Banks conference calls for Arab financial market integration

The 2nd Conference of Banks and Finance called for activating and upgrading the banking sector's role in development and promoting the economic growth in the Arab states.

The conference, wound-up sessions yesterday with the participation of more than 700 economists and financial institutions chiefs representing 32 Arab and foreign countries, stressed importance of Arab financial markets integration and the consolidation of banking institutions to beef up competitive capability.

"The conference's recommendations dealt with the necessity of taking serious and practical steps to achieve integration between the Arab capital markets in a bid to increase the growth rate and enhance the competitive capability of the Arab markets," said Mohamed Shafiq Gabr, Chief of Egypt's International Economic Forum.

The conferees also called for reforming the Arab banks capital structures and diversifying their services, Gabr added.

The conference also called for enforcing the securitization system at large scale in the Arab World to secure finance for a number of economic activities especially the real estates finance.

The participants also stressed importance of consolidation and integration between the Arab banking institutions to reinforce their structures and face competition by the international finance institutions.

Moreover, the participants called for setting up special judicial circles to ensure swift settlement in the economic and financial lawsuits and legislation.

They also underlined the importance of training employees of the banks and finance sectors. The conference called for swiftly enforcing the reforms the Arab finance and banking sector needs.