Arab Banks Federation to implement new banking network
As a means of bringing technological advances to the Arab banking sector, the Arab Banks Federation is developing an online Arab banking network, reported Syria Times. Its primary role will be to provide extensive information about Arab banks and financial institutions, in addition to providing a platform for electronic trade.
Secretary general of the Arab Banks Federation, Dr. Adnan Al-Hindi, stated that "the Federation plans to link the network to other Arab networks in the field of trade and investment." The project will provide a comprehensive network for banks and investment firms "with the suitable finance, investment and commercial opportunities."
Dr. Al-Hindi spoke of the Arab monetary integration, planned since 1980, that aims at forming a system which will settle the current payments among Arab countries, as well as develop and promote regional stock markets. In addition, the monetary integration will endeavor to coordinate national currency exchanges along with monetary policies of the Arab central banks.
The new network, Dr. Al-Hindi forecasted, will help bring forth the monetary integration by merging banks in the region, establishing the Arab stock markets, and simultaneously working towards globalization to face current and future foreign competition. ― (Albawaba-MEBG)