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Member countries of the Arab Monetary Fund are enhancing global cross-border transactions through streamlined payments, improved compliance, and increased financial inclusion.
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The world’s top 10 most profitable banks with assets over $100 billion include four from the Middle East, three from Asia, two from the Americas, and one from Europe
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Transaction banks in the Middle East are expanding services in non-oil businesses with high growth potential, in line with economic diversification, and to mitigate geopolitical instability in countries in the Gulf Cooperation Council
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Al Rajhi Bank in Saudi Arabia remains the leading global Islamic bank, with Middle Eastern counterparts surpassing Asian ones in scale and profitability, while Asian Islamic banks exhibit stronger asset quality
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Banks in the Middle East and Asia Pacific showcased outstanding operational efficiency, with Qatari banks achieving exceptional cost-to-income ratios by leveraging superior IT infrastructure, offering cost-effective digital services, and tailoring branch networks to cater to smaller populations
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With a large portion of Africa’s population still lacking access to traditional banking services, particularly in places banks fear to tread, payment providers have stepped into the breach, gaining in popularity for offering services beyond the usual payments, money transfer and savings
UAE launched its KYC Blockchain Platform in February 2020. This national ecosystem allows data sharing between licensing authorities and banks in the country, making it easier to open an account.
Africa’s largest economy joins the growing list of countries turning to digital money to cut transaction costs and get more people to participate in the formal financial system. But challenges to the rollout remain, giving the government a huge responsibility of preparing the people to embrance the technology and trust its use.
Stringent cost control and digitalisaltion led to steady improvement in operational efficiency of Qatar Islamic Bank. The top 10 most efficient Islamic banks among the world’s 50 largest Islamic banks comprise four from Qatar, three from Malaysia and one each from Egypt, Turkey, and the United Arab Emirates.
The Egyptian government introduced several initiatives such as developing its information and communication technology (ICT) infrastructure, fostering digital inclusion, embracing innovation, safeguarding cybersecurity, and promoting Egypt's position as a regional pioneer.
As part of its digital transformation, Access bank made significant investments in its infrastructure to upscale its banking offerings, including modernising its IT systems, and collaborating with strategic technology firms
Africa-focused digital banks seeking to plug the financial services gap of the unbanked face a market of about 300 million potential customers. Having attracted significant investments, they are poised to challenge traditional banks
BNPL services started to gain popularity during the COVID-19 pandemic. Due to its accessibility and flexibility, customers can make purchases and spread the costs over monthly instalments. This solution was introduced to address the needs of digitally-savvy customers in various countries in Africa as a way to include unbanked populations in the region.
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