Arab criticism: current developments and challenges underscore the importance of financial inclusion

THE ARAB MONETARY FUND ORGANIZES AN EXTRAORDINARY "REMOTE" CONSULTATIVE MEETING FOR HIS EXCELLENCY THE GOVERNORS OF CENTRAL BANKS AND ARAB MONETARY INSTITUTIONS ON THE ECONOMIC, FINANCIAL AND BANKING IMPLICATIONS OF THE EMERGING CORONA VIRUS ON ARAB COUNTRIES SUNDAY, APRIL 26 (APRIL) 2020
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April 28, 2020







 
 
 
 




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April 28, 2020























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https://cbi.iq/news/view/1477

claud39 wrote:

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

April 28, 2020

» A press release issued by the Board of Governors of Central Banks and Arab Monetary Institutions (Arab Day for Financial Inclusion April 27, 2020 under the slogan:
“ Towards Building a Community Financial Culture that Promotes Financial Inclusion ” ) For information click here

https://cbi.iq/static/uploads/up/file-158806149676984.pdf





https://cbi.iq/news/view/1477

For publication on April 27, 2020

A press release issued by:

Board of Governors of central banks and Arab monetary institutions
Arab Financial Inclusion Day - 27 April 2020

Under the slogan: "Towards building a societal financial culture that enhances financial inclusion"

The Council stresses that the implications of the emerging Corona Virus highlight the importance of accelerating the transition to financial services

And promoting digital awareness

In this regard, the Council calls for:

Coordination with the G20 priorities

Promote digital financial inclusion for youth, women and MSMEs

Encouraging the use of modern financial technologies to enhance financial inclusion
Spreading the digital financial culture to all segments of society

 The topic of access to finance and financial services in Arab countries is receiving a lot of attention by a council
Central bankers and Arab monetary institutions, aware of the great potential opportunities that can arise
Achieving them by enhancing financial inclusion to support inclusive and sustainable economic development and face challenges

Unemployment and social justice. There is no doubt that the current developments and the repercussions of the spread of Corona virus

The Newcomer, "clearly highlighted the great importance of financial inclusion and the need to enhance financial services applications

Digital, educate and educate users of financial services.

 In this context, the Board of Governors of Central Banks and Arab Monetary Institutions initiated in 2016, in
In light of the increasing need to intensify awareness of the importance of financial inclusion and its hubs for all parties in the countries

Arabia, to the adoption on April 27 (April) of each year as an Arab day for financial inclusion, celebrated this year

Under the slogan "Towards Building a Community Financial Culture Promoting Financial Inclusion". On this occasion, the Council affirms its support

The efforts of the international community in promoting inclusiveness, led by the G20, under the leadership of the Kingdom

Saudi Arabia, which adopted the axis of financial inclusion as one of the main pillars of the economic development program

And finance, as this is linked to achieving the sustainable development goals. The Council also affirms its support for the Kingdom's efforts

Saudi Arabia and its priorities to promote digital financial inclusion, within the framework of its chairmanship of the Group of Twenty, which

Paying special attention to supporting the arrival of youth, women and micro, small and medium-sized enterprises,

Access to financial services through the use of modern technologies, along with awareness and community education that

They enhance the chances of success of Arab countries' 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, from

During the directive to launch many different activities and initiatives in cooperation with regional and international institutions

Related. The Council blessed the establishment of the Arab Monetary Fund in cooperation with a number of regional institutions

And the international community, by launching the regional initiative to promote financial inclusion in the Arab countries, with the aim of empowering and strengthening

The capabilities and capabilities to overcome the obstacles that hinder the development of financial inclusion indicators in the Arab countries. at
In this context, the Council appreciates the comprehensive model of statistical surveys to monitor aspects of demand for services

Finance in Arab countries related to financial services for individuals, families, and micro-enterprises
Small and Medium Business, which was prepared under the initiative. The Council also appreciates the efforts of the Arab countries that

It has conducted a statistical survey of the demand side for financial services, and calls on the rest of the Arab countries to apply

Model, which contributes to an understanding of the challenges facing upgrading financial inclusion indicators, and thus helps to:

Adopt appropriate policies and strategies to address them. In this regard, the Council invites the partner institutions in

The initiative to pay more attention, to support the use of modern technologies in enhancing youth access
MSMEs, to financial services.

The Council also appreciates the steps and measures taken by the Arab countries in order to promote financial education

In particular, it reaffirms the need to integrate all segments of society into the formal financial system, including digital ones

Especially youth, women, entrepreneurs and the MSME sector,

By promoting awareness of all groups, protecting their rights and enhancing their knowledge of financial matters, so they can take

Sound decisions. The Council also invites the ministries of education, culture and higher education in the Arab countries

To enhance financial awareness and education efforts.


The Council stresses the increasing importance of the use of modern financial technologies in the sector
The financial and banking growth and the rapid and rapid growth experienced by the industry, these technologies and related services on

The world level, and the great opportunities it offers in terms of enhancing the efficiency of financial and banking operations, especially

In the area of ​​supporting access to finance and financial services and encouraging entrepreneurship. In this context, he calls

The Council is to enhance the awareness of all segments of society about the topics of modern financial technologies and take ways to achieve

This is in coordination with the relevant official authorities. It also stresses the importance of the role of the regional working group

Of the modern financial technologies launched by the Arab Monetary Fund, in the exchange of experiences and knowledge on issues

Modern financial technologies and crystallizing different visions to stimulate and regulate them in the Arab countries.

On the other hand, the Council appreciates the role of the regional working group to promote financial inclusion in the Arab countries

During the development of policies and procedures related to enhancing financial inclusion in Arab countries, and studying ways

Upgrading indicators of financial inclusion, applying relevant international standards and principles, and enhancing cooperation between

Various institutions and national bodies concerned with financial inclusion issues in Arab countries and between them and them
Relevant international institutions.

The Council also looks forward to continuing to improve indicators of financial inclusion in Arab countries, as the statistics

It reflects the efforts made by the Arab countries in enhancing access to financial services in the Arab countries, as it notes

The percentage of the adult population in Arab countries who have access to financial and financing services
Officially, it has risen to 37 percent on average, 26 percent for women, and 28 percent over
The level of groups with limited income. Although these figures mask a disparity in this regard between countries

Arab countries, but they still highlight the great opportunities inherent - especially for private financial and banking institutions -

That can be used to enhance access to financial services in Arab societies.

The Council appreciates the efforts made by the central banks, Arab monetary institutions and commercial banks

The formal financial institutions in the past years revive the Arab Day for Financial Inclusion and Regulation
The distinguished activities and events of this day, which contributed to spreading awareness and financial education among all individuals

Society, it calls on all member states to promote the revival and expansion of Arab Day activities for financial inclusion

The scope of societal participation in it "remotely", by implementing events and activities that enhance knowledge

Financial inclusion and its goals, wishing all success to the activities and activities of the Arab Day for financial inclusion and achieving
The desired goals.

On this occasion, His Excellency the General Manager, Chairman of the Board of Directors of the Arab Monetary Fund, Dr. Abdul Rahman bin
Abdullah Al-Hamidi on the importance and role of financial inclusion in facing the economic challenges that affect growth,

This is done by mobilizing resources to increase investment rates and create new job opportunities, praising the growing interest

That issues relating to the promotion of financial inclusion are being enjoyed by policymakers in Arab countries,
This would help meet the challenges of poverty, unemployment and social justice. As noted

His Excellency the efforts of the central banks and Arab monetary institutions, in terms of keenness to continue to give issues

Improve financial inclusion and access to quality financial services at affordable cost, and give them prominence
The appropriate priority is within the framework of the economic policies adopted, and spreading the culture of responsible finance at work

Banking, taking advantage of modern financial technologies to provide financial services, and developing legislation and regulations

The supervisory frameworks that help improve the spread of financial and banking services and encourage innovation in this

The field, in addition to pursuing endeavors to upgrade the sound infrastructure systems of the financial and banking system and encourage

The development and expansion of non-bank financial services, as well as the development of policies and programs that enhance transparency
In financial and banking transactions.



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HIS EXCELLENCY DR. ABDUL RAHMAN BIN ABDULLAH AL-HAMIDI, DIRECTOR GENERAL OF THE ARAB MONETARY FUND, DELIVERED A SPEECH ON THE OCCASION OF THE ARAB DAY FOR FINANCIAL INCLUSION




2020-04-27


















 

His Excellency Dr. Abdul Rahman bin Abdullah Al-Hamidi, Director General of the Arab Monetary Fund, delivered a speech during the media conference 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 falls on April 27 of each year , And its activities for this year are launched under the slogan " Towards Building a Community Financial Culture that Promotes Financial Inclusion ".




His Excellency pointed out that the Arab Day for Financial Inclusion acquires a special importance this year, in light of the spread of the Corona virus and its negative repercussions on the economies of the countries of the world in general, in order for our Arab countries to join hands to enhance awareness of the need to use formal financial systems and make digital payments, and reduce dependence on the use of cash Avoid personal auditing of financial institutions. Consequently, the importance of our Arab countries to keep pace with the activities of the Arab Day for Financial Inclusion is through reviewing the programs of their activities in this regard, and launching large-scale virtual campaigns to encourage the use of digital financial transactions from a distance, taking into consideration the instructions, procedures and official efforts undertaken by Arab governments in the context of combating the repercussions of Corona Virus.




His Excellency pointed out the importance of the role of financial education, which has become one of the most important tributaries and requirements for upgrading financial inclusion indicators, as it is considered one of the most important axes of financial inclusion. He also stressed that the financial culture is a cornerstone of what is called "responsible financing", which is based on the role of financial institutions and regulatory authorities, to ensure that the funding granted to clients is a reason to increase their welfare and not a burden on them, and benefit the economy. In this context, responsible financing is mainly concerned with educating the financial consumer, in addition to financial education at the national level. Hence, the role of financial education in increasing financial inclusion and protecting the financial consumer, with the aim of enhancing confidence in the formal financial system and thereby ensuring financial stability.




His Excellency also praised the efforts of Arab countries in spreading the culture of responsible finance in banking, whose importance is highlighted in maintaining financial stability, by reducing default rates and protecting the rights of financial consumers. This is through financial services providers providing products that suit the needs of their clients, and conducting a careful credit assessment of the customer with the aim of making the appropriate financing decision.




In this context, His Excellency pointed out that many Arab countries have prepared national strategies and programs to enhance financial culture, most of which emphasized the important role that ministries of education can play in financial culture, by including sub-university and university curricula, educational materials Related to financial culture to create a financially educated generation.




In this context, His Excellency pointed out the increasing attention that the issues related to promoting financial inclusion and financial education are receiving by policymakers in Arab countries, which would help to meet the challenges of poverty, unemployment and social justice, as the unemployment rate among young people is about 26. In Arab countries, that is, twice the global average rate of youth unemployment.  




His Excellency indicated that the recent statistics reflect the efforts made by Arab countries in enhancing access to financial services in the Arab countries, as it indicates that the percentage of the adult population in Arab countries who do not have access to formal financial and financial services has improved, on average, from about 29 percent To about 37 percent, from about 22 percent to 26 percent for women, and from 16 percent to 28 percent for low-income groups. Although these figures mask disparities in this regard among Arab countries, they still highlight the great potential opportunities - especially for financial and banking institutions - that can be used to enhance access to financial services in Arab societies.




His Excellency Dr. Al-Hamidi also stressed the importance of supporting the access of MSMEs to financial services, as it is considered one of the most important pillars of the economy in most of the countries of the world, as well as one of the most important fields of job creation. These projects also have positive repercussions on improving financial inclusion and enhancing financial, economic and social stability, as small and medium-sized companies represent more than 95 per cent of the total companies in most of the countries of the world, and are considered one of the most important tributaries of comprehensive and sustainable growth and job creation and contribute to about a third of the product The gross domestic product of developing economies.




His Excellency also praised the great efforts undertaken by the supervisory authorities, especially the central banks in the Arab countries, in terms of keenness to continue to give issues of improving financial inclusion and access to financial services of appropriate quality and costs or facilitating them, and giving them appropriate importance and priority within the framework of the economic policies adopted, and the spread of a culture Responsible financing in banking work, taking advantage of modern financial technologies in providing financial services, developing legislation, regulations, and regulatory frameworks that help improve the spread of financial and banking services and encourage innovation in this field In addition to pursuing endeavors to upgrade the sound infrastructure systems of the financial and banking system and encourage the development and expansion of non-bank financial services, in addition to developing policies and programs that enhance transparency in financial and banking transactions.




In conclusion, His Excellency affirmed the Arab Monetary Fund’s endeavor to enhance financial inclusion in Arab countries, contribute to developing policies and procedures related to it, and upgrade its indicators through the regional initiative to enhance financial inclusion in Arab countries.




The following is the full text of the word:

 

claud39 wrote:HIS EXCELLENCY DR. ABDUL RAHMAN BIN ABDULLAH AL-HAMIDI, DIRECTOR GENERAL OF THE ARAB MONETARY FUND, DELIVERED A SPEECH ON THE OCCASION OF THE ARAB DAY FOR FINANCIAL INCLUSION




2020-04-27

Current developments and challenges highlight the importance of financial inclusion and applications of modern financial technologies

The need for more efforts to enhance the awareness of the Arab public on the need to use formal financial systems and the application of digital payments to reduce the effects of the emerging Corona virus

The statistics reflect the efforts made by Arab countries in enhancing access to financial services

 

His Excellency Dr. Abdul Rahman bin Abdullah Al-Hamidi, Director General of the Arab Monetary Fund, delivered a speech during the media conference 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 falls on April 27 of each year , And its activities for this year are launched under the slogan " Towards Building a Community Financial Culture that Promotes Financial Inclusion ".




His Excellency pointed out that the Arab Day for Financial Inclusion acquires a special importance this year, in light of the spread of the Corona virus and its negative repercussions on the economies of the countries of the world in general, in order for our Arab countries to join hands to enhance awareness of the need to use formal financial systems and make digital payments, and reduce dependence on the use of cash Avoid personal auditing of financial institutions. Consequently, the importance of our Arab countries to keep pace with the activities of the Arab Day for Financial Inclusion is through reviewing the programs of their activities in this regard, and launching large-scale virtual campaigns to encourage the use of digital financial transactions from a distance, taking into consideration the instructions, procedures and official efforts undertaken by Arab governments in the context of combating the repercussions of Corona Virus.




His Excellency pointed out the importance of the role of financial education, which has become one of the most important tributaries and requirements for upgrading financial inclusion indicators, as it is considered one of the most important axes of financial inclusion. He also stressed that the financial culture is a cornerstone of what is called "responsible financing", which is based on the role of financial institutions and regulatory authorities, to ensure that the funding granted to clients is a reason to increase their welfare and not a burden on them, and benefit the economy. In this context, responsible financing is mainly concerned with educating the financial consumer, in addition to financial education at the national level. Hence, the role of financial education in increasing financial inclusion and protecting the financial consumer, with the aim of enhancing confidence in the formal financial system and thereby ensuring financial stability.




His Excellency also praised the efforts of Arab countries in spreading the culture of responsible finance in banking, whose importance is highlighted in maintaining financial stability, by reducing default rates and protecting the rights of financial consumers. This is through financial services providers providing products that suit the needs of their clients, and conducting a careful credit assessment of the customer with the aim of making the appropriate financing decision.




In this context, His Excellency pointed out that many Arab countries have prepared national strategies and programs to enhance financial culture, most of which emphasized the important role that ministries of education can play in financial culture, by including sub-university and university curricula, educational materials Related to financial culture to create a financially educated generation.




In this context, His Excellency pointed out the increasing attention that the issues related to promoting financial inclusion and financial education are receiving by policymakers in Arab countries, which would help to meet the challenges of poverty, unemployment and social justice, as the unemployment rate among young people is about 26. In Arab countries, that is, twice the global average rate of youth unemployment.  




His Excellency indicated that the recent statistics reflect the efforts made by Arab countries in enhancing access to financial services in the Arab countries, as it indicates that the percentage of the adult population in Arab countries who do not have access to formal financial and financial services has improved, on average, from about 29 percent To about 37 percent, from about 22 percent to 26 percent for women, and from 16 percent to 28 percent for low-income groups. Although these figures mask disparities in this regard among Arab countries, they still highlight the great potential opportunities - especially for financial and banking institutions - that can be used to enhance access to financial services in Arab societies.




His Excellency Dr. Al-Hamidi also stressed the importance of supporting the access of MSMEs to financial services, as it is considered one of the most important pillars of the economy in most of the countries of the world, as well as one of the most important fields of job creation. These projects also have positive repercussions on improving financial inclusion and enhancing financial, economic and social stability, as small and medium-sized companies represent more than 95 per cent of the total companies in most of the countries of the world, and are considered one of the most important tributaries of comprehensive and sustainable growth and job creation and contribute to about a third of the product The gross domestic product of developing economies.




His Excellency also praised the great efforts undertaken by the supervisory authorities, especially the central banks in the Arab countries, in terms of keenness to continue to give issues of improving financial inclusion and access to financial services of appropriate quality and costs or facilitating them, and giving them appropriate importance and priority within the framework of the economic policies adopted, and the spread of a culture Responsible financing in banking work, taking advantage of modern financial technologies in providing financial services, developing legislation, regulations, and regulatory frameworks that help improve the spread of financial and banking services and encourage innovation in this field In addition to pursuing endeavors to upgrade the sound infrastructure systems of the financial and banking system and encourage the development and expansion of non-bank financial services, in addition to developing policies and programs that enhance transparency in financial and banking transactions.




In conclusion, His Excellency affirmed the Arab Monetary Fund’s endeavor to enhance financial inclusion in Arab countries, contribute to developing policies and procedures related to it, and upgrade its indicators through the regional initiative to enhance financial inclusion in Arab countries.




The following is the full text of the word:

 

[url=https://amf.org.ae//sites/default/files/pressreleases/%D9%83%D9%84%D9%85%D8%A9 %D9%85%D8%B9%D8%A7%D9%84%D9%8A %D8%A7%D9%84%D8%AF%D9%83%D8%AA%D9%88%D8%B1 %D8%B9%D8%A8%D8%AF%D8%A7%D9%84%D8%B1%D8%AD%D9%85%D9%86 %D8%A7%D9%84%D8%AD%D9%85%D9%8A%D8%AF%D9%8A %D8%A7%D9%84%D9%85%D8%AF%D9%8A%D8%B1 %D8%A7%D9%84%D8%B9%D8%A7%D9%85 %D8%B1%D8%A6%D9%8A%D8%B3 %D9%85%D8%AC%D9%84%D8%B3 %D8%A5%D8%AF%D8%A7%D8%B1%D8%A9 %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.pdf](Text of the word)[/url]

[url=https://www.amf.org.ae//sites/default/files/pressreleases/%D9%83%D9%84%D9%85%D8%A9 %D9%85%D8%B9%D8%A7%D9%84%D9%8A %D8%A7%D9%84%D8%AF%D9%83%D8%AA%D9%88%D8%B1 %D8%B9%D8%A8%D8%AF%D8%A7%D9%84%D8%B1%D8%AD%D9%85%D9%86 %D8%A7%D9%84%D8%AD%D9%85%D9%8A%D8%AF%D9%8A %D8%A7%D9%84%D9%85%D8%AF%D9%8A%D8%B1 %D8%A7%D9%84%D8%B9%D8%A7%D9%85 %D8%B1%D8%A6%D9%8A%D8%B3 %D9%85%D8%AC%D9%84%D8%B3 %D8%A5%D8%AF%D8%A7%D8%B1%D8%A9 %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.pdf]https://www.amf.org.ae//sites/default/files/pressreleases/%D9%83%D9%84%D9%85%D8%A9%20%D9%85%D8%B9%D8%A7%D9%84%D9%8A%20%D8%A7%D9%84%D8%AF%D9%83%D8%AA%D9%88%D8%B1%20%D8%B9%D8%A8%D8%AF%D8%A7%D9%84%D8%B1%D8%AD%D9%85%D9%86%20%D8%A7%D9%84%D8%AD%D9%85%D9%8A%D8%AF%D9%8A%20%D8%A7%D9%84%D9%85%D8%AF%D9%8A%D8%B1%20%D8%A7%D9%84%D8%B9%D8%A7%D9%85%20%D8%B1%D8%A6%D9%8A%D8%B3%20%D9%85%D8%AC%D9%84%D8%B3%20%D8%A5%D8%AF%D8%A7%D8%B1%D8%A9%20%D8%B5%D9%86%D8%AF%D9%88%D9%82%20%D8%A7%D9%84%D9%86%D9%82%D8%AF%20%D8%A7%D9%84%D8%B9%D8%B1%D8%A8%D9%8A.pdf[/url]

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Media conference

On the occasion of the Arab day for financial inclusion
Towards Building a Community Financial Culture that Promotes Financial Inclusion
a word

His Excellency Dr. Abdul Rahman bin Abdullah Al-Hamidi

The Director General and Chairman of the Board of Directors

Arab Monetary Fund

Abu Dhabi - United Arab Emirates

April 27, 2020

Ladies and gentlemen,

Good morning, good morning and happy every year, on the occasion of the month
Blessed Ramadan,
I am pleased to welcome you all to the headquarters of the Arab Monetary Fund on the occasion of today
Arab Financial Inclusion. The Arab Day for Financial Inclusion was approved by a council
The suggestion of
Governors of central banks and Arab monetary institutions in us
Of importance

The regional working group to promote financial inclusion in the Arab countries, realizing
The large number of issues it is gaining is issues of enhancing access to finance and services
Finance, in support of inclusive and sustainable economic growth and the promotion of stability
Economic and financial importance of promoting awareness in this regard.

Today we celebrate this occasion, and rapid international developments and challenges are casting
Overshadow the economies of the world, in light of economic challenges
And the money resulting from the spread of the new Corona virus, and here comes the importance
Moving to digital financial services and applications of modern financial technologies, why
It has a positive impact on enhancing financial inclusion, which contributes to success
Actions taken by governments to achieve the targets in reducing
The negative repercussions of the spread of corona virus. To achieve this, an urgent need arises
To enhance citizen awareness of the use of the formal financial system and conducting operations
Digital Finance, in line with the logo for the Arab Day for Financial Inclusion for this year
Towards Building a Community Financial Culture.


There is no doubt that the conditions experienced by the countries of the world in general, and Arab countries
Together to enhance the awareness of the Arab public at times, it is imperative for us all
Especially
Using formal financial systems and making digital payments, minimizing
Dependence on the use of cash as well as reducing the personal review of institutions
Financial, and therefore we urge our Arab countries to benefit from the Arab Day revival
For financial inclusion, by reviewing their activity programs and campaign frameworks
Extensive virtualization to encourage the use of digital financial transactions remotely
Considering the instructions, procedures and formal efforts you make
Taking
Arab governments as part of their fight against the Corona virus.


The Arab Day for Financial Inclusion aims to contribute to raising awareness and definition
Financial inclusion and its requirements in the Arab countries and related issues
Policies and programs. It also comes, within the framework of the concern that states take
Arabia to achieve the 2030 Sustainable Development Goals, and to reach universal services
Finance for all segments of society in the Arab countries.

 Perhaps the momentum of interest in inclusion
Mali is increasing this year as Saudi Arabia takes over the chairmanship of a group
The G20, which adopted the financial inclusion hub as one of the main hubs
The priorities of the presidency, in terms of working to encourage the arrival of finite projects
Micro, Small and Medium to finance, and employ modern financial technologies.

Ladies and gentlemen, please

It is no secret to you the great importance today of policies and strategies
Financial inclusion, as the subject of financial inclusion and the ability to access

Financial services for different segments of society, especially the disadvantaged groups
Economic policy makers have, therefore, become a prime objective of the financial system
The topic has an impact on financial and social stability and economic development.


Many Arab countries have been developing special strategies and programs
By promoting financial culture, as it is considered one of the most important pillars of financial inclusion, as it has proven
In particular, experiences contribute effectively to the advancement of digital financial culture from them
Incorporating all segments of society and its segments into the formal financial system, especially from them
Youth, women, entrepreneurs and the microenterprise sector
And SMEs, by enhancing awareness of all these groups and protecting them
Their rights and enhance their knowledge of financial matters, enabling them to make decisions
Sound.

In this context, the importance of the Arab Day for financial inclusion, in which it cooperates
Central banks and Arab monetary institutions with financial institutions
And banking, ministries of education, civil society organizations and institutions
Media, to shed light on financial inclusion issues and raise awareness about them.

We are grateful in this regard for the work done by the central banks and institutions
Arab criticism, from activities and events to raise awareness of financial inclusion. 

We also thank
Arab banks, which launched on the occasion of the Arab day for financial inclusion, absolutely
Initiatives and promotes a number of financial services and products, which enhance opportunities
Various groups of society have access to official financial services. Also looking forward to contribute



Financial services for different segments of society, especially the disadvantaged groups
Economic policy makers have, therefore, become a prime objective of the financial system
The topic has an impact on financial and social stability and economic development.

Many Arab countries have been developing special strategies and programs
By promoting financial culture, as it is considered one of the most important pillars of financial inclusion, as it has proven
In particular, experiences contribute effectively to the advancement of digital financial culture from them
Incorporating all segments of society and its segments into the formal financial system, especially from them
Youth, women, entrepreneurs and the microenterprise sector
And SMEs, by enhancing awareness of all these groups and protecting them
Their rights and enhance their knowledge of financial matters, enabling them to make decisions
Sound.


In this context, the importance of the Arab Day for financial inclusion, in which it cooperates
Central banks and Arab monetary institutions with financial institutions
And banking, ministries of education, civil society organizations and institutions
Media, to shed light on financial inclusion issues and raise awareness about them.
We are grateful in this regard for the work done by the central banks and institutions
Arab criticism, from activities and events to raise awareness of financial inclusion.

 We also thank
Arab banks, which launched on the occasion of the Arab day for financial inclusion, absolutely
Initiatives and promotes a number of financial services and products, which enhance opportunities
Various groups of society have access to official financial services. Also looking forward to contribute

Broader than the Arab media and press in spreading awareness, in these
Occasion.

Perhaps the slogan for the Arab Day for Financial Inclusion for 2020 is “Towards Building
A societal financial culture that fosters financial inclusion ", stresses the importance of the role of culture
Finance, which has become one of the most important requirements for upgrading financial inclusion indicators
Financial education is one of the most important hubs of financial inclusion. On the other hand, it is considered
Basically the financial culture of what is
A corner called "Responsible Financing", as the financing is
The responsibility is based on the role of financial institutions and regulatory authorities to ensure that they are the case
Funding for customers increases the well-being of individuals, not the burden
Nothing
on them.

 In this context, responsible financing is based on educating the financial consumer
In particular, financial awareness at the national level.

 Hence the role
Financial awareness in increasing financial inclusion and protecting the financial consumer, as culture
Finance enhances confidence in the formal financial system. In this context, I continued
Central banks and Arab monetary institutions, their efforts to spread the culture of finance
Responsible for banking. 

The importance of the role of responsible finance in maintaining is important
It has to provide financial stability by reducing default rates and at the same time protecting
The rights of financial consumers. 

This is through the provision of financial services providers
Products to suit the needs of their customers, conducting a careful credit assessment of the customer,
And to take the appropriate decision regarding financing.

Many countries of the world have been preparing national strategies or programs
To foster financial literacy, as most of these strategies are built on the role

The important thing that the ministries of Education can play with the issue of financial culture, from
The university curriculum included materials related to financial culture to create a generation
Financially educated

Ladies and gentlemen, come

 The promotion of financial inclusion in the case of Du Luna Arabia is receiving increasing attention from before
Policy-makers, where increased financial inclusion positively contributes to creation
New job opportunities, which creates economic and social growth
Sustainable people, thus reducing unemployment and poverty rates and improving income distribution
And raise the standard of living.

 Finance and financial services reach different categories
Society and business sectors have an active role in addressing the challenges of unemployment and poverty
In the short and medium term, and to achieve more inclusive economic growth,
Which represents the most important concern for the current economic policies, as it exceeds
The youth unemployment rate is 26% in the Arab countries, that is, double
The global average rate of unemployment amongst young adults.

 Statistics also indicate that
A third of the population of six Arab countries live below the poverty line. 

You cannot be promoted
The deepening of the financial and banking sector and the enhancement of financial inclusion are positive
Its stability and safety and strengthening its role in serving the comprehensive economic growth program.
The latest statistics reflect the efforts made by Arab countries in strengthening
Access to financial services in Arab countries, as statistics indicate that
The percentage of the adult population in Arab countries who do not have access



For official financial and financing services, they have decreased on average from about 71
Percent in 2014 to about 63 percent in 2017, and from around
78% to 74% at the female level, and from 84% to the
72% for low-income groups, for the same period. and on
Although these figures mask disparities in this regard among Arab countries, otherwise
It still highlights the underlying opportunities, especially for financial institutions
Private Banking - which can be used to enhance access to financial services
In Arab societies.

Ladies and gentlemen, come

From this standpoint, the issue of financial education has gained increasing importance in politics
And national strategies and programs in the Arab countries, in light of the culture
Finance has become a starting point for enhancing the reach of all groups of society, individuals and women
And entrepreneurs to finance. Attention also increased in the role of financial literacy and training
To develop the technical skills of MSMEs
And medium, and enhance their access to financial services. 

Here it should be noted
The important role that the micro and small enterprise sector plays
Medium in the economy, as it is considered one of the most important pillars of the economy in most countries
The world, as well as one of the most important fields of job creation.

 Also, for these projects
Positive implications for improving financial inclusion and enhancing financial stability
Economic and social, as SMEs are more represented
Of the 95 percent of total companies in the vast majority of countries in the world,

It is considered one of the most important tributaries of employment opportunities in economies. Statistics indicate

The latter indicates that small and medium-sized enterprises contribute about 33%
Percent of the gross domestic product of developing economies. Banks carried out
Central and Arab monetary institutions mobilize efforts and develop plans and programs to support
Small and medium enterprises and enhance their access to the necessary financing from
N, in addition to the official financial institutions at interest rates and appropriate deadlines for their endeavor to
Developing financial infrastructure, such as credit information systems and lending systems
Content for these projects in order to obtain financing.

On the other hand, the Arab central banks and monetary institutions made efforts
Risks
Clear in terms of developing institutions, funds and capital mechanisms
In Arab countries, providing creative financing opportunities for start-up companies, which
It is still in its early stages in a number of our Arab countries. Well from efforts
Required, the importance of outreach and networking with the entrepreneurial and entrepreneurial sector
Small and medium.

Also, Arab governments have paid great attention to financial technology issues
Aware of the great opportunities presented by these technologies in modern technologies and their applications,
Promote financial inclusion, as it has become the use of modern financial technologies in the sector
The financial and banking growth and the rapid and rapid growth of these technologies
The associated services globally offer great opportunities on the one hand
Enhancing the efficiency of financial and banking operations, especially in the area of ​​opportunities support
Access to finance and financial services and encouraging entrepreneurship. in this context ,

The importance of enhancing the awareness of all segments of society about the topics of modern financial technologies
And take ways to achieve this in coordination with the relevant official authorities.

Ladies and gentlemen, attendees

On this occasion, allow me to pay tribute to the great efforts of the authorities
Finance in the Arab countries, as it strives to continue to give improvement issues
Financial inclusion and access to quality and cost financial services
Acceptable, giving them appropriate importance and priority within the framework of economic policies
Taken. The authorities in the Arab countries are also working to develop legislation
Regulations and regulatory frameworks that help to improve the spread of financial services
Banking and encouraging innovation in this field, in addition to following up on endeavors
By sound infrastructure systems for the financial and banking system and to encourage the development and expansion

Non-banking financial services. In this context, the authorities also attach importance
Especially for issues of protecting consumers of financial services, where banks are keen
Centralization and Arab monetary institutions to develop policies and programs that enhance
Transparency in financial and banking transactions, in order to establish confidence in the financial system
On the one hand, it serves awareness and education purposes.

Ladies and gentlemen, come

As part of its strategy, the Arab Monetary Fund seeks to contribute to strengthening
Financial inclusion, through a number of axes and activities. Comes first,
IFAD assumed the technical secretariat for the regional working group to promote financial inclusion in




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https://www.amf.org.ae/ar/content/%D9%85%D8%B9%D8%A7%D9%84%D9%8A-%D8%A7%D9%84%D8%AF%D9%83%D8%AA%D9%88%D8%B1-%D8%B9%D8%A8%D8%AF%D8%A7%D9%84%D8%B1%D8%AD%D9%85%D9%86-%D8%A8%D9%86-%D8%B9%D8%A8%D8%AF%D8%A7%D9%84%D9%84%D9%87-%D8%A7%D9%84%D8%AD%D9%85%D9%8A%D8%AF%D9%8A-%D8%A7%D9%84%D9%85%D8%AF%D9%8A%D8%B1-%D8%A7%D9%84%D8%B9%D8%A7%D9%85-%D8%B1%D8%A6%D9%8A%D8%B3-%D9%85%D8%AC%D9%84%D8%B3-%D8%A5%D8%AF%D8%A7%D8%B1%D8%A9-%D8%B5%D9%86%D8%AF%D9%88%D9%82-%D8%A7%D9%84%D9%86%D9%82%D8%AF-42

THE BOARD OF GOVERNORS OF CENTRAL BANKS AND ARAB MONETARY INSTITUTIONS THE ARAB DAY FOR FINANCIAL INCLUSION - APRIL 27, 2020 UNDER THE SLOGAN: “TOWARDS BUILDING A COMMUNITY FINANCIAL CULTURE THAT PROMOTES FINANCIAL INCLUSION”


2020-04-27