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Arab Monetary: weaknesses in risk management threatens the banking system
Signed a memorandum with the «Islamic Development Bank» to support the economies of the Arab countries
Wednesday, April 8th, 2015
Stressed the Arab Monetary Fund, the absence or weakness of operational risks in the central bank management, threatening the Arab banking system as a result of confidence in the banking sector to these countries and lower credit worthiness loss, with international institutions to provide facilities and loans to these countries as well as the reluctance of investors to go to those areas.
Dr. Abdulrahman bin Abdullah Al-Hamidi, Director General Chairman of the Arab Monetary Fund, the need to apply the foundations of good governance on all financial institutions and central banks, which occupies the top of the pyramid in the financial sector, pointing out that the world's economies are experiencing difficult economic challenges due to the global financial crisis and Tdaeitha that was one of the causes weak governance and financial transparency in the major international financial institutions.
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He explained during the opening session of the «Operational Risk Management», which began its work at the headquarters of the Arab Monetary Fund in Abu Dhabi yesterday, that central banks play an important and key role is to maintain financial and monetary stability.
He said in his speech, Dr. Ibrahim Alkrnoh, head of training programs on behalf of the Economic Policy Institute him, it has to be applying the highest standards of governance so that the central bank to carry out the tasks entrusted to it.
He said that the course is designed to enhance risk management in central banks, which shed light on the availability of transparency and systems of internal controls actors in the work necessary to minimize or reduce operational risks that can be faced by central banks.
He added that the operational risk management evaluation is one of the most important elements to assess the creditworthiness of central banks, and the ability of these banks to manage financial resources effectively and safely, to achieve this it is evaluated many of the important aspects of financial control, such as evaluation of the external audit mechanism with central banks to make sure the strength and independence and integrity of this task.
And participate in the session to be held during the period from April 7-9 current 31 participants from 17 Arab countries, and organized by the Economic Policy Institute of the Arab Monetary Fund.
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For his part, said Alkrasna for «Union», The importance of cycle «Operational Risk Management» central banks back to the fallout from the confidence in the central banks on the part of authorities and international financial institutions, whether lending or classification and lack of confidence in the banks leading to poor classification and the reluctance financial institutions from lending and the flight of investors from home and abroad.
He said «The absence or weakness of operational risk management in central banks, threatening the Arab banking system as a result of confidence in the banking sector for those countries losing their low credit worthiness, with international institutions to provide facilities and loans to these countries, in addition to the reluctance of investors to go to those areas».
And On the other hand signed the Arab Monetary Fund, the Islamic Development Bank yesterday, a memorandum of understanding in Kuwait City, the joint annual meetings of financial institutions margin, so as to coordinate efforts to strengthen mutual cooperation to support the economies of the Arab countries in various fields and activities, in the framework of the tasks and functions of each of them .
The Islamic Development Bank is supporting the economic development and social progress of the peoples of Member States and Muslim communities collectively and individually, in accordance with the principles of Islamic law, through the provision of various forms of development assistance to finance trade and the fight against poverty through human development and economic cooperation, and strengthen the role of Islamic finance in economic and social development .
As the Arab Monetary Fund works to lay the foundations for economic and monetary integration, and accelerate the process of economic development of Member States, through the provision of financial facilities to address issues related to the disruption of the balance of payments, and the implementation of economic, financial, monetary and structural reforms, and the development of Arab financial markets, and providing technical assistance in the areas of work and human capacity building.
Will also have the aspect of human capacity building of great importance, as the two institutions intend to organize a number of workshops and specialized training courses, in cooperation with international financial institutions concerned, in addition to that and where institutions have the programs and initiatives for the development of statistical systems and capacities in the framework program (STATCAP) with the Islamic Development Bank The initiative Arbstadt the Arab Monetary Fund, the cooperation will include coordination between their efforts to improve the statistical systems and the provision of economic and financial statistics reliable.
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Signed a memorandum with the «Islamic Development Bank» to support the economies of the Arab countries
Wednesday, April 8th, 2015
Stressed the Arab Monetary Fund, the absence or weakness of operational risks in the central bank management, threatening the Arab banking system as a result of confidence in the banking sector to these countries and lower credit worthiness loss, with international institutions to provide facilities and loans to these countries as well as the reluctance of investors to go to those areas.
Dr. Abdulrahman bin Abdullah Al-Hamidi, Director General Chairman of the Arab Monetary Fund, the need to apply the foundations of good governance on all financial institutions and central banks, which occupies the top of the pyramid in the financial sector, pointing out that the world's economies are experiencing difficult economic challenges due to the global financial crisis and Tdaeitha that was one of the causes weak governance and financial transparency in the major international financial institutions.
adverttop.png
advertbottom.png
He explained during the opening session of the «Operational Risk Management», which began its work at the headquarters of the Arab Monetary Fund in Abu Dhabi yesterday, that central banks play an important and key role is to maintain financial and monetary stability.
He said in his speech, Dr. Ibrahim Alkrnoh, head of training programs on behalf of the Economic Policy Institute him, it has to be applying the highest standards of governance so that the central bank to carry out the tasks entrusted to it.
He said that the course is designed to enhance risk management in central banks, which shed light on the availability of transparency and systems of internal controls actors in the work necessary to minimize or reduce operational risks that can be faced by central banks.
He added that the operational risk management evaluation is one of the most important elements to assess the creditworthiness of central banks, and the ability of these banks to manage financial resources effectively and safely, to achieve this it is evaluated many of the important aspects of financial control, such as evaluation of the external audit mechanism with central banks to make sure the strength and independence and integrity of this task.
And participate in the session to be held during the period from April 7-9 current 31 participants from 17 Arab countries, and organized by the Economic Policy Institute of the Arab Monetary Fund.
adverttop.png
advertbottom.png
For his part, said Alkrasna for «Union», The importance of cycle «Operational Risk Management» central banks back to the fallout from the confidence in the central banks on the part of authorities and international financial institutions, whether lending or classification and lack of confidence in the banks leading to poor classification and the reluctance financial institutions from lending and the flight of investors from home and abroad.
He said «The absence or weakness of operational risk management in central banks, threatening the Arab banking system as a result of confidence in the banking sector for those countries losing their low credit worthiness, with international institutions to provide facilities and loans to these countries, in addition to the reluctance of investors to go to those areas».
And On the other hand signed the Arab Monetary Fund, the Islamic Development Bank yesterday, a memorandum of understanding in Kuwait City, the joint annual meetings of financial institutions margin, so as to coordinate efforts to strengthen mutual cooperation to support the economies of the Arab countries in various fields and activities, in the framework of the tasks and functions of each of them .
The Islamic Development Bank is supporting the economic development and social progress of the peoples of Member States and Muslim communities collectively and individually, in accordance with the principles of Islamic law, through the provision of various forms of development assistance to finance trade and the fight against poverty through human development and economic cooperation, and strengthen the role of Islamic finance in economic and social development .
As the Arab Monetary Fund works to lay the foundations for economic and monetary integration, and accelerate the process of economic development of Member States, through the provision of financial facilities to address issues related to the disruption of the balance of payments, and the implementation of economic, financial, monetary and structural reforms, and the development of Arab financial markets, and providing technical assistance in the areas of work and human capacity building.
Will also have the aspect of human capacity building of great importance, as the two institutions intend to organize a number of workshops and specialized training courses, in cooperation with international financial institutions concerned, in addition to that and where institutions have the programs and initiatives for the development of statistical systems and capacities in the framework program (STATCAP) with the Islamic Development Bank The initiative Arbstadt the Arab Monetary Fund, the cooperation will include coordination between their efforts to improve the statistical systems and the provision of economic and financial statistics reliable.
[You must be registered and logged in to see this link.]
