperation between various national institutions concerned with financial inclusion issues and between them and the relevant international organisations. Furthermore, the Council looks forward to pursuing the improvement of financial inclusion indicators, as recent statistics reflect the efforts made by the Arab countries to enhance access to financial services. These statistics reveal that the percentage of the adult population in the Arab countries who have access to formal financing and financial services has risen, on average, to 37 percent, 26 percent for women, and 28 percent for low-income groups. Although these statistics conceal disparities in this regard among Arab countries, they still highlight the great potential opportunities – especially for private financial and banking institutions – that can be exploited to enhance access to financial services in the Arab communities. In this context, it is worth noting the efforts of the Arab countries that have implemented the statistical surveys, and to emphasize the importance of following up its implementation by the rest of the countries, in order to help improve the quality of financial inclusion indicators according to the circumstances of each country.

Before concluding, the Council values the efforts made by the Arab central banks and monetary authorities, the commercial banks and the official financial institutions in the past years to celebrate the “Arab Day for Financial Inclusion” and the related activities and events that contributed to spreading financial literacy among people. Accordingly, the Council calls on all member countries to celebrate the “Arab Day for Financial Inclusion” and encourage large community participation through the implementation of activities and events that enhance knowledge of financial inclusion.

On this occasion, the Director General Chairman of the Board of the Arab Monetary Fund, H.E. Dr. Abdulrahman Al-Hamidy, stressed the importance and the role of financial inclusion in addressing the economic challenges that affect economic growth. He added that this goal can be achieved by mobilising resources to increase investments and create new job opportunities. Dr. Al-Hamidy also praised the increasing attention being paid to issues related to enhancing financial inclusion by policymakers in the Arab countries, which would help to address the challenges of poverty, unemployment and social justice. He then referred to the efforts made by the Arab central banks and monetary authorities and the increasing attention paid to issues of improving financial inclusion and access to quality financial services at reasonable costs. Dr. Al-Hamidy also lauded governors for giving appropriate importance and priority to such issues as part of their economic policies, spreading the culture of responsible finance in the banking sector, making use of Fintech in providing financial services, developing legislation, regulations and supervisory frameworks that help improve the spread of financial and banking services, following up efforts to develop sound financial and banking infrastructure systems, encouraging the expansion of non-banking financial services, as well as developing policies and programs that enhance transparency in the financial and banking transactions.

Dr. Al-Hamidy praised the “Buna” Arab payments platform, which was launched recently by the Arab Monetary Fund, and its role in providing innovative services in accordance with international standards and the best practices and technologies. He is looking forward to the platform's role in encouraging the development of digital financial services in the Arab region and linking Arab countries with their main global trading partners.

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The Arab Monetary Fund calls for enhancing financial inclusion between youth and women

 

Arab Monetary Fund logo

 
 Banks

 

Economy News - Baghdad

 

The Arab Monetary Fund issued a press statement, published by Al-Iqtisad News, about financial inclusion:

 

The issue of enhancing access to finance and financial services in the Arab countries is receiving great attention from the Board of Governors of Central Banks and Arab Monetary Institutions, in recognition of the potential and significant opportunities that can be achieved through enhancing financial inclusion to support comprehensive and sustainable economic development, face the challenges of unemployment and achieve social justice. There is no doubt that the current developments and the negative repercussions of the spread of the Corona pandemic have clearly highlighted the great importance of employing modern technologies for the purposes of financial inclusion, and the need to enhance digital financial services and educate their users. The pandemic has boosted demand for digital financial services, and has made the need to accelerate digital transformation and improve digital financial services a critical issue in economic policies in the Arab region.

 

 

Available statistics highlight the great opportunities inherent in the development of digital services, as nearly 85 percent of adults in the Arab region have a mobile phone, 48 percent have a mobile phone and can access the electronic network at the same time, and 7 percent have money accounts over the phone. Mobile phones, and about 33 percent sent or received digital payments in the previous year, compared to about 44 percent globally.

 

 

In this context, the Board of Governors of Central Banks and Arab Monetary Institutions in 2016, in light of the growing need to intensify awareness of the importance of financial inclusion and its axes among all parties in the Arab countries , initiated the adoption of April 27 of each year as an Arab Day for Financial Inclusion. This year it will be launched under the theme "The Role of Digital Transformation in Promoting Financial Inclusion ". It is important on this occasion to emphasize the support of the efforts of the international community in promoting financial inclusion, first and foremost the efforts of the Group of Twenty ( G20)Which adopted the financial inclusion axis as one of the main axes to support the sustainable development goals and enhance financial stability, as the G20 pays special attention to support youth, women, and micro, small and medium enterprises (MSMEs) access to digital financial services through the use of modern technologies, as well as attention to awareness and community digital education. They enhance the chances of success of efforts and policies in this regard.

 

 

The Honorable Council is keen to give the issues of financial inclusion in the Arab countries the importance they deserve, as the Council blessed the Arab Monetary Fund, in cooperation with a number of regional and international institutions, to launch the regional initiative to enhance financial inclusion in the Arab region, with the aim of empowering and strengthening the capabilities and capabilities to overcome the obstacles that hinder the advancement Indicators of financial inclusion in the Arab countries. In this context, the Board appreciates the activities contained in the initiative that focus on digital financial transformation.

 

The Council calls on the partner institutions in the initiative to pay more attention to support the employment of modern technologies in enhancing the access of young people and women and micro, small and medium enterprises to financial services, it welcomesThe guiding document for digital financial transformation in the Arab region, issued by the initiative in September 2020, as a road map to help develop policies and action plans in order to create comprehensive and safe financial technologies. The document is based on a number of primary goals, which are to enhance access, expand usage and quality. The document discusses various frameworks to support the transition to digital finance, including regulatory laboratories for modern financial technologies, consumer protection and financial education, financial and technical infrastructure, competition, data and cyber security, monitoring and cooperation. In this regard, it is necessary to mention the steps and measures taken by Arab countries in order to promote financial culture, especially digital ones.Arab countries can also work on developing and integrating country plans of action that contribute to the digital transformation of financial systems and support economic development to achieve sustainable growth and poverty alleviation.

 

 

The Council also reaffirms the need to integrate all groups and segments of society into the formal financial system, especially youth, women, entrepreneurs, and the MSME sector, in order to benefit from technologies and follow-up efforts to raise awareness of all these groups, protect their financial rights and improve their knowledge of digital financial matters, including They enable them to make the right decisions. In this context, the ministries of education, culture and higher education in Arab countries can contribute to strengthening efforts represented in spreading and deepening education and digital financial education.

 

 

In the context of the increasing importance that the uses of modern financial technologies are gaining in the financial and banking sector and the great and rapid growth witnessed by the industry of these technologies and related services worldwide, the Council commended the role of the regional working group for modern financial technologies launched by the Arab Monetary Fund in exchanging expertise and knowledge on issues Modern financial technologies and crystallization of various visions to revitalize and regulate them in the Arab countries. In this context, it should be noted that the Fund issued during the year 2020 a number of guides and guidelines that enhance awareness of the requirements of digital transformation, specifically the guidance document on digital identity and know your electronic customer, principles for building national strategies for modern financial technologies, in addition to the recently issued document on banking operations. Open. Arab countries may adopt the guidance provided in these guides within the framework of the needs and procedures of each country.

 

Likewise, the Council appreciates the increasing interest in modern financial technology issues in the regional work team's activities programs to enhance financial inclusion in Arab countries, and its role through developing policies and procedures related to enhancing financial inclusion, studying ways to improve financial inclusion indicators, and working to help Arab countries implement standards And the relevant international principles, and enhancing cooperation between the various national institutions and bodies concerned with issues of financial inclusion, and between them and the relevant international institutions. On the other hand, the Board looks forward to continuing to improve financial inclusion indicators.Whereas recent statistics reflect the efforts made by Arab countries to enhance access to financial services, indicating that the percentage of the adult population in Arab countries who have access to formal financial and financing services has increased, on average, to 37 percent, and 26 percent for For women, and 28% for low-income groups. Although these figures conceal disparities in this regard among Arab countries, they still highlight the great potential opportunities - especially for private financial and banking institutions - that can be exploited to enhance access to financial services in Arab societies.

 

In this context, it is necessary to acknowledge the efforts of the Arab countries that have applied the comprehensive model for statistical surveys, and to emphasize the importance of following up its implementation by other countries, in a way that helps to improve the quality of financial inclusion indicators according to the conditions of each country.

 

 

Before concluding, within the framework of the efforts made by central banks, Arab monetary institutions, commercial banks and official financial institutions in recent years, to mark the Arab Day for Financial Inclusion and to organize its distinctive activities and events on this day, in a way that contributed to spreading financial awareness and education among all members of society, the The Council calls on all member states to promote the revival of the activities of the Arab Day for Financial Inclusion and to expand the scope of community participation in it, by implementing activities and activities that enhance knowledge of financial inclusion and its objectives.

 

 

On this occasion, His Excellency the Director General of the President of the Fund Board of the Arab Monetary Dr. Abdulrahman bin Abdullah Al - Hamidi stressed the importance and the role of financial inclusion in the face of economic challenges that affect the economic growth, through the mobilization of resources to increase investment rates and create new job opportunities , praising His Excellency The increasing attention that issues related to enhancing financial inclusion by policymakers in Arab countries are receiving, which would help to face the challenges of poverty and unemployment and establish social justice.

 

His Excellency also praised the efforts of central banks and Arab monetary institutions, in terms of keenness to continue to pay attention to issues of improving financial inclusion and access to financial services of acceptable quality and costs, giving them appropriate importance and priority within the framework of the economic policies taken, spreading the culture of responsible financing in banking, and making use of technologies. Modern financial services in providing financial services, developing legislation, regulations and supervisory frameworks that help improve the spread of financial and banking services and encourage innovation in this field, in addition to following up efforts to upgrade sound infrastructure systems for the financial and banking system and encourage the development and expansion of non-banking financial services, in addition to developing policies and programs. That enhances transparency in financial and banking transactions.

 

 

His Excellency also praised the "Bani" Arab Payments platform, which was recently completed by the Arab Monetary Fund, and its role in providing innovative services in accordance with international standards and the latest practices and technologies, looking forward to the platform's role in encouraging the development of digital financial services in the Arab region and linking Arab countries with commercial partners.

 

 

Number of observations 497   Date of addendum 04/28/2021

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The governor of the central bank determines the steps for developing the financial and banking sector

 2021/04/28

 

 144

 

 

Baghdad / Al-Mawred News

Central Bank Governor Mustafa Ghaleb Makhaif, today, Wednesday, outlined steps to develop the country's financial and banking sector.
In a speech on the occasion of the Arab Day for Financial Inclusion, Mukhaif said, "The Central Bank of Iraq seeks to develop the financial and banking sector by developing products and services provided to suit the needs of these two sectors' customers, and sets among its priorities the support for digital financial services that contribute to enhancing financial inclusion. Through the diversity of these services and their ease of access to all segments of society at the lowest costs. "
He added, "The Central Bank has adopted the development of the infrastructure necessary to accept digital services, such as payment by mobile phone, and the conduct of withdrawals and purchases through ATMs and points of sale, and has also taken steps to prepare the implementation of the project (Know your electronic customer)."
He continued: "He also urged banks to digitally transform the services provided by opening accounts remotely, and using applications such as mobile phone applications and Internet banking services, in accordance with international best practices."

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Arab economies will achieve a growth rate of 2.8 percent

Thursday April 29, 2021 71

 

 Abu Dhabi: agencies

 

The Director-General and Chairman of the Board of Directors of the Arab Monetary Fund, Abdulrahman bin Abdullah Al-Hamidi, said, “The celebration of the Arab Day for Financial Inclusion this year comes in light of the increasing economic and financial challenges resulting from the spread of the Corona pandemic, which reinforced the importance of accelerating the transition to digital financial services and applying modern financial technologies, including It would contribute to the success of the measures taken by the Arab countries in limiting the negative repercussions of the outbreak of the pandemic.

Al-Hamidi added in a speech during the media conference that was held "remotely" on the occasion of the Arab Day for Financial Inclusion approved by the Board of Governors of Central Banks and Arab Monetary Institutions, which corresponds to April 27 of each year. Financial inclusion, "The Arab Monetary Fund estimates show that Arab economies will achieve a growth rate of 2.8 percent and 3.6 percent for the years 2021 and 2022, respectively, after recording a contraction of about 4.4 percent from the year 2020, affected by the repercussions of the pandemic."

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Speech of the Governor of the Central Bank of Iraq at the occasion of the Arab Day for Financial Inclusion
111 views•Apr 28, 2021

 

The Central Bank of Iraq
 

The text of the speech of the Governor of the Central Bank of Iraq, Mr. Mustafa Ghaleb, on the occasion of the launch of the activities of the Arab Day for Financial Inclusion
 

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"Abu Dhabi Islamic" launches the digital banking services platform in Iraq

One of the branches of Abu Dhabi Islamic Bank

 May 19, 2021 11:21 AM

Abu Dhabi Islamic
ADIB

 

-0.55%5.40-0.03

Abu Dhabi - Mubasher: Abu Dhabi Islamic Bank announced the strengthening of its services in Iraq through the launch of the digital corporate banking platform "ADIB Direct" in the State of Iraq, with the aim of meeting the needs of the local business sector .

Abdullah Al Shehhi, Head of International Business at Abu Dhabi Islamic Bank, said: Abu Dhabi Islamic Bank plays a pivotal role in supporting the local economy in the State of Iraq, by providing the business sector and companies with a portfolio of banking solutions and services that meet their needs and support them in achieving prosperity and achieving their financial goals, according to a statement. Journalist.

 The ADIB Direct platform enables companies to efficiently manage their affairs and operations, including cash payments, liquidity, trade finance, supply chain and foreign currency exchange services, enabling them to focus on enhancing their business and moving it forward towards broader horizons of growth and development.

Since its launch in the UAE in 2019,  ADIB Direct  has contributed to the automation of a variety of corporate services, allowing the corporate sector to upgrade its efficiencies in achieving significant cost and time savings.

Currently, more than 90 percent of corporate banking services provided by ADIB are performed through this digital platform .

 Abu Dhabi Islamic Bank is the first Emirati bank to enter the real estate market, providing its corporate clients with a complete portfolio of banking products and solutions compatible with Islamic Sharia principles.

Abu Dhabi Islamic Bank, which has a network of branches that includes Baghdad, Erbil and Basra, has extensive experience and high efficiency in supporting government entities, the public sector and other financial institutions and various private sector companies, through the fields of trade, contracting, oil, energy, manufacturing and other industries .

Abu Dhabi Islamic Bank, the leading Islamic financial services group, has partnered with FIS, the leading global provider of technology solutions , to modernize digital payment services and provide instant payment service to its customers .

Through this step, the bank aims to expand and simplify the range of payment services it provides through FIS Open Payment Scope, an innovative payment infrastructure.

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An invitation to issue a digital currency with official controls

Thursday 27th May 2021 53

 

 Baghdad: Mustafa Al-Hashemi

At the global level, speculation in digital currencies has achieved imaginative gains and wealth for its dealers, but despite these gains, they are not without the risks of containing gates or outlets for corruption and money laundering, because speculation in them is often far from the financial control of countries that allow dealing with them, Iraq is keen not to open the way to such transactions, but there is a call to launch an electronic currency for the central bank (as guaranteed bonds) to satisfy the desire of the new generation to speculate with a real currency that operates under the controls of the central bank.

The central bank had earlier launched the digital enrollment service, which is the first of its kind in Iraq and the region, which is an integrated digital system that enhances independence and freedom from traditional financial systems, and works to transform Iraq into a country less dependent on cash, which enables it to fight Corruption, evasion and bureaucracy in financial dealings within banks operating in

Country.

Despite the spread of a number of websites for companies in Iraq promoting dealing in virtual cryptocurrencies, in which countries deal with speculation, specialists called for secretly monitoring the work of these companies and offices scattered in the regions of Iraq, despite the Central Bank's warnings against subjecting dealers to the provisions of the Anti-Money Laundering Law .

Academic economist Dr. Majid Al-Baidani said: {Electronic currencies are virtual currencies that trade on the Internet only, without a real existence for them, and this alone is an advantage that makes it vulnerable to being a front 

For money laundering and terrorist financing}.

Al-Baidani added to {Al-Sabah} that {the central bank prohibits dealing with it because it is not issued by any central bank in the world. It is also used for online purchase and supports payment using Bitcoin cards or may be converted to traditional currencies in some cases}.

A statement by the Central Bank was issued in 2017, warning against dealing with Bitcoin because it contains risks that may arise from its circulation, and despite the lack of popularity in Iraq, the Central Bank supports subjecting its dealers to the provisions of the Money Laundering Law No. (39) of 2015 and the laws related to this. Of particular.

In turn, economic researcher Aya Adel suggested issuing a special Iraqi electronic currency for trading via the Internet, provided that it would be subject to control and follow-up of the movement of funds circulating in it.

And she saw that this {will keep those dealing with it away from suspicions of money laundering and make it as electronic secured bonds that can be sold at an interest rate or discount to satisfy the desire of the new generation and their thirst for trading, selling and buying via the Internet.

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ADIB introduces digital Smart Tellers to branches

 

• multi-functional interactive terminals that provide seamless banking experience for customers
• Smart Tellers provides 24/7 access to branch services including getting personalised cards

Abu Dhabi, UAE – 24 May 2021: Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, has introduce new integrated digital kiosks – branded ‘Smart Tellers’ by ADIB – across key UAE branches in partnership with Diebold Nixdorf, an American multinational finance and retail technology company.

The Smart Tellers offer the services of a mini-branch and are available all days of the week, allowing customers to access a wide variety of banking services and products that are not typically available through traditional ATMs, such as: instantly obtaining a personalised card and updating account details. The Smart Tellers will enable customers to speak directly to an ADIB advisor through a video link, transforming the customer journey into a faster and more convenient experience which is available 24 hours a day. Customers will be able to conduct all routine teller services such as cash deposit and withdrawal, cheque encashment including coins, cheque deposits and internal fund transfers. Additionally, customers will also be able to carry out a variety of banking services such as updating their personal details, requesting for a cheque book and authenticated statements, as well as apply for a personal loan without having to wait at a bank counter.

Ahmed Ateeq Al Dhaheri, Head of Branches - UAE at ADIB said: “The introduction of Smart Tellers to ADIB’s branch network represents another channel for customers to access essential banking services in a fast, secure, and convenient manner. Whether opening an additional bank account, applying for a new card, or managing finances, the self-service kiosk makes customers lives easier. Our plan to install more Smart Tellers in key UAE locations further demonstrates ADIB’s commitment to provide innovative digital solutions that improve customers’ banking experience.”

Habib Hanna, Managing Director Middle East, Diebold Nixdorf, said: “Client-centric innovation is paramount for both ADIB and Diebold Nixdorf. That’s why we are honoured to participate in this new phase of ADIB’s digital transformation journey. This fully-digital solution has been designed first and foremost with the customer in mind, not only to enhance their banking experience but also to provide all the necessary guarantees for secure transactions. For ADIB, this innovation in their self-service channel will ultimately optimize the performance of their operations whilst allowing for significant cost efficiencies.”

The Smart Tellers technology is enabled by Diebold Nixdorf’s Vynamic™ Connection Points, a flexible and multi-vendor self-service software allowing the implementation of customised applications, and comes equipped with a debit card dispenser, biometric signature pad, an A4 document scanner and statement printer, a specialized ID card reader, a cash machine for withdrawals and deposits and coin dispenser as well as an NFC (near field communication) receiver for contactless transactions.

Several of Smart Tellers have already been installed in ADIB branches across Abu Dhabi, Al Ain, Ras Al Khaimah, Dubai and Sharjah, and the bank is committed to installing more in other locations over the coming months.

ADIB was recently named the no. 1 UAE bank on the Forbes list of World's Best Banks 2021, and was recognised as Middle East’s most Innovative Bank by EMEA magazine, and the Best Islamic Digital Bank by Global Finance magazine.

[Mary B]

 

 

 

Call for the issuance of a digital currency with official controls
 

 

 

Thursday, May 27, 2021

 

Baghdad: Mustafa Al-Hashimi
Speculation in digital currencies, globally, is making imaginary gains and wealth for its customers, but despite those gains, it is not without the risk of containing gates or outlets for corruption and money laundering, because speculations in them are often far from the financial control of the countries that allow them to deal with, and Iraq is keen not to open the way for such trades, but there is a call for the launch of an electronic currency specially for the Central Bank

 

 

(as guaranteed bonds) to satisfy the new generation's desire to speculate in a real currency operating under central bank controls.
The Central Bank has earlier launched the digital enrollment service, the first of its kind in Iraq and the region, an integrated digital system that promotes independence and freedom from traditional financial systems, and works to transform Iraq into a less cash-dependent country, enabling it to fight corruption, evasion and bureaucracy in financial transactions within banks operating in
Country.

 

 

Despite the proliferation of websites of companies in Iraq promoting the handling of virtual cryptocurrencies, in which countries are speculative, specialists have called for monitoring the work of these companies and offices scattered in iraq's regions in secret, despite warnings from the central bank that its customers will be subject to the provisions of the anti-money laundering law.
Economic academic Dr. Majid Al Baydani said: {Electronic currencies are virtual currencies that trade only online, without a real presence, and this alone is an advantage that makes them vulnerable to being a front 

 

For money laundering and terrorist financing}.
"The central bank is forbidden to deal with them because they are not issued by any central bank in the world, they are used for online purchase and support payment using bitcoin cards or may sometimes be converted into traditional currencies," al-Baydani told {Al-Sabah}
A statement issued in 2017 warned against dealing with bitcoin because it contains risks that may result from its circulation, and although there is no popularity inside Iraq, the central bank supports subjecting its customers to the provisions of the Money Laundering Act No. 39 of 2015 and laws related to this.
Economic researcher Aya Adel also proposed issuing a special Iraqi electronic currency for online trading to be controlled and follow up on the movement of money traded in it.
"This will keep its customers away from suspicions of money laundering and make them as guaranteed and saleable electronic bonds at an interest or discount rate to satisfy the desire of the new generation and their thirst for trading, selling and buying online,"" she said.

 

https://alsabaah.iq/47215/%D8%AF%D8%B9%D9%88%D8%A9-%D9%84%D8%A5%D8%B5%D8%AF%D8%A7%D8%B1-%D8%B9%D9%85%D9%84%D8%A9-%D8%B1%D9%82%D9%85%D9%8A-%D8%A9-%D8%A8%D8%B6%D9%88%D8%A7%D8%A8%D8%B7-%D8%B1%D8%B3%D9%85%D9%8A%D8%A9

Edited May 28, 2021 by Mary B

[Rochester]

"Give me control of a nation's money and I care not who makes it's laws" — Mayer Amschel Bauer Rothschild, founder of international banking system.

 

It's not that it doesn't matter who makes the laws, it's more a matter of, once someone controls the money, they can exert enough pressure to make sure the right laws are put in place. Governments are the donkeys of the bankers. America works the same way. It is hard to usually tell the difference between a board room meeting of Goldman Sachs, and a meeting of the cabinet of the United States, discussing how to run America. Same thing in America as Iraq. Goldman Sachs is running Iraq too...or trying to by controlling the money.  

 

Yes, this is all about control over money. You control oil, by controlling money. You control politics, by controlling money. You control ethnic rivalries, by controlling money. Next they want to control digital currency in Iraq. Once reforms are in place, once controls over money and corruption are in place, we will have our payday. We have not seen an RV yet, because the bankers are not pleased yet. That's why they are building the new Central Bank of Iraq building. 🏗️ To show who is running things. Most of the new bank has been built. A year from now it should be complete. Bankers are gaining control, over the money. Not quite there yet, but well on the way. 

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Digitalisation and the Gulf’s Labour Market in the Post pandemic Era
243 views•Apr 30, 2021

 

[dinarham]

The game behind the game behind the game ,a house of cards that inevitably crumbles because it has no foundation.

[dinarham]

Hitler, Saddam , Mussolini , Lenin , Kaddafi , look where they wound up .

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Arab economies will achieve a growth rate of 2.8 percent

Thursday April 29, 2021 132

 

 Abu Dhabi: agencies

 

The Director-General and Chairman of the Board of Directors of the Arab Monetary Fund, Abdulrahman bin Abdullah Al-Hamidi, said, “The celebration of the Arab Day for Financial Inclusion this year comes in light of the increasing economic and financial challenges resulting from the spread of the Corona pandemic, which reinforced the importance of accelerating the transition to digital financial services and applying modern financial technologies, including It would contribute to the success of the measures taken by the Arab countries in reducing the negative repercussions of the outbreak of the pandemic.

Al-Hamidi added in a speech during the media conference that was held "remotely" on the occasion of the Arab Day for Financial Inclusion approved by the Board of Governors of Central Banks and Arab Monetary Institutions, which corresponds to April 27 of each year. Financial inclusion, "The Arab Monetary Fund estimates show that Arab economies will achieve a growth rate of 2.8 percent and 3.6 percent for the years 2021 and 2022, respectively, after recording a contraction of about 4.4 percent from the year 2020, affected by the repercussions of the pandemic."

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«Arab Monetary» and the Bank for International Settlements discuss monetary policy

Thursday 03 June 2021 245

 

  Abu Dhabi: Follow up

The Arab Monetary Fund, in cooperation with the Bank for International Settlements, organized the fourth “remotely” meeting of the Monetary Policy Working Group in the Arab Countries, during the period from 31 to 2 of this month.

The meeting presented global economic and financial developments and their repercussions on the banking sector and monetary policy management in the Arab countries, as well as discussing a number of technical matters related to the role of monetary policy in overcoming the repercussions of the Covid-19 pandemic, in coordination with both fiscal and macroprudential policies.

The meeting also organized a special session on the repercussions of digital currencies issued by central banks on monetary policy, in the presence of high-level monetary policy officials representing Arab central banks and monetary institutions, as well as representatives from international central banks, including the US Federal Reserve and the European Central Bank. and the German Central Bank, as well as a number of senior officials from Arab financial institutions. The meeting is modeled after the BIS's monetary policy working groups in Asia, Latin America, and Central Europe.

The Bank for International Settlements was established in 1930, and it is the oldest global financial institution with 60 members of central banks representing a number of countries in the world whose gross domestic product collectively constitutes about 95 percent of global gross domestic product.

 The main objectives of the Bank are to support international central banks with the aim of achieving monetary and financial stability and to support international cooperation in related fields, to act as a central bank.

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Al-Attar calls for the digitization of life to develop the Iraqi economy

Economie| 01:51 - 06/22/2021

 

 

 

 

Baghdad - Mawazine News
, a member of the Iraqi Economic Council, Ghadeer Al-Attar, called on the government, on Tuesday, to benefit from the digital experiences of the Dubai government.
Al-Attar said in a statement that Mawazine News received a copy of it that "the government of Dubai has issued a law for the Dubai Digital Authority and all smart circuits are attached to it, in order to digitize life in Dubai, not just digitize Dubai services."
He added that "digitalization has changed the way the world lives in most of its economic and social aspects, so that it has become rare to find someone who has nothing to do with it from near or far."
Al-Attar pointed out that "digitization is one of the pillars of the economy of the twenty-first century, as the rapid technological development that the world has known has had a great impact in the field of economy, as technological systems have touched various economic and service sectors and contributed to achieving more advantages for these sectors, including the speed and efficiency of services, including Developing innovations and solutions that society needs, including improving administrative and governmental work methods, which is what Iraq currently needs. Ended 29/A 4

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The UAE decides to issue a digital currency and suppor t the digital transformation of the financial sector

•  Time: 07/12/2021 13:05:06
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•  Reading: 351 times

  

{Economic: Al Furat News} The Central Bank of the Emirates announced its most important trends during the period from 2023-2026, through which it seeks to be among the top 10 central banks in the world, according to the Emirates News Agency (WAM).

 

The Central Bank’s directions in the coming years are based on achieving 7 goals, including issuing a digital currency and supporting digital transformation in the financial services sector, by adopting the latest technologies in artificial intelligence and big data.

The trends include “the use of technology in regulatory and insurance systems, and the use of digital identity infrastructure, to enhance financial inclusion and access to financial services faster and better.”

In addition to the "goal to develop a strong and secure financial cloud infrastructure for the financial and insurance sector services", the directions include supporting the green economy in the UAE, continuing to develop the financial infrastructure, and promoting innovations to support the UAE's competitiveness in this field.

Forgiveness of Lights 

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Central bank digital currencies for cross-border payments

Joint report to the G20 by the Committee on Payments and Market Infrastructures, the BIS Innovation Hub, the International Monetary Fund (IMF) and the World Bank.

 

BIS, CPMI, Innovation Hub Other  |  

09 July 2021

 

PDF full text

 (1,281kb)

  |  37 pages

Central bank digital currencies for cross-border payments (00:02:20)

by Cecilia Skingsley

9 Jul 2021

Central bank digital currencies (CBDCs) have the potential to enhance the efficiency of cross-border payments, as long as countries work together. This is the main conclusion of a joint report released today by the Committee on Payments and Market Infrastructures, the BIS Innovation Hub, the International Monetary Fund (IMF) and the World Bank.

The report analyses how CBDCs could facilitate enhanced cross-border payments, and how practical efforts are taking these considerations forward. Facilitating international payments with CBDCs can be achieved through different degrees of integration and cooperation, ranging from basic compatibility with common standards to the establishment of international payment infrastructures. The analysis highlights both the need for multilateral collaboration on macro-financial consequences as well as the importance of interoperability between CBDCs.

To date, no major jurisdiction has launched a CBDC and many design and policy decisions are still unresolved. Also, most CBDC investigations by central banks focus on domestic issues. In this context, this report is exploratory and examines cross-border implications with the assumption that CBDCs will become widely used. To achieve the potential benefits for public welfare while preserving financial stability, further exploration of design choices and their macro-financial implications is essential.

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Video's won't load....Interesting

First one: Original

 

https://www.youtube.com/watch?v=EKcnMYK6lTM

A Conversation with Women in Leadership at Ripple 6.25.21
699 views Jul 12, 2021

 

 

Second one: Perspective on the above

 

https://youtu.be/MDVCVBL9c8s?t=129

Ripple/XRP-Ripple Board Member-SWIFT/75% Banks Pulling Out Of Correspondent Banking
22,905 views Jul 15, 2021

 

 

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International Monetary expects to play a crucial role in the transformation of digital currencies

Economie| 12:14 - 30/07/2021

 

 

 

 

 

Follow - Mawazine News

A document released by the International Monetary Fund says it will need to bolster its resources as it seeks to "monitor, advise and help manage the large-scale and complex transition" toward digital currency.

The document stated that “digital currencies are able to facilitate, speed up payments and reduce costs, but this requires that policy makers address major challenges, digital money should be reliable, and domestic economic and financial stability must be protected, and the stability of the international monetary system.”
She added, "The IMF has a critical role in helping its members benefit from the benefits of digital money and manage its risks."
And she added, "Digital money should be subject to regulatory oversight, and its structure and availability allow countries to continue to control monetary policy, financial conditions and foreign exchange systems."
The document does not focus on cryptocurrencies such as Bitcoin, nor does it take a position on which type of digital currency might eventually dominate.
The document dated last March, which was discussed by the Fund’s Board of Directors in April, includes a vision for the development of the Fund and its efforts to cooperate with other institutions such as central banks, regulators and the World Bank.

[3 bucks new rv rate]

On 5/28/2021 at 9:20 PM, Rochester said:

Once reforms are in place, once controls over money and corruption are in place, we will have our payday.  

when did our payday come? nobody knows. just wait and see.

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Bank Alfalah and LuLu Exchange enhance cross-border payment experience to Pakistan through the RippleNet platform

Initiative a major boost to Pakistan payments corridor

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Published:  November 14, 2021 15:20 Gulf News Report

  

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Image Credit:

In a major boost to the Pakistan payments corridor, LuLu Exchange – a leading financial services provider in the United Arab Emirates (UAE) has entered into a strategic partnership with Bank Alfalah, a leading bank in Pakistan, to accelerate and scale cross border remittance payments from the UAE to Pakistan through the RippleNet platform.

The payment integration by Bank Alfalah with RippleNet and its launch with Lulu International Exchange is first of its kind, for Pakistan, which is the 6th largest remittance receiving country in the world and will benefit the Pakistani diaspora in the UAE (15 per cent of its population) by bringing in greater transparency and speed to cross-border transactions. As per their expansion plans, this FinTech initiative by Bank Alfalah will serve as a pilot for group rollout with sister concerns of Lulu Exchange in Bahrain, Oman, Kuwait, Qatar, Singapore, and Malaysia.

On this occasion, Atif Bajwa, President and CEO Bank Alfalah, stated, “At Bank Alfalah, we continue to strive towards implementing the best and most sophisticated infrastructures that makes access to our banking services simpler for customers within Pakistan and abroad.” He also added, “The partnership with RippleNet will help us deepen our partnership with Lulu Exchange and strengthen the financial bridges between Pakistanis residing in the UAE and their families back home.”

Adeeb Ahamed, MD, LuLu Financial Group, said, “Pakistan remains a key payments corridor for us, and we firmly believe that the partnership with Bank Alfalah and RippleNet will help foster new opportunities. By showing our commitment to strengthen the payment ecosystem from the UAE to Pakistan, we are determined to make the process of cross-border remittances more affordable and reliable for our consumers.”

Brooks Entwistle, Managing Director of RippleNet in APAC and MENA said, “We’re excited to partner with Bank Alfalah and long-standing customer Lulu International Exchange to bring faster, cheaper and more efficient cross-border payments to Pakistan. As one of the largest remittance markets, it is a critical partnership to bring more financial access and inclusion to the region. We look forward to continuing our partnership with Bank Alfalah and broadening our reach into new markets in the coming year.”

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The UAE supports financial markets with global activity after recovering from Covid 19

 

Arabic and international Economy News - Baghdad The Emirates Association of Securities Dealers has announced its readiness to receive participants in the ACI and ICA World Conferences, which will take place from 18-20 November, coinciding with Expo 2020 Dubai at La Perle Theater at Hilton Hotel in Al Habtoor Village. The association’s management indicated that the number of the participating guests reached 600 people, representing an elite group of economic figures, businessmen, those concerned with financial markets, former prime ministers, central bank governors, chief executives, senior economists and senior bankers, who will shed light on the financial market sector, and discuss the best ways and solutions that It will support and develop the sector in light of the recovery from (Covid 19). Over the course of two consecutive days, the event will witness a number of dialogue sessions and workshops in which a group of specialists in the field of finance, business and the trading sector participate, through which they seek to anticipate the future of the economy and anticipate the upcoming challenges through a realistic reading of the trends of global markets, in addition to addressing development sustainable development and strengthening the mechanisms that accelerate its consolidation. In this regard, Sheikh Mohammed bin Maktoum bin Juma Al Maktoum, Honorary President of the Emirates Association of Financial Market Traders, affirmed his confidence in the association’s management and their dedication to work, praising their dedication to complete all the necessary arrangements to achieve distinguished results for the conference, followed by Dubai’s participation in the largest financial market associations after the pandemic crisis. Corona, in addition to the large number of distinguished and influential guests in the reality of finance and business, which confirms that Dubai does not know the impossible and was able to rise strongly after the pandemic. As for the President of the Society, Mohammed Al-Hashemi, confirmed that the preparations to receive the guests of the conference and the accompanying activities and events are in their final stages, pointing to the excellence of the Emirate of Dubai and its firm position in organizing and hosting major events and exhibitions. He pointed out that the association was keen to provide all the requirements for success and its tools necessary to come up with recommendations and solutions capable of conveying the current image of the financial markets, and techniques that support speakers to communicate their idea to the audience, with the aim of enhancing the reality of the economy and developing the working mechanisms of the financial markets.  He added that the association has developed a program full of events that includes, in addition to dialogue sessions and workshops, recreational activities in order to help participants learn about the most prominent historical landmarks of Dubai and its vital facilities, including visits to (Expo Dubai 2021), Ain Dubai, and Madame Tussauds Museum, In addition to arranging the first dinner party at Raffles Hotel The Palm Dubai, and a second dinner at Bay Al Shams Hotel. In turn, Ohood Al Ali, a member of the Board of Directors of the Emirates Association of Traders in Financial Markets, confirmed that the association is looking forward to receiving this great event, which will lead to recommendations and information that will enrich the reality of financial markets, in the wake of the conditions witnessed by global financial markets as a result of the Covid 19 pandemic, and what This resulted in repercussions, noting the conference’s role and importance in the return of activity and momentum to the trading markets, stressing the need to implement all precautionary measures and standards during the conference. Al Ali explained that the association anticipated the call to organize the conference with great efforts, during which it formulated the conference’s message, goals, and ambitions, as well as selecting prominent and influential figures in the financial and economic sector, in addition to its strengthening of strategic partnerships, sponsors and shareholders in the exhibition whose presence will contribute to the success of this At the same time, expressing the association’s thanks for the support and cooperation provided by Dubai Tourism and Emirates Airlines, in addition to: (emiratesnbd, adib, dib, fab, dxm, refinitiv, murex, ads, finastra, gfi, TPICAP GROUP, NBF, 360T, CMEGROUP, FENICS, SWISSQUOTE BANK).     The first day of the conference kicks off with a session on the future outlook of the economy in transition, where participants will address. It includes threats, risks and challenges that may affect economic, technological and demographic trends, in addition to shedding light on the global investment landscape in the coming years, as well as examining the future outlook of the economy in transition.

Views 127   Date Added 11/16/2021