Posted on April 18, 2011

Structural changes and reforms are imperative for sustainable economic development in the Arab world, leading experts from the region's banking industry urged here Monday, the first of the two-day Arab Banking Conference 2011. Doha is hosting the annual conference under the theme ''A New Vision for Economic Reforms'', organised by the Union of Arab Banks under the patronage of HE the Prime Minister and Foreign Minister Sheikh Hamad bin Jassim bin Jabor Al Thani.

Top officials from the banking and financial institutions, central bank governors, representatives from insurance firms, economists and industry experts are mulling key issues towards the objective of creating a platform for Arab financial institutions to present the current implications and developments in the Arab world. Among the topics under discussion are ways to enhance dialogue between joint industry unions operating under the umbrella of the League of Arab states, how private sector financial institutions need to comply with the recent changes and developments in the Arab region as well creating a new Arab vision for economic reforms within an integrated work environment.

In his address to the gathering of experts, Union of Arab Banks Chairman Adnan Ahmed Yousif said, "The need for new economic reforms is critical particularly when the Arab world is facing historic changes and challenges. We need structural reforms for economic development. We bankers feel such reforms would be good for sustainable development in an environment where the private sector has a part to play in this process."