In December 2020, the Arab Monetary Fund (AMF) launched a new “Buna” network, intended for transfer operations between Arab countries initially, which will subsequently be integrated into other international payment networks through the world.
This network, based in the United Arab Emirates, has the primary objective of developing trade and investment exchanges between the countries of the Arab world and then with their international partners.
Strengthened by its position as a leading financial group in the MENA region, Attijariwafa bank has joined this initiative and has just finalized all the prerequisites to be operational on this payment platform, indicates a Group press release.
By joining Buna, Attijariwafa bank strengthens its leadership position nationally and regionally and enhances its offer for its customers and partners. It also participates, through this initiative, in the development of the economic relations that Morocco maintains with the other countries of the Arab world.
Note that the FMA is a regional organization created in 1976 by the Arab League, operational since 1977 and headquartered in Abu Dhabi. Its main objective is to develop trade between its member countries.
Today, 12 Arab countries are now members of the FMA: Jordan, United Arab Emirates, Bahrain, Tunisia, Algeria, Djibouti, Saudi Arabia, Sudan, Syria, Somalia, Iraq, the Sultanate of Oman, Palestine, Qatar, Kuwait, Lebanon, Libya, Egypt, Morocco, Mauritania, Yemen and the Comoros Islands.