On its second day.. Workshops at the first exhibition for finance and insurance technology on the role of securities and technology

Damascus-SANA

The first exhibition for financing and insurance technology, organized by Interaction for Exhibitions and Conferences, continued its work for the second day in a row, with the participation of 52 companies and financial, insurance and software companies and institutions, on the fairgrounds of the exhibition city in Damascus.

Today's exhibition included a number of workshops, including a workshop entitled The Role of Government Securities in Developing Financial Markets, in which the Director of Revenue at the Ministry of Finance, Anas Ali, explained that these securities increase the degree of efficiency of liquidity management in banks and their financial development and contribute to absorbing excess liquidity destined for consumption and thus managing inflation. and price stability.

Ali pointed out that government securities such as treasury bonds enhance the financial system and ensure its stability when linking their prices to local currency rates away from fluctuations in foreign exchange rates, support investment activities, contribute to increasing national production and employ deposits with banks at low risk rates.

A workshop was also held under the title The Role of Financial Technology in Promoting Financial Inclusion, in which the Director General of the Savings Bank, Raghad Masab, spoke about the efforts made to enhance financial inclusion in light of the digital transformation of financial and banking services, indicating that the matter mainly requires digital financial and banking products and encouragement to open bank accounts.

Maasab also stressed the importance of financial inclusion in achieving financial stability and supporting opportunities for sustainable development, indicating that this requires enhancing access to finance and financial services based on technology.

In a workshop titled Digital Transformation and Financing Small and Medium Enterprises, General Manager of the Ebdaa Bank for Microfinance “Syria” Adeeb Sharaf stressed the importance of developing financial services by relying on internet and mobile applications, i.e. digitizing all banking operations from collecting customer data and filling out credit applications to granting and paying loans and collecting installments .

Sharaf drew attention to the fact that one of the international business sector reports concluded that if institutions did not undertake the digital transformation process, they may lose between 20 to 60 percent of their market share and competitive advantage by 2025, explaining that one of the most important advantages of digital transformation in financial institutions is obtaining financing And services such as providing documents and paying bills are faster and easier without the need to visit any bank.

In a workshop entitled Islamic Sukuk, the Assistant Director of the Government’s Commission at Banks, Amal Al-Masry, referred to the decision of the Monetary and Credit Council issued a few days ago, which allowed operating Islamic banks to issue Islamic sukuk according to specific controls, most notably specifying the types of sukuk formats allowed to be issued and the conditions that must be met in projects financed by These instruments and the terms of their trading and redemption.

Al-Masry explained that this type of sukuk has important advantages, including supporting the liquidity of Islamic banks and revitalizing their work, especially in the field of contributing to the financing of development projects and reducing the cost and risks of financing.

The workshops were attended by a number of directors of public and private banks, directors concerned with the Ministry of Finance, and academics specialized in financial, banking and insurance affairs.

Waseem Al-Adawi

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