Chairman and Director General of the Arab Monetary Fund (AMF), Dr. Jassem Al Mannae, called on Sunday to boost competition within the Arab banking sector, provide advanced banking services and improve its credit efficiency.
Mannae added that the banking sector in the Arab world was clearly dominating the financial sector; he noted that the overall capital of Arab money markets increased to over 1.3 trillion US dollars in the third quarter of the current year.
Addressing a workshop on the "Development of Arab Financial Markets," Mannae told participants the development of the financial sector should occur via the establishment of money markets dedicated to stocks and bourses, according to KUNA.
He stressed that further development of stock markets in Arab countries was necessary, and that money markets would remain incomplete without a bonds market. To do so, however, would require the creation of companies with credit power to issue special bonds.