THE ARAB MONETARY FUND ORGANIZES THE SIXTH WORKSHOP "REMOTELY" TO PLACE COMMERCIAL BANKS IN THE "BENI" PLATFORM FOR ARAB PAYMENTS A WIDE PARTICIPATION OF ARAB AND INTERNATIONAL BANKS DISCUSSING THE PROCESS OF ENROLLMENT OF PARTICIPANTS IN THE "BENI" PLATF

by **claud39** on Fri Apr 24, 2020 8:45 am

THE ARAB MONETARY FUND ORGANIZES THE SIXTH WORKSHOP "REMOTELY" TO PLACE COMMERCIAL BANKS IN THE "BENI" PLATFORM FOR ARAB PAYMENTS A WIDE PARTICIPATION OF ARAB AND INTERNATIONAL BANKS DISCUSSING THE PROCESS OF ENROLLMENT OF PARTICIPANTS IN THE "BENI" PLATFORM FOR PAYMENTS AND TECHNICAL LINKAGE REQUIREMENTS

2020-04-23

After announcing the launch of the "Beni" platform for Arab payments of the regional institution for the clearing and settlement of Arab payments owned by the Arab Monetary Fund, the Arab Monetary Fund continues its efforts in following up the process of procedures for attaching central and commercial banks to the platform.

In this context, the Arab Monetary Fund is organizing the third workshop, "Remote", to attach banks (the sixth in a series of communication workshops with banks) this Thursday, April 23 (April), with the participation of senior officials from more than 70 banks operating in The Arab region and beyond, which has indicated its willingness to join the platform.

The workshop discusses the process of enrollment of commercial banks in the "structures" platform and the proposed work plan, and addresses the technical requirements and steps required to ensure that they are easily connected to the platform as well as the expected testing processes. Discussions also cover the new services that will be offered on the platform in the coming period. This workshop is considered the third stage of a series of focused workshops, which deals with several strategic issues and is organized over a number of weeks in a digital format from a distance, given the current conditions.

It should be noted that the "structures" platform represents a multi-currency payment platform that provides clearing and settlement services in Arab currencies and international currencies that meet the eligibility requirements for settling inter-Arab financial transactions as well as financial transactions between Arab countries and the main trading partners of the Arab countries. The platform aims to enable financial and banking institutions in the Arab region, including central and commercial banks, to send and receive inter-payments across the Arab region and abroad in a safe and reliable manner at an appropriate cost and high effectiveness.

The Bani platform provides participants with modern payment solutions that comply with international standards, principles and international compliance requirements. The platform contributes to enhancing opportunities for economic and financial integration in the Arab region and supporting investment links with the trading partners of Arab countries on various continents.

It is mentioned that the platform is available to all banks that meet the criteria and conditions for participation in it, at the forefront of which are the standards and procedures for compliance aspects.

On this occasion, His Excellency the Director General of the Arab Monetary Fund Board Chairman Abdul Rahman bin Abdullah Al Hamidi expressed his happiness at the success of the past two workshops in achieving communication and interaction with banks and what has been touched by the increasing response from central and commercial banks in the Arab region to participate in the platform, highlighting the interest of institutions The financial and banking services of the platform and its strategic importance, noting the progress made in the technical link with the first participants of the platform.

His Excellency also renewed his sincere appreciation and gratitude to the Excellencies, Governors of central banks and Arab monetary institutions for their support to the Fund's efforts in establishing the platform.

https://www.amf.org.ae/ar/content/%D8%B5%D9%86%D8%AF%D9%88%D9%82-%D8%A7%D9%84%D9%86%D9%82%D8%AF-%D8%A7%D9%84%D8%B9%D8%B1%D8%A8%D9%8A-%D9%8A%D9%86%D8%B8%D9%85-%D9%88%D8%B1%D8%B4%D8%A9-%D8%A7%D9%84%D8%B9%D9%85%D9%84-%D8%A7%D9%84%D8%B3%D8%A7%D8%AF%D8%B3%D8%A9-%D8%B9%D9%86-%D8%A8%D8%B9%D8%AF-%D9%84%D8%A5%D9%84%D8%AD%D8%A7%D9%82-%D8%A7%D9%84%D8%A8%D9%86%D9%88%D9%83-%D8%A7%D9%84%D8%AA%D8%AC%D8%A7%D8%B1%D9%8A%D8%A9-%D9%81%D9%8A-%D9%85%D9%86%D8%B5%D8%A9-%D8%A8%D9%86%D9%89

by **claud39** on Fri Apr 24, 2020 8:49 am

THE ARAB MONETARY FUND AND THE ISLAMIC FINANCIAL SERVICES COUNCIL ENHANCE THEIR COOPERATION BY SIGNING A MEMORANDUM OF UNDERSTANDING

2020-04-23

On Thursday, April 23, 2020, the Memorandum of Understanding was signed between the Arab Monetary Fund and the Islamic Financial Services Council. The Memorandum of Understanding, which represents a renewal of the previous memorandum signed in 2016, aims to enhance the existing cooperation between the two institutions and build a comprehensive framework for cooperation in the field of partnership in providing services Technical advice and capacity building in the Arab region in the areas of promoting awareness of issues that have a relationship or impact on the regulation and supervision of the Islamic financial services industry, along with other topics of mutual interest between the two institutions .

The agreement was signed by His Excellency Dr. Abdul Rahman bin Abdullah Al-Hamidi, General Manager and Chairman of the Board of Directors of the Arab Monetary Fund, while on the part of the Council His Excellency Dr. Blu Lawal Danbata, Secretary-General of the Islamic Financial Services Council.

Signing the memorandum will help consolidate the ongoing cooperation in many fields, enhance consultation and expand the scope of partnership in providing technical advice to Arab countries through capacity building, which is a major priority for the two institutions. Also, this cooperation will contribute to spreading awareness of the standards of regulatory and supervisory bodies, which have a direct interest in ensuring the safety and stability of the Islamic financial services industry, which generally includes the banking sector, capital markets, insurance, and other areas that contribute to enhancing economic and financial stability and promoting inclusion. Financial in the Arab region.

A brief introduction to the Arab Monetary Fund: An Arab financial organization, founded in 1976, with 22 Arab countries in its membership. The fund aims to contribute to correcting the imbalance in the balance of payments of member states, and work to remove restrictions on current payments between member states, in addition to establishing policies and methods of Arab monetary cooperation, and to provide advice when requested, in relation to foreign investment policies, as well as work to develop markets Arab Finance. To achieve these goals, the fund provides loans, technical advice, capacity building and training to supervisory authorities and economic, financial and statistical bodies in Arab countries.

Profile of the Islamic Financial Services Council : It is based in Kuala Lumpur, officially opened on November 3, 2002, and began operating on March 10, 2003. The Islamic Financial Services Board operates as an international standard-setting body for regulatory and oversight bodies, which have a direct interest in ensuring Safety and stability of the Islamic financial services industry, which generally includes the banking sector, capital markets, and insurance.

In the context of fulfilling its mission, the Islamic Financial Services Council is developing a prudent and transparent Islamic financial services industry, by issuing new standards, or by adapting existing international standards that are compatible with Sharia principles and principles, and recommending their adoption.

https://www.amf.org.ae/ar/content/%D8%B5%D9%86%D8%AF%D9%88%D9%82-%D8%A7%D9%84%D9%86%D9%82%D8%AF-%D8%A7%D9%84%D8%B9%D8%B1%D8%A8%D9%8A-%D9%88%D9%85%D8%AC%D9%84%D8%B3-%D8%A7%D9%84%D8%AE%D8%AF%D9%85%D8%A7%D8%AA-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D8%A7%D9%84%D8%A7%D8%B3%D9%84%D8%A7%D9%85%D9%8A%D8%A9-%D9%8A%D8%B9%D8%B2%D9%91%D8%B2%D8%A7%D9%86-%D8%AA%D8%B9%D8%A7%D9%88%D9%86%D9%87%D9%85%D8%A7-%D9%85%D9%86-%D8%AE%D9%84%D8%A7%D9%84-%D8%AA%D9%88%D9%82%D9%8A%D8%B9-%D9%85%D8%B0%D9%83%D8%B1%D8%A9