Digital

QIB Supports Arab Financial Inclusion Day

QP

QIB Press

Digital Desk

Apr 28, 2019 | 8 Minutes

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Recognizing the vital role of financial inclusion in strengthening financial stability and promoting sustainable development and social well-being, many countries have taken measures to promote the financial inclusion as one of the objectives of national strategies in order to integrate all segments of society into the formal financial system, especially young people, women and entrepreneurs. To this end, it is necessary to improve their access to appropriate financial services and products matching their needs, at an appropriate cost and under reasonable conditions, to raise their awareness of financial issues in order to enable them to make the right decision on the use of financial and investment instruments. This year, we celebrate the Arab Financial Inclusion Day under the theme of “Financial Inclusion for Sustainable Development”.

 In this regard, the State of Qatar has reaffirmed its commitment with the objective of “Promoting financial inclusion and financial literacy” being one of the five main goals of the Second Strategic Plan for Financial Sector Regulation (2017-2022), which was launched by the Qatar Central Bank in December 2017.

 Furthermore, under the Qatar National Vision 2030, the Government is focusing on a number of initiatives to diversify the country’s economy, encourage local entrepreneurship and foster growth among small and medium-sized enterprises (SMEs).

 Qatar Islamic Bank (QIB) recognizing the importance of the private sector and SMEs development has introduced the “Aamaly” program which is tailored to address the specific financial needs of Qatar’s small and medium enterprises. At the beginning of the year, QIB has digitalized its internal processes achieving a significant reduction in the time it takes to process financing applications from micro and small enterprises.

 Supporting the goal of promoting financial literacy among the young population and promote the culture of responsible banking, QIB in collaboration with INJAZ Qatar, introduced last year the “How Money works?” program which is a five-hour interactive training, tailored specifically to educate secondary school and university freshmen students aged between 15 to 19 on managing their finances. The program explores ways to earn money and manage it prudently by budgeting, saving, and investing. QIB and INJAZ Qatar will offer the program to 1,250 university and high school students over the coming 3 years.

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