Efforts to Reach a Unified Measurement Standard for Financial Inclusion in Arab Countries

The AMF sees financial inclusion a key policy objective to stimulate socio-economic wellbeing, equality, and shared prosperity, as well as to strengthen financial stability. (Asharq Al-Awsat)
The AMF sees financial inclusion a key policy objective to stimulate socio-economic wellbeing, equality, and shared prosperity, as well as to strengthen financial stability. (Asharq Al-Awsat)
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Efforts to Reach a Unified Measurement Standard for Financial Inclusion in Arab Countries

The AMF sees financial inclusion a key policy objective to stimulate socio-economic wellbeing, equality, and shared prosperity, as well as to strengthen financial stability. (Asharq Al-Awsat)
The AMF sees financial inclusion a key policy objective to stimulate socio-economic wellbeing, equality, and shared prosperity, as well as to strengthen financial stability. (Asharq Al-Awsat)

Director-General and Chairman of the Board of Directors of the Arab Monetary Fund (AMF) Abdul Rahman Al-Hamidy revealed efforts aimed at reaching a unified standard among Arab countries for measuring financial inclusion.

In remarks to Asharq Al-Awsat, Al-Hamidy underlined the importance of financial inclusion, as a key policy objective to stimulate socio-economic wellbeing, equality, and shared prosperity, as well as to strengthen financial stability.

“We are harnessing the current capabilities to advance financial inclusion because of its importance in creating jobs, and providing opportunities for young people, especially since the youth make up 60 percent of the Arab population,” he said.

Al-Hamidy explained that such efforts would make financial services accessible, appropriate, and affordable to the region’s population living in promising and remote areas, which in turn would contribute to sustainable development, in accordance with the UN Sustainable Development Goals (SDGs).

In this context, the Fund moves and coordinates with all Arab countries to reach a unified standard for measuring financial inclusion, he underlined.

On the AMF support for Arab countries, Al-Hamidy said eight Arab countries have benefitted from the loans system since the start of the Covid-19 pandemic until the first half of 2022. He explained that the value of the loans granted by the AMF have exceeded two billion dollars.

Al-Hamidy touched on the capabilities of the central banks in the Arab Gulf countries, saying: “They have reached advanced stages, and this helps them more in financial inclusion, by enabling everyone to access the financial sector…”

He highlighted the capabilities of the Saudi Central Bank, which he said surpassed global levels, in terms of technology and digital currencies.

Meanwhile, the second Arab-British Economic Summit 2022 will be held in London this Wednesday, under the slogan “Developing a Common Vision.”

Organized by the Arab-British Chamber of Commerce, the summit will be attended by more than 600 economic and financial figures, and aims to strengthen the strategic partnership between the United Kingdom and the Arab countries. Gatherers will also discuss renewable energy, the education and health sectors, the banking and financial revolution, and the promotion of digital cooperation.



Oil Up as Israel, Hezbollah Trade Accusations of Ceasefire Violation

FILE - An aurora borealis, also known as the northern lights, makes an appearance over pumpjacks as they draw out oil and gas from well heads near Cremona, Alberta, Thursday, Oct. 10, 2024. (Jeff McIntosh/The Canadian Press via AP, File)
FILE - An aurora borealis, also known as the northern lights, makes an appearance over pumpjacks as they draw out oil and gas from well heads near Cremona, Alberta, Thursday, Oct. 10, 2024. (Jeff McIntosh/The Canadian Press via AP, File)
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Oil Up as Israel, Hezbollah Trade Accusations of Ceasefire Violation

FILE - An aurora borealis, also known as the northern lights, makes an appearance over pumpjacks as they draw out oil and gas from well heads near Cremona, Alberta, Thursday, Oct. 10, 2024. (Jeff McIntosh/The Canadian Press via AP, File)
FILE - An aurora borealis, also known as the northern lights, makes an appearance over pumpjacks as they draw out oil and gas from well heads near Cremona, Alberta, Thursday, Oct. 10, 2024. (Jeff McIntosh/The Canadian Press via AP, File)

Oil prices ticked up on Thursday after Israel and Lebanon’s Hezbollah traded accusations that their ceasefire had been violated, and as Israeli tanks fired on south Lebanon.

OPEC+ also delayed by a few days a meeting likely to extend production cuts.

Brent crude futures edged up by 30 cents, or 0.4%, to $73.13 a barrel by 1741 GMT. US West Texas Intermediate crude futures were up 23 cents, 0.3%, at $68.93. Trading was thin because of the US Thanksgiving holiday, Reuters reported.
Israel's military said the ceasefire was violated after what it called suspects, some in vehicles, arrived at several areas in the southern zone.
The deal, which took effect on Wednesday, was intended to allow people in both countries to start returning to homes in border areas shattered by 14 months of fighting.
The Middle East is one of the world's major oil-producing regions, and while the ongoing conflict has not so far not impacted supply it has been reflected in a risk premium for traders.
Elsewhere, OPEC+, comprising the Organization of the Petroleum Exporting Countries and allies including Russia, delayed its next policy meeting to Dec. 5 from Dec. 1 to avoid a conflict with another event.
Also supporting prices, OPEC+ sources have said there will again be discussion over another delay to an oil output increase scheduled for January.
"It's highly unlikely they are going to announce an increase production at this meeting," said Rory Johnston, analyst at Commodity Context.
The group pumps about half the world's oil but has maintained production cuts to support prices. It hopes to unwind those cuts, but weak global demand has forced it to delay the start of gradual increases.
A further delay has mostly been factored in to oil prices already, said Suvro Sarkar at DBS Bank. "The only question is whether it's a one-month pushback, or three, or even longer."
Depressing prices slightly, US gasoline stocks rose 3.3 million barrels in the week ending Nov. 22, the US Energy Information Administration said on Wednesday, countering expectations of a small draw in fuel stocks ahead of holiday travel.
Slowing fuel demand growth in top consumers China and the US has weighed on oil prices this year.