Efficient risk management in the Arab banking sector contributes to enhancing capital adequacy levels
The application of Basel III requirements and International Financial Reporting Standard No. (9) (IRFS 9) have a clear role in enhancing capital adequacy in the Arab banking sector
The size of banks' assets plays a key role as a determinant of capital adequacy in the Arab banking sector
With an amount of Arab Accounting Dinar 14.77 million, the equivalent of approximately USD 63 million, in face of current circumstances
The Arab Monetary Fund (AMF) is keen to support the efforts of its member countries to implement economic, financial and structural reforms, in face of various challenges, through a number of means, including financing the needs of the balance of payments and public budgets, and financing trade through its affiliate the Arab Trade Financing Program, in addition to its role in promoting policy dialogue and consultation on economic, financial and development issues via its various forums and activities, providing technical advice to member countries in the field of economic, fiscal and financial policies, and providing training for government officials in member countries through its Institute for Training and Capacity Building.
within the framework of the Structural Adjustment Facility in the Public Finance Sector, with an amount of Arab Accounting Dinar 20.562 million, the equivalent of approximately USD 87.5 million, to support reform efforts in face of various challenges
The Arab Monetary Fund (AMF) is keen to support the efforts of its member countries to implement economic, financial and structural reforms, in face of various challenges, through a number of means, including financing the needs of the balance of payments and public budgets, and financing trade through its affiliate the Arab Trade Financing Program, in addition to its role in promoting policy dialogue and consultation on economic, financial and development issues via its various forums and activities, providing technical advice to member countries in the field of economic, fiscal and financial policies, and providing training for government officials in member countries through its Institute for Training and Capacity Building.
Banca d’Italia and the Arab Regional Payments Clearing and Settlement Organization (ARPCSO) announced today the successful completion of a joint experiment aimed at linking for the first time the instant payment settlement platforms with multi-currency features (TIPS and BUNA) operated by the two organizations. The results of the experiment have been presented at an international webinar held under the auspices of the Italian Presidency of the G20 on 27-28 September.
The experiment simulated the payment of €1 by a current account holder of Banca Intesa Sanpaolo in favour of a customer of Jordan Ahli Bank, who received the money in Jordanian dinars (JOD). During the experiment, a number of cross-currency transactions were settled in both TIPS and Buna IPS, by debiting Intesa Sanpaolo’s TIPS account in EUR and crediting Jordan Ahli’s JOD account in BUNA. The average end-to-end response time for these transactions was approximately 15 seconds.
More than 1100 terms covering various aspects of the Fintech industry
The glossary aims to pinpoint and define the Fintech terms considering the tremendous and accelerated growth of the Fintech activities
Terms are shown in three languages "English, Arabic, and French"
The terms are classified under 14 chapters to cover all aspects of financial technology
Within the framework of the Arab Monetary Fund’s eagerness to enhance the digital financial literacy in the Arab countries, and its belief in the importance of having robust reference for the terminologies of the financial technology industry, considering the significant role that the financial innovation plays in the future of financial and banking services, the Arab Monetary Fund, within the activities of the Arab Regional Fintech Working Group, has issued the second edition of the "Fintech Glossary”.
The glossary contains (14) chapters covering all the terms of financial technology, which contributes to enhancing the awareness of the financial innovations’ concepts and terminologies.
The workshop is hosting speakers from the World Bank, Bank for International Settlements (BIS), Cross-border Interbank Payment System (CIPS), National Payments Corporation of India (NPCI) and State Bank of Pakistan
More than 200 senior officials will attend the workshop, representing central banks and a wide spectrum of regional and global financial institutions
Abu Dhabi, 2 September 2021: The Arab Monetary Fund (AMF) holds today, Thursday September 2, 2021, a workshop to explore and discuss the recent trends related to the cross-border payment industry and elaborate on Buna’s (the cross-border payment system owned by the AMF) opportunity to act as a bridge with major trade partners in Asia.
During this workshop, high level guest speakers representing, Cross-border Interbank Payment System (CIPS) which is linked to the People’s Bank of China, the National Payments Corporation of India (NPCI) supervised by the Reserve Bank of India, and the State Bank of Pakistan, will elaborate on the strategic role that Buna is capable to play as a payment gateway and a bridge to link with the Asian markets, and support the growth of commercial and investment activities with trade partners in Asia.
Setting the foundation for interoperability between Buna and Visa and enabling innovative payment options for financial institutions
Abu Dhabi 26 August 2021: The Arab Monetary Fund (AMF) and Visa, announced today the signing of a Memorandum of Understanding (MoU). Under the terms of this MoU, Visa and Buna (The Regional Payment Platform owned by the AMF), will set the foundation for mutual beneficial interoperability and a solid partnership that aims to enable additional rails of money transfer across the two systems, supporting the growth and efficiency of cross-border payments between the Arab region and the rest of the world.
Buna and Visa will collaborate to offer their network of participants and member banks respectively, a quick, efficient, cost effective and secure channels to execute cross-border payments in Arab and International currencies, enabling diversified pay out options.
Great opportunities for enhancing financial services by fostering the use of
DLT/ Blockchain Technologies in Arab Countries
Guidelines and roadmap on how to embrace these technologies in
the financial sector, how to employ it properly and the related requirements
The Arab Monetary Fund (AMF) issued today Tuesday, August 17, 2021, Policy Guide on “Strategies for Adopting DLT/ Blockchain Technologies in Arab Countries” prepared by the Arab Regional Fintech Working Group (WG), which AMF has its technical secretariat. The guide is being issued in the framework of the Fund's endeavours to promote awareness of the requirements for developing Fintech industry and supporting digital financial transformation efforts in Arab countries.
The guide aims to provide policy directions on how to adopt these technologies in the financial sector, how to employ them properly, the related pre-requisites; thereby improving the efficiency of financial and banking services and enhancing support for digital financial transformation and financial inclusion efforts. The guide elaborates on the various types of Distributed Ledger Technologies (DLT) and blockchain, clarifies common myths and misconceptions about them, highlights their governance methodologies, and the initiatives of different countries in adopting these technologies and how to formulate national strategies.
Arab Monetary Fund disburses to the Arab Republic of Egypt the second tranche of the loan within the framework of the Structural Adjustment Facility in the Public Finance Sector, with an amount of Arab Accounting Dinar 65.775 million, the equivalent of approximately USD 282 million, to support reform efforts in face of various challenges
The Arab Monetary Fund (AMF) is keen to support the efforts of its member countries to implement economic, financial and structural reforms, in face of various challenges, through a number of means, including financing the needs of the balance of payments and public budgets, and financing trade through its affiliate the Arab Trade Financing Program, in addition to its role in promoting policy dialogue and consultation on economic, financial and developmental issues via its various forums and activities, providing technical advice to member countries in the field of economic, fiscal and financial policies, and providing training for government officials in member countries through its Institute for Training and Capacity Building.
The Arab Monetary Fund (AMF) is keen to support the efforts of its member countries to implement economic, financial and structural reforms, in face of various challenges, through a number of means, including financing the needs of the balance of payments and public budgets, and financing trade through its affiliate the Arab Trade Financing Program, in addition to its role in promoting policy dialogue and consultation on economic, financial and development issues via its various forums and activities, providing technical advice to member countries in the field of economic, fiscal and financial policies, and providing training for government officials in member countries through its Institute for Training and Capacity Building.