An international expert: financial inclusion of global concern

12/30/2015 0:00

Iraqi efforts to support low-income segments of its advantages

BAGHDAD - Hussein al-Tamimi Tgb
Promote financial inclusion around the world has become the target of most of the international organizations concerned to raise the standard of living of the population of the globe, particularly in developing countries that suffer some high rates of starvation that can be cured through this global system after it became the Millennium Development Goals.

Member of the International Union of Arab banks d. Sadiq al-Shammari said:

Member States agreed at the United Nations Organization and 192 and at least 23 international organizations to achieve the MDGs by 2015 and start these goals of the United Nations Millennium Declaration, which was documented in 2000, which obliges member states of the United Nations Organization to combat poverty, hunger, disease, illiteracy and discrimination against women and there are targets and indicators to measure progress toward these goals and targets, pointing out that the role of financial inclusion will be pivotal in achieving these goals.

Financial Inclusion is a concept that aims to mainstream financial products and banking services at affordable costs to the various segments of society, institutions, and individuals, especially the segments of low-income Almojtma.achammra pointed out during an interview at an economic conference to the importance of creating an environment conducive and favorable to get all segments of society adults (male and female ) on the financing and financial services, indicating that it is essential to promote financial inclusion in the region through the Millennium Development Goals.

He noted that financial inclusion requires the provision of a comprehensive range of financial services, including bank accounts, savings and loans, short and long-term leasing, mortgages, insurance and salaries of local and international financial payments and pension plans as well as consumer protection and promotion of Almalah.obin ability that in Iraq began to Islamic finance adoption as achieve added value to the issue of financial inclusion of several ways the most important use of participation and risk-sharing contracts is a viable alternative and The effectiveness of the financing based on traditional debt, it can also be financing instruments that risk sharing is carried out to provide microfinance compatible with the provisions of Islamic Sharia law and the financing of small and medium-sized companies and Microinsurance to enhance access to finance.

It should be noted that the expansion of participation in the formal financial system, or to achieve financial inclusion is not a goal in itself but a means to an end because of the development of its important role in the development of man, and improvement of living standards and the empowerment of women and the promotion of equal opportunities and financing small and medium-sized enterprises and to reduce poverty and support equality and secure the well-being thus achieving a comprehensive and sustainable economic growth.

Shammari said that financial inclusion around the world has made significant progress in scaling up the number of people who have an account at a financial institution by about 700 million people between 2011 and 2014 rose in 2014 owned 62 percent of the world adult population of a bank account where this percentage rose from 51 percent in 2011.

He pointed to the existence of differences in regional and wide in the ownership of the accounts where owned 94 percent of adults in the Organization for Economic Cooperation and Development (OECD) bank account in 2014, compared with 54 percent in the developing economies, and to this day there are about 2 billion people or 38 percent of adults in the world not getting to formal financial services or Aataamilon with the banks because of the high costs and long distances and requirements burdensome in most cases, to open Mala.obin Shammari account that the Millennium Development Goals seeks to stimulate development by improving social and economic conditions in most countries of the world That exemption poorest Heavily Indebted countries with the necessity of doing a series of reforms and reduce its poor and facilitate growth.

He noted that the Millennium Development Goals emanating from the other development goals then officially sent in the Millennium Summit, which was attended by all the world's leaders Vaatmdoa the United Nations Millennium Declaration, noting that the second goal it is to proceed with the establishment of a trading and financial system that is open, rule-midwife to predict, non- Discrimination and includes a commitment to governance and good governance, development and poverty alleviation at the national and international levels, as well as addressing the special needs of least developed and include entry-country exports at least Nama to exempt from customs tariffs markets and without quota enhanced program to ease the debt burden on heavily indebted poor countries, and to increase PDA to countries that have announced Altramha (reduction of poverty), as well as addressing the special precautions for landlocked developing countries and small island developing states (through the Programme of Action for the Sustainable Development of Small Island Developing States).