Arab Monetary Fund

“ALL YOU WANTED TO KNOW ABOUT BUNA!”

The Arab Monetary Fund (AMF) holds a virtual workshop to spread further the knowledge of Buna functions and future plans 

More than 200 senior officials will attend the workshop, representing central banks and a wide spectrum of financial institutions

 

Abu Dhabi, 1 July 2021: The Arab Monetary Fund (AMF) holds today, Thursday July 1st, 2021, a special workshop to propagate additional knowledge on Buna, the cross-border and multi-currency payment system owned by the AMF, covering various elements related to Buna activities and future plans.

During this workshop, Buna executive team will be enriching the current acquaintance of the banking community with Buna’s innovative solutions and its concrete contribution to the development of the payment sector in the Arab region and beyond, by addressing a diversified list of topics including operations, products roadmap, settlement model, as well as security and compliance frameworks.

The workshop will host more than 200 senior officials representing Arab and international central banks, along with various institutions from the financial, banking and payment sectors in the region and beyond, seeking valuable information about Buna’s recent plans and developments.

THE ARAB MONETARY FUND PUBLISHES THE “STRATEGIES FOR ADOPTING DLT/ BLOCKCHAIN TECHNOLOGIES IN ARAB COUNTRIES"

Great opportunities for enhancing financial services by fostering the use of

DLT/ Blockchain Technologies in Arab Countries

  Guidelines and roadmap on how to embrace these technologies in

the financial sector, how to employ it properly and the related requirements

The Arab Monetary Fund (AMF) issued today Tuesday, August 17, 2021, Policy Guide on “Strategies for Adopting DLT/ Blockchain Technologies in Arab Countries” prepared by the Arab Regional Fintech Working Group (WG), which AMF has its technical secretariat. The guide is being issued in the framework of the Fund's endeavours to promote awareness of the requirements for developing Fintech industry and supporting digital financial transformation efforts in Arab countries.

The guide aims to provide policy directions on how to adopt these technologies in the financial sector, how to employ them properly, the related pre-requisites; thereby improving the efficiency of financial and banking services and enhancing support for digital financial transformation and financial inclusion efforts. The guide elaborates on the various types of Distributed Ledger Technologies (DLT) and blockchain, clarifies common myths and misconceptions about them, highlights their governance methodologies, and the initiatives of different countries in adopting these technologies and how to formulate national strategies.

THE ARAB MONETARY FUND AND THE ACCOUNTING AND AUDITING ORGANIZATION FOR ISLAMIC FINANCIAL INSTITUTIONS (AAOIFI) JOIN FORCES TO STRENGTHEN THE DEVELOPMENT OF THE ISLAMIC FINANCIAL SERVICES INDUSTRY FOR THE BENEFIT OF ARAB COUNTRIES.


The Arab Monetary Fund and The Accounting and Auditing Organization for Islamic financial Institutions (AAOIFI) Join forces to Strengthen the Development of the Islamic Financial services Industry for the benefit of Arab Countries.

January 6, 2021

On Wednesday, January 06,2021, The Arab Monetary Fund (AMF) and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) signed a Memorandum of Understanding (MOU) to facilitate international cooperation between the two organizations to jointly undertake technical activities relating to the prudential, Shari’ah, accounting and governance standards as well as for promoting awareness of issues that are relevant or have an impact on the regulation and supervision of the Islamic financial services institutions, in addition to other areas of common interest between the two institutions.

The MOU was signed by H.E. Dr. Abdulrahman A. Al Hamidy, Director General Chairman of the Board of the Arab Monetary Fund, and Mr. Omar Mustafa Ansari Secretary-General of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).

THE ARAB MONETARY FUND AND THE ACCOUNTING AND AUDITING ORGANIZATION FOR ISLAMIC FINANCIAL INSTITUTIONS (AAOIFI) JOIN FORCES TO STRENGTHEN THE DEVELOPMENT OF THE ISLAMIC FINANCIAL SERVICES INDUSTRY FOR THE BENEFIT OF ARAB COUNTRIES.

On Wednesday, January 06,2021, The Arab Monetary Fund (AMF) and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) signed a Memorandum of Understanding (MOU) to facilitate international cooperation between the two organizations to jointly undertake technical activities relating to the prudential, Shari’ah, accounting and governance standards as well as for promoting awareness of issues that are relevant or have an impact on the regulation and supervision of the Islamic financial services institutions, in addition to other areas of common interest between the two institutions.

 

The MOU was signed by H.E. Dr. Abdulrahman A. Al Hamidy, Director General Chairman of the Board of the Arab Monetary Fund, and Mr. Omar Mustafa Ansari Secretary-General of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).

 

THE ARAB MONETARY FUND (AMF) HOLDS A VIRTUAL WORKSHOP ON BUNA ENTRY IN FULL OPERATIONS

The Arab Monetary Fund (AMF) holds a virtual workshop on Buna entry in full operations

 

The workshop will take place Today, Thursday January 7, 2021

More than 200 senior officials will attend, representing a wide spectrum of financial institutions from the region and beyond

Speakers from the banking sector to share their views on Buna’s start of operations

Abu Dhabi, 07 January 2021: The Arab Monetary Fund (AMF) holds today, Thursday January 7, 2021 a workshop titled “Buna in Operations”, to shed light on the different aspects related to Buna (the cross-border payment system owned by the AMF) entry in full operations and the onboarding of the first wave of participation.

The workshop will host more than 200 senior officials representing various institutions from the financial, banking and payment sectors from the region and other international markets, looking to learn more about Buna’s operations, work progress and future plans.

During the workshop, high-level speakers from the banking sector along with Buna executive team, will share their views on Buna’s completion of the phased go live approach and the start of onboarding in production of participants. The speakers will also discuss the different key phases of Buna establishment from the launching stage to the operations one and plans for the year 2021 and beyond.

THE AMF IS PLEASED TO ANNOUNCE APPOINTING J.P. MORGAN TO SERVE AS THE SETTLEMENT BANK FOR THE US DOLLAR (USD) IN THE BUNA PAYMENT SYSTEM

Abu Dhabi, 26 January 2021: The Arab Monetary Fund (AMF) is pleased to announce its relationship with J.P. Morgan to serve as a settlement bank for the U.S. Dollar (USD) in the Buna Payment System, which has been launched last year.

The inclusion of the USD in Buna in coordination with J.P. Morgan marks another major milestone with respect to establishing Buna as the payment system of choice across the Arab world. Such an announcement will further strengthen Buna’s value proposition and benefit in terms of streamlining cross-border payments, hence promoting trade and fostering economic activities among Arab countries and between the Arab region and its main trading partners.

THE ARAB MONETARY FUND RELEASES THE JOINT ARAB ECONOMIC REPORT FOR 2020

In its endeavor to support the decision-makers in the Arab countries, the Arab Monetary Fund (AMF) in collaboration with a number of the Joint Arab Institutions has released the 40th edition of the Joint Arab Economic Report (JAER) in its Arabic and briefed English version.

The report is a model of the fruitful cooperation between the Joint Arab Institutions. It is co-authored by the General Secretariat of the League of Arab States, the Arab Fund for Economic and Social Development, the Arab Monetary Fund, Organization Of Arab Petroleum Exporting Countries (OAPEC). The Arab Monetary Fund takes the responsibility of editing and publishing the report.

The participating institutions are keen to ensure that the Report reflects the current situations of Arab economies accurately and objectively, both in terms of data and used methodology. The JAER authors collect the required data and information from reliable official sources through a comprehensive survey dedicated to this purpose.

THE ARAB MONETARY FUND (AMF) HOLDS A VIRTUAL WORKSHOP ON THE US DOLLAR INCLUSION IN BUNA

The workshop will take place Today, Thursday February 4, 2021

More than 200 senior officials will attend, representing central banks and a wide spectrum of financial institutions from the region and beyond

The inclusion of the US Dollar showcases the abilities of Buna as a contributor to safer and more efficient cross-border payment at global level

 

Abu Dhabi, 04 February 2021: The Arab Monetary Fund (AMF) holds today, Thursday February 4, 2021 a workshop to shed light on different elements related to the inclusion of the US Dollar as a settlement currency in Buna (the cross-border payment system owned by the AMF).

The workshop will host more than 200 senior officials representing Arab and international central banks along with various institutions from the financial, banking and payment sectors from the region and beyond, looking to learn more about Buna’s work progress, recent developments, and future plans.

During the workshop, a senior representative of JP Morgan and Buna executive team, will share insights and important information on Buna’s recent success of adding the US Dollar to its diversified list of Arab and International settlement currencies. The workshop will also allow discussing Buna’s next steps and plans to increase and strengthen the level of cooperation with its growing network of participants.

THE ARAB MONETARY FUND (AMF) HOLDS A VIRTUAL WORKSHOP TO DISCUSS THE VIEWS OF GLOBAL CARD SCHEMES ON BUNA PAYMENT SYSTEM

The workshop will also discuss the payment flows of the US Dollar through Buna

 

Industry Experts representing Visa Inc, MasterCard, and UnionPay will share valuable insights on cross-border payments transformational role

More than 200 senior officials will attend, representing central banks and a wide spectrum of financial institutions from the region and beyond

 

Abu Dhabi, 04 March 2021: The Arab Monetary Fund (AMF) holds today, Thursday March 4, 2021, a workshop to explore the views of global card schemes on cross-border payments as a driver to regional and global economic growth. In addition they will share their perception of how Buna (the cross-border payment system owned by the AMF) can play a key role in streamlining cross-border payments by acting as a bridge between the Arab region and the rest of the world. The workshop will also discuss different operational perspectives related to the payment flows in US Dollar through the Buna payment system, following the inclusion of the US Dollar as a settlement currency in Buna.

ARAB MONETARY FUND RELEASES APRIL EDITION OF THE ARAB ECONOMIC OUTLOOK FOR 2021

Arab economies are expected to grow by 2.8 percent in 2021 and 3.6 percent in 2022 in light of the anticipated recovery of the global economy, the continuation of expansionary monetary and fiscal policies, and the positive impact of economic reforms

The recovery pace will vary according to the economic structures, health preparedness, policy space, and advances in digital transformation

In line with its continuous efforts to support policymakers in the Arab region, the Arab Monetary Fund (AMF) releases the April edition of the "Arab Economic Outlook" report for 2021, which includes projections for the Arab countries' macroeconomic performance in 2021 and 2022.

With the availability of anti-virus vaccines, hopes for a gradual recovery of the global economy have revived, as the world economy is expected to grow by 4.5 and 3.8 percent in 2021 and 2022, respectively, according to the average of international institutions’ estimates. On the other hand, the international oil markets are expected to witness an increase in demand for oil by 5.8 million barrels per day during 2021 to support the gradual global economic recovery. This will work in conjunction with the continuation of the "OPEC+" agreement to reduce the quantities of oil produced on supporting its prices in international markets.