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Press release on the occasion of Arab Financial Inclusion Day - April 26, 2024

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Press release on the occasion of Arab Financial Inclusion Day - April 26, 2024
April 28, 2024
     :diamonds: A press release issued by: The Secretariat of the Council of Governors of Central Banks and Arab Monetary Institutions (Arab Financial Inclusion Day - April 26, 2024) under the slogan: “Towards encouraging saving to enhance financial inclusion”.. To view, click here
[approximate and incomplete translation of https://cbi.iq/static/uploads/up/file-171430627871664.pdf]
Press release issued by:
Secretariat of the Board of Governors of Central Banks and Arab Monetary Institutions
Arab Financial Inclusion Day - 26 April 2024
Under the slogan: “Towards encouraging savings to enhance financial inclusion
The issue of financial inclusion receives great attention from the Board of Governors of Central Banks and Monetary Institutions Arabic.
Recognizing the potential and significant opportunities that can be realized by enhancing access to services Finance in Arab countries to support comprehensive and sustainable economic development.
There is no doubt that saving is one of the most important Financial services play an important role in promoting financial inclusion, economic stability and development in general.”
Studies have shown that economies and economic groups with good levels of saving are more stable Economically, stable growth rates and ability to withstand shocks.
Hence, the authorities in the Arab region have given special attention to encouraging savings by supporting the development of tools New savings that suit individuals’ needs: improving financial infrastructure and expanding access to services Financial services for all sectors of society through digital financial services, which contributes to comprehensive development And sustainable.
Accordingly, the Arab Financial Inclusion Day for the year 2024 is commemorated under the slogan “Towards encouraging savings to enhance... “Financial inclusion.”
In this context, it is important for the regulatory authorities to establish regulatory frameworks that provide justice and protection For the financial saver in order to enhance saving and the financial and banking sector initiative to promote the culture of saving and raise awareness of its importance
“In providing financial independence to individuals” and developing innovative financial products that suit the needs of all segments of society It encourages them to save.
World Bank statistics for the year 2021 indicate that the percentage of the adult population in the Arab region who saves in...  
Formal financial institutions have risen on average from 6 percent in 2011 to 10 percent in 2021
 Despite the progress made.
Opportunities are still great, especially for financial and banking institutions. To improve Accessing savings products in Arab societies and targeting deprived sectors and promising areas through Adopting appropriate policies.
Within the framework of its strategy, the Arab Monetary Fund pays great attention to developing the financial sector, especially at the level of...
Promoting financial inclusion with the aim of achieving comprehensive and sustainable development and financial stability in Arab countries. in
In this regard, the Fund works in cooperation with Arab central banks to identify obstacles and challenges
Which prevents the promotion of savings among all segments of society” and supports the encouragement of the development of savings products and accounts
It provides attractive returns and motivates these groups to save, in addition to enhancing the use of modern financial technologies to facilitate... Access to savings accounts.
Arab central banks also work to issue laws and regulations
Which enhances fairness and transparency in savings products and how financial institutions deal with individual savers.
On this occasion, His Excellency Dr. Fahd bin Mohammed Al Turki, Director General and Chairman of the Board of Directors of the International Monetary Fund, confirmed
Al-Arabi stressed the importance and role of financial inclusion in facing economic challenges that affect economic growth “Economic development” by mobilizing the necessary resources to increase savings and investment rates and create job opportunitiesNew.
His Excellency also noted the efforts of Arab central banks in giving the necessary importance to issues of enhancing inclusion “Financial within the framework of the economic policies adopted” and supporting them to benefit from modern financial technologies in providing Financial services.
Finally, His Excellency thanked the central banks, financial and banking institutions, and unions
And banking associations in Arab countries for their efforts in launching activities and events on the occasion of Arab Inclusion Day “Financial” and the importance it represents in achieving the desired purpose of this occasion.

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