Based on the decision of the Federation on its meeting (33) held on February 10th, 2008 in Riyadh, for the financial sector and banking Committee was formed.
1 . Promote the confidence of the GCC’s citizens in their financial institutions and ensure the access to financial services in the easiest and simplest ways.
2 . Persuade central banks to circulate unified network ATM such as the Saudi Payments Network, and POS system Span & POS with the removal or reduction of fees to a minimum , as well as the adoption of currency exchange.
3 . Liberalization of the financial sector , shares and investment in front of the citizens of the GCC countries in light of the Gulf common market , and to encourage integration and cooperation between the GCC financial institutions .
4 . Encourage mergers between commercial banks among the GCC countries to expand their capital to cope with foreign competition and strengthen its presence on the level of the Gulf and expand its customer base in both directions, whether deposit and lending rates.
1 . Participated in the workshop on “the role of information inputs into activating the GCC common market “organized by the Secretariat General of the Cooperation Council on April 18th, 2011 in Riyadh .
2 . Chairman of the Committee visited Dr. Nasser Alqawed Deputy Assistant Secretary General for Economic Affairs in the Secretariat of the Cooperation Council for the Arab Gulf states in his office in the capital Riyadh to discuss a number of topics of interest to this sector.
3 . To inventory constraints and challenges of the GCC common market on the financial sector and banking from the perspective of the Commission.
4 . Study the possibility of establishing an information center under the umbrella of the Secretariat of the Federation for the collect of statistical data service to be provided against fee in collaboration with one of the companies specializing in this field.
5 . Visit the Governor of Central Bank of Oman on May 16th, 2011 at his office in Muscat to discuss the important obstacles experienced by GCC citizens in their dealings with banks and commercial banks in the GCC countries .