The 12th high-level meeting for the Arab region on global banking standards and regulatory and supervisory priorities kicked off yesterday in Abu Dhabi under the organization of the Arab Monetary Fund (AMF) in collaboration with the Financial Stability Institute (FSI) and the Basel Committee on Banking Supervision (BCBS), QNA reported.
AMF Director-General and Chairman Dr. Abdulrahman bin Abdullah Al Hamidy emphasised in his opening speech the importance of continuous effort to improve standards, regulations, and supervision of financial and global banking, recognizing the efforts done by the Arab governments on this issue. He further identified the efforts by the involved international frameworks concerning the development of rules and legislation supervisory more precautionary and comprehensiveness of risk; stressing the importance of modern financial techniques, especially in the promotion of financial inclusion.
He pointed out the need for the supervisory authorities to develop and update legislative and regulatory frameworks to enhance access to financial services and the preservation of consumer rights.
He also praised efforts done in developing supervisory legislation and rules for Islamic bank, pointing out the need for stricter supervisory in central banks, which in turn enhances chances of development for Islamic banks.
