THE ARAB MONETARY FUND IS HOLDING AN INTERACTIVE WORKSHOP ON INCLUDING THE US DOLLAR AS A SETTLEMENT CURRENCY ON THE “BUNAA” PLATFORM FOR ARAB PAYMENTS

by **claud39** Sat Feb 06, 2021 9:28 am

THE ARAB MONETARY FUND IS HOLDING AN INTERACTIVE WORKSHOP ON INCLUDING THE US DOLLAR AS A SETTLEMENT CURRENCY ON THE “BUNAA” PLATFORM FOR ARAB PAYMENTS

2021-02-04

The workshop will take place today, Thursday, February 4, 2021

More than 200 participants from central banks, financial and banking institutions from the region and the world are participating in the workshop

The inclusion of the US dollar reflects the added value of the services of the Bunna Arab Payments platform to contribute to enhancing the efficiency and safety of clearing and settlement of cross-border payments

Today, Thursday, February 4, 2021, the Arab Monetary Fund will hold a remote workshop, dealing with aspects of including the US dollar as a settlement currency in the “Bunaa” Arab Payments platform of the Regional Corporation for Arab Payments Clearing and Settlement owned by the Fund.

More than 200 participants, representing central banks, financial and banking institutions, and financial services providers from the region and the world, will participate in the workshop, to closely examine the activities of the "Bunaa" platform and the development of its business and future plans.

A senior representative of the global American "JP Morgan" bank, along with the management team of the "Buna" platform, will speak in the workshop about the results of "Buna "’s success in including the US dollar as the settlement currency in the list of Arab and international settlement currencies listed on this platform. The workshop will also be an opportunity to review the plans of the "Buna" Arab Payments platform to enhance the frameworks and level of cooperation with its growing network of participating banks.

On this occasion, Mr. Mahdi Maneh, CEO of the Regional Corporation for Arab Payments Clearing and Settlement (Bennah Arab Payments Platform) said : “The choice of GBMorgan Bank to implement payments settlement work in US dollars through the“ Bunaa ”Arab Payments platform corresponds to the stated objectives of the platform in terms of Its keenness to carry out its activities in accordance with the highest international standards and best international practices This achievement also represents a major step within the continuous efforts of the "Buna" platform to continue strengthening its operating model, diversifying its services, and affirming its international character, thus contributing effectively to enhancing the level of safety and efficiency of the inter-payments sector. Globalism."

Mr. Mane added , “As a result of the cooperation agreement with GBMorgan, our growing network of participating banks is able to send and receive intermittent payments in US dollars, in real time and directly from the sending bank to the recipient bank.” This matter constitutes an additional testimony in depth. Our commitment to our plan is to be a multi-currency payment system capable of providing clearing and settlement services for payments in Arab and international currencies With the support of all parties and entities working in the financial and banking sectors, especially the Arab central banks and the Arab Monetary Fund, we are progressing in achieving all our goals and we will continue to work on Providing value to our network of participating banks and helping them enhance their services, through our modern and innovative solutions, and our high commitment to all aspects of compliance and safety rules.

It should be noted that the "Buna" platform is an integrated system specialized in providing clearing and settlement services for payments in Arab and international currencies, aiming to enable financial and banking institutions in the Arab region and beyond, including central and commercial banks, to send and receive intermittent payments throughout the Arab region and beyond. Safe, reliable, affordable and highly effective. Bunna offers participants modern payment solutions that comply with international standards, principles and international compliance requirements. Bona contributes to enhancing economic and financial integration opportunities in the Arab region and supporting investment ties with trading partners in various continents. It is mentioned that participation in the platform is available to all banks and financial institutions that meet the criteria and conditions for participation in it, foremost among which are the standards and procedures for compliance aspects.

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%D8%B9%D9%82%D8%AF-%D9%88%D8%B1%D8%B4%D8%A9-%D8%B9%D9%85%D9%84-%D8%AA%D9%81%D8%A7%D8%B9%D9%84%D9%8A%D8%A9-%D8%AD%D9%88%D9%84-%D8%AA%D8%B6%D9%85%D9%8A%D9%86-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D8%A7%D9%84%D8%A3%D9%85%D8%B1%D9%8A%D9%83%D9%8A-%D9%83%D8%B9%D9%85%D9%84%D8%A9-%D8%AA%D8%B3%D9%88%D9%8A%D8%A9-%D9%81%D9%8A-%D9%85%D9%86%D8%B5%D8%A9-%D8%A8%D9%8F%D9%86%D9%89

by **claud39** Sat Feb 06, 2021 9:31 am

The International Islamic Bank announces its joining of the Bani Arab Payments platform

02/02/2021

Economy News - Baghdad

The International Islamic Bank announced that it has joined the Bani Arab Payments platform, which is supervised by the Arab Monetary Fund.

The bank said, on its Facebook page, seen by "Al-Eqtisad News", "The Islamic International Bank announces the completion of all operational requirements related to the connection with the Bunaa Arab Payments platform,

The bank added, "Bona is a platform that provides real-time clearing and settlement services for cross- transfers between Arab countries and in Arab and international curreborder financial

He noted that the most important characteristic of this platform is the competitive costs in exchange for the financial transfer, which will contribute to shortening the time and effort of the customer, noting that some of the features of the platform include financial transfer at reduced costs, and the transfer in Arab currencies such as the UAE dirham, Egyptian pound, Kuwaiti dinar, Jordanian dinar, Saudi riyal and international. Including the US dollar and the euro.

The bank confirmed that the service will be launched on the tenth of this month

On January 4, 2021, the Central Bank announced the actual launch of the adoption of the Iraqi dinar in the Buna platform for inter-Arab payments.

The central bank said, "The platform works to provide real-time clearing and settlement services for cross-border financial transfers between Arab countries and in Arab and international currencies," noting that "the first movement has been implemented through banks between the UAE and the Arab Republic of Egypt, in the currency of the UAE dirham."

He added, "The Central Bank of Iraq had previously signed an agreement with a number of local banks and completed the technical requirements to participate in the project in coordination with the Arab Monetary Fund," stressing that

He pointed out that "banks will be able to participate in Arab countries in sending and receiving payments between them in a safe and reliable manner, while this platform will help reduce recourse to international centers from correspondent banks in clearing and settling Arab payments, which will contribute to reducing the time and costs associated with banks and their customers."

https://economy-news.net/content.php?id=23924

by **claud39** Sat Feb 06, 2021 9:41 am

The International Development Bank announces its joining the "Bani" platform

01/25/2021

Enlarge this image Click to see fullsize

Economy News - Baghdad

The International Development Bank announced that it has joined the Bani platform for clearing and settling Arab payments.

The bank said in a statement seen by "Al-Eqtisad News", "with unremitting and promising efforts and on the occasion of launching and operating the" Buna Buna "platform for clearing and settling Arab payments owned by the Arab Monetary Fund and starting to implement the business of sending and receiving money in various currencies and after the platform's success in conducting financial transfers in every From Egypt, the United Arab Emirates and Jordan, as a first stage. "

The statement added that "the International Development Bank, as the first Iraqi bank to start its work on this platform, which will allow its customers to send money between Arab countries and in all currencies and to the various markets of the Arab region and abroad, with very low commissions, which will include more than 120 Arab banks to its network in order to expand the list of Arab and international currencies ".

The bank stressed that "work is underway to introduce the Iraqi dinar currency on this platform soon to encourage the use of Arab currencies in financial and investment transactions in accordance with international standards and after the International Development Bank fulfills all operating requirements, which reflects the bright image of Iraqi banks and their competition with Arab banks in applying all modern banking standards." And her signature of the sharing agreement. "

https://economy-news.net/content.php?id=23811

by **claud39** Sat Feb 06, 2021 9:44 am

THE CENTRAL BANK OF IRAQ AND THE ARAB MONETARY FUND ARE ORGANIZING A WORKSHOP TO ENROLL BANKS OPERATING IN THE REPUBLIC OF IRAQ ON THE "BANI" ARAB PAYMENTS PLATFORM. WIDE PARTICIPATION OF COMMERCIAL BANKS REFLECTS THE GROWING INTEREST IN PARTICIPATING IN THE PLATFORM.

2020-07-13

With the announcement of the launch of the "Bani" platform for Arab payments of the Regional Corporation for Clearing and Settlement of Arab Payments owned by the Arab Monetary Fund, the fund continues its efforts in following up the process of joining central and commercial banks on the platform. In this context, a fund, in cooperation with the Central Bank of Iraq, is organizing today, Monday, July 13, a workshop to enroll banks operating in the Republic of Iraq on the platform, in which senior officials from all banks operating in Iraq will participate.

The workshop discusses the process of joining banks operating in the Republic of Iraq on the "Bani" platform and the proposed business plan, and addresses the technical requirements and steps required to ensure that they are easily linked to the platform. It also includes a presentation by the Central Bank of Iraq, in which it reviews the most important features of the platform in developing payment services in the region and the services it provides to banks in enhancing their role in supporting investments, intra-trade and economic ties with the trading partners of Iraq.

It should be noted that this workshop comes after more than thirteen workshops were held at the level of the Arab region, during which there was wide participation from commercial banks operating in the Republic of Iraq, which showed a growing interest in participating in the group of first users of the platform. This workshop is also the eighth in a series of workshops dedicated to joining banks in every Arab country.

It should be noted that the "Bani" platform represents a multi-currency payment platform that provides clearing and settlement services in Arab currencies and international currencies that meet eligibility requirements for clearing and settling inter-Arab financial transactions, as well as financial transactions between Arab countries and the main commercial partners of Arab countries.

The platform aims to enable financial and banking institutions in the Arab region, including central and commercial banks, to send and receive intermittent payments throughout the Arab region and abroad in a safe and reliable manner, at an appropriate cost and high efficiency. The Bani platform offers participants 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, foremost among which are the standards and procedures for aspects of compliance.

His Excellency the Director General, Chairman of the Board of Directors of the Fund, Dr. Abdul Rahman bin Abdullah Al-Hamidi, expressed his gratitude for the continuous support of His Excellency the Governor of the Central Bank of Iraq for the Arab clearing project and his colleagues' cooperation in preparing the workshop and speeding up the attachment of banks in Iraq to the "Bani" payment platform. He also praised the great enthusiasm shown by Iraqi banks to participate in the platform.

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by **claud39** Sat Apr 10, 2021 11:23 am

THE ARAB MONETARY FUND HOLDS AN INTERACTIVE WORKSHOP REVIEWING THE "BUNA" ARAB PAYMENTS PLATFORM INITIATIVE TO SUPPORT THE PROJECT OF LINKING INFRASTRUCTURE TO ARAB CAPITAL MARKETS

2021-04-08

The workshop is held in cooperation with the "Euroclear" Foundation, as part of the continuous interactive meetings of the "Bona" platform

The workshop hosts more than 200 participants from representatives of central banks, financial and banking institutions from the Arab region and the world

Today, Thursday, April 8, 2021, the Arab Monetary Fund will hold a "remote" workshop to present the approach proposed by the "Buna" Arab Payments Platform of the Regional Corporation for Arab Payments Clearing and Settlement owned by the Fund, to expand the range of innovative services and products by launching financial solutions New aims to support the business, clearing and settlement of Arab securities transactions, to contribute to linking the Arab financial markets in a way that enhances the liquidity of the issued financial instruments and encourages Arab and international investments in these instruments.This workshop also constitutes an opportunity to confirm the persistence of the Bunaa Arab Payments platform in holding interactive meetings to communicate with all concerned parties, including central banks, Arab and international banking and financial institutions, financial market authorities, stock exchanges and securities preservation centers in the Arab countries, through its success in organizing twenty specialized workshops During one year, Buna’s management staff, along with a large number of senior speakers from Arab and international financial institutions, reviewed the value provided by the “Bunaa” payments platform and revealed the latest developments related to its business and activities.

The workshop will be held in cooperation with the Euroclear Foundation, the International Center for the Deposit of Securities, where it will highlight the opportunities available to establish an Arab financial center that serves the region’s needs for integrated stock markets, allowing issuers of bonds and sovereign and private debt instruments the ability to reach a wide range of local investors. And international standards, with high efficiency and reasonable cost.

More than 200 participants, representing central banks, financial market authorities, stock exchanges, financial and banking institutions, and financial services providers from the Arab region and the world, will participate in the workshop, to closely examine the activities of the Bunaa platform and the development of its business and future plans.

On this occasion, Mr. Mahdi Maneh, CEO of the Regional Corporation for Arab Payments Clearing and Settlement , said :With the support of the governors of central banks, Arab monetary institutions and the Arab Monetary Fund, Bunaa looks forward to expanding its innovative services by exploring the potentials and opportunities available to link Arab stock markets across borders in order to enhance their ability to meet the growing needs, diversify sources and tools of financing, and enhance opportunities for attracting investments. This ambitious project, which aims to connect the infrastructure of Arab securities in a regional system that enhances the liquidity of the issued financial instruments and opportunities to attract investors to them, comes within the framework of the strategy of the Arab Monetary Fund to support the development of Arab financial markets and opportunities for financial integration, and is consistent with the vision of the "Buna" platform aimed at To develop the financial infrastructure system to contribute to strengthening economic growth and enhancing financial integration at the regional level.

Manea added , “Buna has succeeded in completing all the main stages of its operational plan, and to date, the list of settlement currencies listed on the Buna platform includes the UAE dirhams, the Saudi riyals, the Egyptian pound, and most recently the US dollar. The next few weeks, in parallel, the "Bunaa" network of participating banks from the region and beyond is registering steady growth with the completion of the procedures and requirements for including about 90 banks from the Arab region out of more than 140 banks who are now in various stages of preparation and preparation to join the platform. We also look forward to completing the current set of services provided by the "Bunaa" platform, which includes multi-currency cross-border payments between banks, commercial payments and transfers, by working on launching and activating the instant payments service. "

It should be noted that the "Buna" platform is an integrated system specialized in providing clearing and settlement services for payments in Arab and international currencies, aiming to enable financial and banking institutions in the Arab region and abroad, including central and commercial banks, to send and receive intermittent payments throughout the Arab region. And outside, in a safe, reliable, cost-effective, and highly effective way. BUNNA provides participants with modern payment solutions that comply with international standards, principles and international compliance requirements. BUNA contributes to enhancing economic and financial integration opportunities in the Arab region and supporting investment ties with trading partners in various continents. It is mentioned that participation in the platform is available to all banks and financial institutions that meet the criteria and conditions for participation in it, foremost among which are the standards and procedures for compliance aspects.

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%D8%B9%D9%82%D8%AF-%D9%88%D8%B1%D8%B4%D8%A9-%D8%B9%D9%85%D9%84-%D8%AA%D9%81%D8%A7%D8%B9%D9%84%D9%8A%D8%A9-%D8%AA%D8%B3%D8%AA%D8%B9%D8%B1%D8%B6-%D9%85%D8%A8%D8%A7%D8%AF%D8%B1%D8%A9-%D9%85%D9%86%D8%B5%D8%A9-%D8%A8%D9%8F%D9%86%D9%89-%D9%84%D9%84%D9%85%D8%AF%D9%81%D9%88%D8%B9%D8%A7%D8%AA-%D8%A7%D9%84%D8%B9%D8%B1%D8%A8%D9%8A%D9%91%D8%A9-%D9%84%D8%AF%D8%B9%D9%85