By Abdullah Al-Harbi
(with photos) ABU DHABI, Nov 5 (KUNA) -- Kuwaiti bankers affirmed on Tuesday necessity of boosting cooperation among Gulf banking sectors to serve the aspired GCC unity and economic merger among the council member states.
The GCC banking sector made "positive strides" over the past years, thus it had become ready to contribute effectively to joint economic development projects among the GCC countries, they said in remarks to KUNA, on the fringes of the 11th GCC Banking Conference on the "Role of the GCC Banking Sector in Supporting GCC Economies." Majed Al-Ajeel, Burgan Bank Chairman, said the conference constituted an opportunity for Kuwaiti and GCC banks to seek greater cooperation for the ultimate purpose of establishing GCC economic integration.
The law for allowing Gulf banks to open branches in various member states of the council enabled them to serve these goals, he said, urging private banks and banking institutions to support the joint GCC integration and development schemes.
Mohammad Al-Fozan, in charge of retail services at Kuwait Finance House, noted the conference significance, due to its emphasis on crucial issues, such as role of the banking sector in supporting small and medium enterprises, enabling women to contribute in the banking sector through management and acquisition, in addition to overhauling all banking services.
The Kuwaiti banking sector has taken the lead in many economic ventures, outlined in the conference agenda, he said, hoping the gathering would constitute start for closer banking cooperation among the council countries.
Kuwait International Bank's Chief Executive Officer Loai Maqames asserted, for his part, role of the Gulf Islamic and traditional banks in supporting small and medium enterprises for such an approach would help in boosting development of the GCC countries. He also noted necessity of cooperation between the public and private sectors to shore up the national economies of the regional countries.
The two-day conference, which concluded today, involved GCC central bankers and financial leaders, namely Mohammad Al-Hashel, Governor of the Central Bank of Kuwait (CBK), and ranking Kuwaiti bankers. (end) asa.rk KUNA 052054 Nov 13NNNN