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Saturday , October 1 2022

Local banks to join ‘Aafaq’ system

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Gulf money transfer eyed

KUWAIT CITY, July 2: The Central Bank of Kuwait has approved the implementation of the Gulf Payments System Initiative ‘Aafaq’ at the level of the banking sector obliging local banks to join the system of money transfers between Gulf countries, reports Al-Rai daily. According to the supervisory decision, it has become mandatory for local banks to join the system, provided that it is used as one of the options available for money transfers between Gulf countries. In this regard, it was proposed to form a working group headed by the Central Bank, represented by the Deputy Director of the External Operations Department, in addition to representatives from banks being nominated, in order to ensure the speedy completion of the project.

The Central Bank pointed out that in order for the team to be more effective, the following must be taken into account – the team members should not exceed 8, including the Central Bank representative and that there be conventional and Islamic banks and branches of foreign banks, represented by two conventional banks, two Islamic banks and a foreign bank. One of the most important tasks of the team is to determine the general objectives of the project, follow-up the timetable for joining, and define the roles and responsibilities of team members, while defining the human resources required for the implementation of the project.

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