Tasks of the Banking and Financial Sectors Committee
Explanatory Introduction: - The tasks of the committee were first established when it was established in July 2005. As a committee for banks and a committee for insurance, their duties were expanded in October 2009. By adding the money markets to the Insurance Committee. Then the tasks of each of them were merged in March 2010. The terms of reference and tasks of the committee were improved as follows in February 2011. According to the work plan of the specialized committees of the Federation for the year 2011. :
1. The scope of work of the Banking and Financial Sectors Committee and its functions related to the affairs and conditions of the following sectors and categories of the private sector:
• commercial banks
• Islamic Banks
• Bank branches and foreign banks
• Insurance and reinsurance companies
• Exchange companies and exchange shops
• The stock market and the companies operating in it
• Finance and financial leasing institutions
• Financial services companies and offices, financial and insurance brokerage
• Companies and banking, financial and insurance consulting offices
• Companies operating in foreign financial markets
2. The committee carries out its activities as a sectoral union vessel within the framework of the General Federation of Chambers of Commerce and Industry for the group of business owners in the banking and financial sectors. And it works on crystallizing an integrative ground between banks, banks, insurance companies, exchange and finance and others affiliated with the committee, and increasing integration, cooperation, coordination and integration among them in every sector or category.
3. Submitting proposals and observations about the sectors of banking, exchange, insurance, finance and the stock market, as well as other financial, banking and insurance services sectors, and about their conditions and activities, to the leadership of the Federation and its general management.
4. Coordination with the board of directors, the president of the union, the general administration of the union and the rest of the specialized committees of the union in order to enhance the effectiveness of the activities of the banking, exchange, insurance, finance and stock market sectors, as well as other financial, banking and insurance services sectors.
5. The operations of regulating banks, companies, institutions, companies, agencies and offices that fall within the functions of the committee's work, and removing obstacles, difficulties and problems faced by them, are the primary tasks of the committee's activity.
6. The committee works on following up the effects of the international external financial, banking and insurance conditions on the private sector institutions operating in the sectors affiliated to the committee, and benefiting from their positives and avoiding their negatives. And promoting this sector and preparing it to advance its work in the face of foreign competition coming from abroad.
7. Follow-up work on establishing a stock market in Yemen and the participation of the private sector in setting up its blocks, and discussing that with the Federation and the Chambers of Commerce and Industry, as well as with the relevant specialized committees of the Federation.
8. Among the tasks of the committee is to supervise the implementation of anti-money laundering and terrorist financing programs and activities in the banking and financial sectors, and other areas of private sector activity, and work to adhere to them.
9. Gathering information and data on the problems of the sectors affiliated to the committee, and analyzing the obstacles and issues that impede the banking, insurance and financial banking activities, and others. Through scientific research and work to remove it and solve it.
10. Paying attention to the relationship between banks, banks and exchange companies with the Central Bank of Yemen, as it is one of the important aspects in the work of banks, and evaluating these banks by taking their opinions. As well as improving this relationship to serve the banking sector as a whole. As well as working in the same direction with other official government supervisory bodies (such as the Ministry of Industry and Trade, the Ministry of Finance, and others) on the insurance, finance, stock market and other financial, banking and insurance services sectors.
11. Working on continuous updating of the work of banks, companies and institutions operating within the scope of the committee's work and its terms of reference, and exchanging experiences with each other in this regard. And its cooperation in improving its institutional structure, business and services.
12. Adopting the views of banks, companies, and institutions operating in the banking and financial sectors towards the issues they are concerned with, and defending them with regard to the problems and difficulties they face and solutions to them.
13. Coordination with sectoral organizations related to the banking and financial sectors, the most important of which are the Banks Association, the Yemeni Insurance Federation, the Yemeni Money Changers Association, and others.
14. Carrying out studies and research in the areas of work of the banking and financial sectors and their affiliated groups. And follow up on the laws, regulations and legislation related to them, and the relevant laws, regulations and legislations related to them, and work on developing their modernization and removing impurities from them.
15. Obligating state institutions, ministries and government departments, projects implemented in the Republic, and foreign and local companies operating in Yemen, to abide by the law that is binding on local insurance, except for what is excluded by law.
16. Paying attention to issues of financial financing, financial financing institutions and financial leasing, in a way that encourages these aspects and the rest of the banking and financial sectors to finance more investment projects that have an effective impact on economic development in the Republic of Yemen.
