Bringing the Wave of Financial Inclusivity

It was in 2016 that the Council of Arab Central Banks declared April 27 as the ‘Arab Day of Financial Inclusion'.

Banks have long since evolved from their conventional image as lending institutions to full-fledged financial hubs serving as the nucleus of all economic activities and financial transactions. Those opting to stay out of modern banking and financial services are considered outside the purview of the economic mainstream.

There is no denying the fact that financial inclusion in a country or region has direct bearing on the socio economic development of its citizens. Countries with more "unbanked population" are the ones with the smallest GDP per capita, such as Somalia (61 percent without a bank account) and Yemen (94 percent without a bank account). But there are people who have only one bank account which they use to receive their salaries, subsidies or cross-border remittances, and withdraw all the money they get at once. They are also called "underbanked".

However, now the Middle East market is moving toward a consolidation of the fragmented financial services sector that has dozens of players across banking and insurance. Consolidation is a way to build a better and stronger sector that can provide the needed impact at a national level.

The growth of the GCC Islamic banking sector is fueled by the increasing demand for shariah compliant financial products across the region. Islamic banks are bringing their products and services into the digital age to satisfy the needs of the evolving demographic landscape. Financial Consultants play a pivotal role in bringing the financial products to the banked and under banked alike.

This edition is bringing the Financial Consultants of the Middle East to the forefront thereby giving our Middle East audience the leverage to hand pick their suitable financial partners or chauffeurs.
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