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HIS EXCELLENCY DR. ABDULRAHMAN BIN ABDULLAH AL-HAMIDI, DIRECTOR GENERAL AND CHAIRMAN OF THE BOARD OF DIRECTORS OF THE ARAB MONETARY FUND, DELIVERS A SPEECH ON THE OCCASION OF THE OPENING OF THE ROUND TABLE WORKSHOP ON THE DEVELOPMENT OF THE MICROFINANCE S DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

HIS EXCELLENCY DR. ABDULRAHMAN BIN ABDULLAH AL-HAMIDI, DIRECTOR GENERAL AND CHAIRMAN OF THE BOARD OF DIRECTORS OF THE ARAB MONETARY FUND, DELIVERS A SPEECH ON THE OCCASION OF THE OPENING OF THE ROUND TABLE WORKSHOP ON THE DEVELOPMENT OF THE MICROFINANCE S

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HIS EXCELLENCY DR. ABDULRAHMAN BIN ABDULLAH AL-HAMIDI, DIRECTOR GENERAL AND CHAIRMAN OF THE BOARD OF DIRECTORS OF THE ARAB MONETARY FUND, DELIVERS A SPEECH ON THE OCCASION OF THE OPENING OF THE ROUND TABLE WORKSHOP ON THE DEVELOPMENT OF THE MICROFINANCE S Empty HIS EXCELLENCY DR. ABDULRAHMAN BIN ABDULLAH AL-HAMIDI, DIRECTOR GENERAL AND CHAIRMAN OF THE BOARD OF DIRECTORS OF THE ARAB MONETARY FUND, DELIVERS A SPEECH ON THE OCCASION OF THE OPENING OF THE ROUND TABLE WORKSHOP ON THE DEVELOPMENT OF THE MICROFINANCE S

Post by claud39 Fri May 21, 2021 1:13 pm

HIS EXCELLENCY DR. ABDULRAHMAN BIN ABDULLAH AL-HAMIDI, DIRECTOR GENERAL AND CHAIRMAN OF THE BOARD OF DIRECTORS OF THE ARAB MONETARY FUND, DELIVERS A SPEECH ON THE OCCASION OF THE OPENING OF THE ROUND TABLE WORKSHOP ON THE DEVELOPMENT OF THE MICROFINANCE SECTOR IN THE ARAB COUNTRIES


 2021-05-20


HIS EXCELLENCY DR. ABDULRAHMAN BIN ABDULLAH AL-HAMIDI, DIRECTOR GENERAL AND CHAIRMAN OF THE BOARD OF DIRECTORS OF THE ARAB MONETARY FUND, DELIVERS A SPEECH ON THE OCCASION OF THE OPENING OF THE ROUND TABLE WORKSHOP ON THE DEVELOPMENT OF THE MICROFINANCE S Logo-ar




Praise the progress made towards digital financial transformation in the Arab countries
The importance of having a clear future vision on the role of the microfinance sector in promoting financial inclusion in the Arab countries
Emphasizing the importance of enhancing liquidity and collateral, digitizing services and facilitating their access to consumers of microfinance services, and developing legislation as the most prominent priorities for sector development  
 

His Excellency Dr. Abdul Rahman bin Abdullah Al Hamidi, Director General and Chairman of the Board of Directors of the Arab Monetary Fund, delivered a speech at the opening of the round table workshop on developing the microfinance sector in Arab countries, which the fund organized "remotely" within the framework of the regional initiative to enhance financial inclusion in Arab countries. A number of experts from Arab countries participated in the workshop, from ministries of finance, central banks, monetary institutions, bodies supervising the microfinance sector, commercial banks, bank unions, and microfinance networks in Arab countries. A number of regional and international financial institutions such as the German Development Agency, the World Bank Group, and the Global Alliance for Financial Inclusion also participated in the workshop.

His Excellency indicated that the Arab Monetary Fund has intensified its efforts to enhance dialogue and consultation on the implications of the Corona pandemic and the opportunities available to enhance financial inclusion in cooperation with partner institutions in the regional initiative to enhance financial inclusion in Arab countries. His Excellency praised the progress made in the field of digital financial transformation, referring in this context to the document issued by the fund on the framework of digital financial transformation in the Arab countries, which provided a roadmap to accelerate the approach to digital financial services and the requirements of policies and procedures in this regard. His Excellency also indicated that the consultations highlighted the importance of developing the microfinance sector in the Arab countries, and the available opportunities provided by financial technologies to improve the available services, in recognition of the great importance that the sector achieves in creating job opportunities, facing the challenges of unemployment, and supporting opportunities for sustainable economic and social development.

In the same context, His Excellency Dr. Abdul-Rahman Al-Hamidi stressed the importance of having a clear future vision on the role of the microfinance sector in promoting financial inclusion in the Arab countries, referring in this regard to the main priorities in work axes to develop this sector, which are represented in enhancing liquidity and guarantees, and digitizing services. And facilitate its access to consumers of microfinance services by making use of modern technologies, in addition to developing legislation that governs the work of microfinance institutions.

His Excellency the Director General of the Chairman of the Board of Directors of the Arab Monetary Fund praised the efforts made by the authorities in the Arab countries to regulate the microfinance sector, indicating that there is still a need to review the existing legislation, especially in terms of restrictions regarding the scope of services provided by microfinance institutions and the ceiling of the facilities that can be made. Their progress, in a way that preserves the trend to support small borrowers on the one hand, while helping them on the other hand to transform into small and medium enterprises, and paying attention to the opportunities provided by the use of modern technologies in developing the services of microfinance institutions and the opportunities for them to obtain the necessary liquidity for them.

In conclusion, His Excellency affirmed that the Arab Monetary Fund will spare no effort or means to contribute to supporting the endeavors of our Arab countries in promoting the development of microfinance, in a way that contributes to the access of all segments of society to financial services, hoping that today's workshop will contribute to achieving the desired objectives in launching activities in that matter.
 

The following is the full text of the speech:
 
Excellencies,


Ladies and Gentlemen,


May God bless your time with all the best wherever you are,
 
First of all, I hope that you and your family are well and safe.

I am pleased to welcome you at the opening of the round table workshop on " developing the microfinance sector in the Arab countries " , organized by the Arab Monetary Fund within the framework of the regional initiative to enhance financial inclusion in Arab countries, by means of visual communication technology.

Allow me at the outset to express my sincere thanks and appreciation to the generous attendance at the workshop, which is attended by a group of experts from our Arab countries, including ministries of finance, central banks, monetary institutions, bodies supervising the microfinance sector, commercial banks, bank unions, and microfinance networks in the Arab countries. I would also like to thank the regional and international financial institutions for their kindness to participate with us today.

Thanks are also extended to the partner institutions in the initiative, the German Agency for Development, the World Bank Group, and the Global Alliance for Financial Inclusion for their participation in the workshop, and for their continued cooperation to support efforts to enhance financial inclusion in the Arab region. On this occasion, I would also like to thank the experts and speakers from Arab central banks and regional and international institutions, who were keen to participate today to present their views on the reality of microfinance in the Arab region before, during and after the pandemic, and a number of issues on ways to develop the microfinance sector in the Arab region. This includes aspects of reforms to upgrade the microfinance sector, in addition to policy options and legislative and regulatory requirements to enhance microfinance opportunities in the short and medium term.
 

Ladies and Gentlemen,


Since the Corona pandemic, the Arab Monetary Fund, in cooperation with the initiative's partner institutions, has intensified its efforts to enhance dialogue and consultation on the implications of the pandemic and the opportunities available to enhance financial inclusion. We are pleased with the progress that resulted from these consultations and dialogue in terms of digital financial transformation, especially the document issued by the Fund on the framework for digital financial transformation in the Arab countries. The document provided a roadmap to accelerate the approach to digital financial services and requirements in policies and procedures in this regard. In addition to the digital financial transformation, the consultations highlighted the importance of developing the microfinance sector in the Arab countries, and the available opportunities provided by financial technologies to improve the available services.

It is appropriate for us to have a clear future vision on the role of the microfinance sector in promoting financial inclusion, based on recent trends and our aspirations for this sector. Perhaps today's workshop provides us with clear paths towards developing the sector and increasing its contribution to economic activity.

The results of the questionnaire, which was recently distributed to members of the Financial Inclusion Team in the Arab Countries, on the priorities for developing the microfinance sector in the Arab countries, showed that enhancing liquidity and collateral is the main priority in work axes to develop this sector, in addition to digitizing services and facilitating their access to consumers of financing services. The smallest to take advantage of modern technologies. The questionnaire also highlighted the importance of developing legislation that governs the work of microfinance institutions, in order to enhance the opportunities for growth and competitiveness among these institutions.

It is no secret that the supervisory authorities in the Arab countries have paid much attention in recent years to regulating the microfinance sector, which contributed to the entry of new institutions and service providers. However, there is a need to review existing legislation, especially with regard to restrictions regarding the scope of services provided by microfinance institutions and the ceiling of the facilities they can provide, in order to maintain the tendency to support small borrowers on the one hand, while helping them on the other hand to transform into small and medium enterprises. It is also necessary to pay attention to the opportunities offered by the use of modern technologies in developing the services of microfinance institutions and the opportunities for them to obtain the necessary liquidity for them.

We are pleased that today's workshop addresses all these issues, and we look forward to dialogue on them. We also look forward to enhancing cooperation opportunities with all regional and international institutions, in order to contribute to adopting joint activities that support the development of the microfinance sector in the Arab region.

We also look forward to the workshop providing a future vision for the microfinance sector within the framework of the digital financial services system and recent trends in the microfinance industry, benefiting in this context from the experiences of a number of Arab and non-Arab countries, to address the current challenges to upgrade the sector.
 

Ladies and Gentlemen,


It is well known to you that the great importance attached to digital financial inclusion policies and strategies today, as enhancing the ability to access financial services for various segments of society, especially micro and small enterprises, has become a major goal for economic policy makers, due to its positive impact on financial and social stability and economic development. . There is no doubt that the speed of employing modern technologies will help in light of the young nature of our Arab region in achieving the desired goals.

In this context, the importance of regional activities, activities and events of the Arab Day for Financial Inclusion initiative, in which central banks and Arab monetary institutions cooperate with financial and banking institutions, technology and communications bodies, ministries of education and civil society organizations to raise awareness of financial inclusion issues.

We are grateful in this regard, for the activities and activities carried out by central banks and Arab monetary institutions this year to raise awareness of digital financial inclusion. We also thank the financial and banking institutions that took the initiative, on the occasion of this day, to launch initiatives and promote a number of financial services and products, which enhance the access of various segments of society, especially micro-enterprises and rural communities, to formal financial services, in a manner that also serves the requirements of developing the microfinance sector.
 

Ladies and Gentlemen,


Allow me to note that building a societal culture that is aware of the opportunities and risks in financial services represents a continuous process of improving financial awareness, especially for young people. Therefore, the Arab Monetary Fund has launched a number of booklets for young people with the aim of contributing to awareness efforts about financial issues and services, in a way that serves financial inclusion. We hope that these booklets will contribute to achieving their intended purpose.

Before concluding, I would like to emphasize on this occasion that the Arab Monetary Fund will spare no effort or means to contribute to supporting the endeavors of our Arab countries in promoting the development of the microfinance sector, in a way that contributes to the access of all groups of society to financial services. The intended purposes to launch activities in this regard.

Finally, I do not miss on this occasion, except that I reiterate my thanks and gratitude to the country of the headquarters of the Arab Monetary Fund, the United Arab Emirates, for the great facilities it provides that contribute to the success of the fund in its pursuit of its goals .

Thank you for your presence, and we look forward to welcoming you to Abu Dhabi at recent events.

 
Peace, mercy and blessings of God.




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-50
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