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Under the patronage of H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, Sharjah Centre for Islamic Economics (SCIE) at the university organised a ceremony to honour the winners of the Al Qasimia University Award for Islamic Economics Research, held in the university theatre, in the presence of the President of the University, members of the Board of Trustees, the University Rector, deans of colleges, and members of the Academic, and administrative bodies and students.
Professor Jamal Salem Al Tarifi, President of Al Qasimia University, honoured the award winners and congratulated them on the quality of research presented in Islamic economics studies.
Professor Dr. Awad Al Khalaf, Acting Chancellor of the University, expressed his highest thanks and gratitude to the Ruler of Sharjah, and founder of the University, for His Highness’s generous patronage of the award, as this sponsorship adds value to one of the most important scientific activities that contribute to the renaissance of the economic sector, and the dissemination of the principles and values of Islamic economics, according to scientific foundations, and qualitative scientific research taking into consideration the real need of building a solid economy that achieves UAE development.
The list of researchers included honouring Dr. Badr Al Zaman Khamqani, from the Republic of Algeria, winner in the field of economics, in his research entitled: “A proposed strategy to accelerate the pace of digital transformation in Islamic banks.” Dr. Ahmed Abdel Rahman Ahmed Al Majali, from the Hashemite Kingdom of Jordan, won in the field of law, in his research entitled: “blockchain technology compatibility with Islamic financial transactions.” Professor Dr. Aisha Muniza, from the Maldives, won in the field of economics, in her research entitled: “Development of a digital Islamic social stock exchange”.
Dr. Yasser Al Hosani, SCIE Director, announced the launch of the fourth edition of the award under the title “Smart Islamic Financial Engineering”.
An Iraqi artist celebrated his culture and history by recreating a mythical beast in a whopping piece of art that took him a whole year to complete, according to Guinness World Records.
The Iraqi young artist, Ali Al-Rawi, created a work of art depicting the ancient Assyrian winged bull by wrapping copper wires around nails attached to wooden boards to create the largest wire art, measuring 203.76 square meters.
The Assyrian winged bull, known as ‘The Lamassu,’ is a mythological hybrid composed of the head of a human, the body of a bull, and the wings of a bird.
This giant artwork extends over the space of approximately 15 car parking spaces, and it took a whole year to complete.
Around 89 thousand nails and 250 kilograms of pure copper formed into wires of 35,714 meters were used on the surface of 18 wooden planks.
Al-Rawi works as a physician assistant in the city of Ramadi in the Iraqi western governorate of Anbar. His artistic talent grew from scribbling on a school bench to now creating epic pieces of art with wires.
Al-Rawi was inspired after seeing a German artist using that technique in 2016.
After a long search online, he couldn’t find anything to teach him how to do it, so he practiced until he mastered the technique on his own.
“I drew a sail at the beginning. But after that, it took me a lot of experimenting to select the usable materials,” Al-Rawi explained.
“I decided on copper wires and one-inch nails with small heads in order not to affect the shape of the work, to make sure the monuments insulate heat, moisture and scratching, as wood is also coated with three materials to serve this purpose,” Al-Rawi added.
Al-Rawi worked hard over the course of a year and had to cover the board’s entire dimensions with wires of different colors to meet the requirements of breaking the world record.
Al-Rawi moved the entire artwork to several different locations in Iraq to carry out the final measurements and filming.
source/content: iraqinews.com (headline edited)
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The Iraqi artist Ali Al-Rawi holding Guinness World Records certificate. Photo: Guinness World Records
Saudi Arabia is set for a groundbreaking technological venture in the mining sector with the launch of the Geoscience Data Analytics Center.
Commissioned by the Saudi government, the facility is expected to commence operations later this year.
Speaking to Arab News at the Future Minerals Forum, Commissioner Rob Wood emphasized the interdisciplinary nature of the center and the significance of developing new programs to train professionals with hybrid skills.
Wood said: “It will be the very first of its kind globally. It will become operational probably in late 2024.”
Saudi Arabia boasts 31 critical minerals and strategic resources, ranging from gold, and silver to nickel and cobalt.
The Kingdom is poised to establish a third industrial pillar centered on mining, with potential reserves estimated at $2.5 trillion, as Wood also highlighted the significance of the Kingdom’s commitment to diversify its economy.
He emphasized that the Geoscience Data Analytics Center would play a pivotal role in utilizing AI to uncover potential mining deposits.
The $2.5 trillion estimate, Wood clarified, is extrapolated from the known data available, emphasizing that extensive land exploration and data collection support this estimation.
“The amount of land that we’ve actually explored and done data collection for. So, we know that there is a significant amount of opportunity left within the Kingdom that we haven’t explored yet,” he noted.
Wood explained that there is a need to establish new interdisciplinary programs, where geologists will be trained in computer science.
He highlighted novel aspects of the center, such as state-of-the-art robotic labs for core scanning and cumulative effects research.
“Literally, nobody on the planet is doing what we’re talking about,” he claimed, adding: “The intent is that the Kingdom will, in fact, have complete control and will be running the center for decades to come.”
Wood elaborated on the ongoing data collection efforts, stating that the gathered information will be fed into a new artificial intelligence platform capable of conducting analytics to identify high-potential mining targets.
The commissioner emphasized the use of AI in modeling mineral deposits, stating, “We’re using machine learning to uncover these high-potential deposits very early in the process.”
He acknowledged the formidable challenge in the mining sector, particularly the difficulty in identifying new targets, referred to as “greenfields,” which he termed as a highly risky endeavor.
“So frequently, they can go out and do a full drilling program and come back with nothing, and you spend literally hundreds of millions of dollars for potentially no result whatsoever.”
To address this challenge, Wood unveiled the ambitious plan to use advanced artificial intelligence to de-risk the costs associated with finding new targets.
“What we’re looking to do is, in fact, de-risk those costs on the mining companies by using advanced artificial intelligence to, in fact, actually find these new targets,” he explained.
The commissioner emphasized the significance of addressing environmental and social impacts in the mining sector, stating: “One of the things the center is going to be doing is actually complex environmental and social impact research.”
In conclusion, Wood highlighted the uniqueness of Saudi Arabia’s position in undertaking this venture, stating: “The discovery of oil is substantially easier than the discovery of minerals. Minerals require sophisticated analytics to find these new deposits.”
As the Kingdom embarks on this groundbreaking initiative, Wood expressed his optimism, stating, “It’s an exciting time to be in Saudi Arabia.”
source/content: arabnews.com (headline edited)
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Rob Wood, commissioner of the Geoscience Data Analytics Center, speaking to Arab News.
She has broken two world records at 2023 International Powerlifting Federation World Junior Championships.
When she stepped on to the platform amid enthusiastic cheers from her supporters, Lebanese powerlifter Joya Khairallah, 22, was faced with a steel bar loaded with several red plates weighing an impressive total of 183.5kg.
This was an immense challenge for the young woman, weighing only 52kg, but she had to overcome it if she wanted to claim first-place at the 2023 International Powerlifting Federation (IPF) World Junior Championships.
No one in her category had ever accomplished this feat, until August 29 in Cluj-Napoca in Romania, when Miss Khairallah firmly grasped the heavy bar and pulled it from the ground level to her hips, a movement called a “deadlift” – one of three lifts performed in powerlifting.
When she reached the lockout position, marking the end of the movement, she screamed in triumph and knelt to the floor, having just broken the world record.
“After stepping on to the platform, I initially had doubts because I was exhausted, and my back was hurting, but I persevered, I got it and I won,” she told The National in Beirut during her first training session, a few days after the international competition.
“There’s no actual word that really describes how I felt. It feels wonderful, but I’m still a bit in denial,” she added.
The Lebanese champion achieved a total of 428.5kg for the three lifts (bench, squat, and deadlift), setting yet another IPF Junior World Record in her weight class.
This exceptional performance earned Khairallah a gold medal in the competition for Lebanon.
The country has been grappling with an unprecedented economic crisis for four years and had made the headlines for its shortages of basic goods, and numerous corruption cases.
But this time, the country has been celebrating athletic achievements.
“It’s a big honour for me to represent Lebanon, I raised the flag high. I hope I could give hope to people, even though we’re going through a lot in Lebanon,” Khairallah said, sporting a small Lebanese flag painted on one of her nails.
Another Lebanese powerlifter, Etienne El Chaer, 22, set two world records in the Junior’s under 120kg categoryandclaiming gold at the same competition.
‘Women can be powerful, just like men’
Khairallah’s journey has not been easy.
Born in Beirut, the young woman started training in high school five years ago.
As she dedicated more time to her passion, she met significant resistance.
Powerlifting is generally labelled as a man’s sport and Khairallah had to challenge deeply ingrained gender stereotypes within Lebanese society.
“I met a lot of people who said that I shouldn’t lift weights because it’s a sport for men and that having a lot of muscles doesn’t look beautiful on a girl and that it takes away some of our femininity”, she said, with her carefully curled dark hair flowing down her shoulders.
She recalls with a laugh that her mother once told her not to wear a dress at her sister’s wedding because she had become too muscular.
But she persevered.
“I enjoy proving people wrong, and I love doing what I’m passionate about. Women can be powerful, just like men, and it’s an incredible feeling,” she said.
After high school, she trained hard to become a certified coach. Her parents, although unfamiliar with the sport, eventually supported her.
She now works as a personal trainer and runs a home-made peanut butter business called “Joya the Ant Peanut Butter”.
She said that her accomplishments have required many “sacrifices,” such as strict dietary discipline, rigorous training, and missing out on nights out and weekends with her family.
But her dedication is paying off. She has participated in five international competitions over the past five years, including two world championships, and secured a silver medal in the 2022 event.
But being an athlete in Lebanon comes with many financial challenges.
The Lebanese champion says special athletes’ food, membership fees, dedicated equipment, and travel expenses to competitions are all costly.
“So, they really do add up, and in our current financial situation, it’s not easy,” she said.
Furthermore, athletes from certain countries also have to navigate the endless struggle of securing a visa.
Khairallah said that she did not receive her visa until the day before her scheduled flight to Romania.
“During my last training sessions, I was training hopelessly. These were the crucial final sessions where I should have been entirely focused on the weights, but I couldn’t concentrate because I was scared I wouldn’t get the visa, and that I wasn’t going to make my dream come true,” she told The National.
She eventually obtained the precious document and realised not only her dream but also that of her many Lebanese supporters.
The initiative is part of the upcoming World Defense Show which will take place in Riyadh from Feb. 4-8
Princess Reema said Kingdom places great importance on promoting and supporting women’s work in various sectors, including defense and security
Princess Reema bint Bandar, Saudi ambassador to the US, is to chair the International Women in Defense program.
The initiative aims to promote women’s participation and celebrate their role in the defense sector.
It is part of the upcoming World Defense Show which will take place in Riyadh from Feb. 4-8 under the patronage of King Salman.
Princess Reema, who leads the program, said the Kingdom placed great importance on promoting and supporting women’s work in various sectors, including defense and security.
She said Saudi Vision 2030 had contributed to the success and excellence of women in different fields by integrating them into the Saudi labor market.
“These programs reflect the Saudi government’s commitment to empowering women and increasing their participation globally. The Women in Defense program provides a unique platform to enhance opportunities for further success,” she added.
The program will host executive directors and female leaders from different countries, showcasing women’s achievements, discussing ongoing challenges and exploring their contributions to the defense sector worldwide.
CEO of the World Defense Show, Andrew Pearcey, said the event would focus on the growth of small and medium-sized Saudi enterprises and startups to highlight their talents and ideas in the sector. The Kingdom was now one of the biggest spenders in the defense market, he added.
The first show, in 2022, brought together 600 defense and security exhibitors from 42 countries and recorded SR29.7 billion ($7.9 billion) in deals.
source/content: arabnews.com (headline edited)
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The Women in Defense program aims to empower and celebrate female participation in the defense sector. (@WDS_KSA)
The State Parliamentary Council of Communities of Roots and Foreign Cultures (CONSECRE) announced last week that a Palestinian Brazilian citizen has been given a prerstigious award “Honouring Community Personalities” in the State of Sao Paulo, which is home to thousands of Palestinians in exile.
Dr Jamal Suleiman was given the award at an official ceremony in the Legislative Assembly of the State of Sao Paulo, for his work in preserving the memory and cultural identity of the Palestinian people and their original country.
Palestinian Brazilians are respected for their contributions to the socioeconomic development of Sao Paulo and Brazil. Suleiman is the second member of the Palestinian community honoured in this way since the CONSECRE was created in 2001.
“This award is a great honour! I received the news with great joy and pride as a Palestinian,” Dr Jamal told me. “I understand how important this award is for our Palestinian community who started to come to Brazil at least 130 years ago. Now we all experience the pain of exile and have done ever since the 1948 Nakba.”
He pointed out that one of the most prominent characteristics of the Palestinian community in Brazil is the ability to integrate into society and accept others without forgetting their origin, heritage, culture and motherland.
Jamal Suleiman is a well-known Palestinian Brazilian specialist in infectious diseases. He is from a Palestinian family from Silwad, a town to the north-east of Ramallah. His father was living in Haifa when he was expelled during the 1948 ethnic cleansing by Zionist terror gangs. He ended up in Brazil, where his son Jamal was born in 1959 in the State of Sao Paulo. The doctor graduated from the faculty of medicine in 1983.
Suleiman´s story is similar to that of millions of Palestinians living in exile from the land that their families had farmed for generations. It illustrates the fact that Palestinian refugees are living examples of patience and, in many cases, success in the diaspora. Neither the trauma of exile nor the pain of their loss has broken their spirit. On the contrary, their collective experiences have made them stronger.
Dr Suleiman has had an outstanding medical career since the 1980s. He works as a doctor and researcher at the Emilio Ribas Institute, one of the oldest and most important health institutions in Brazil. He rose to prominence within the wider Brazilian community during the Covid-19 pandemic as one of the most sought-after experts due to his direct work in the fight against the disease. He is currently active in training undergraduate medical students.
“I work in Emilio Ribas Hospital that is considered as a reference point for infectious diseases by the World Health Organisation. In addition, I am a focus for Arab patients in the hospital because I speak Arabic. I know the issues related to our Palestinian culture and how we should reveal it in the wider Brazilian community,” he explained.
As an active member of the Palestinian community in Brazil, Suleiman has worked for years to raise awareness about the situation in Palestine. “I know what it means to be a refugee from 1948; I know the pain and suffering of the people who were torn from their roots by force. Unfortunately, this bad situation continues to this day through the continuous violations of the Israeli occupation of Palestine.”
In addition to his work in public health sector, Dr Suleiman has followed his passion to make food products from peppers. “Pimento do Jamal” is now a gourmet brand in Brazil. It has been active since 2010 with dozens of products, ranging from pepper jellies and sauces to peppers with an original Palestinian taste.
He now dedicates some of his time to make the brand represent Palestinian culture and identity. He believes that food can spread knowledge and preserve this valuable asset, while making guests talk about typical Palestinian food. Suleiman has appeared on popular TV programmes to promote Palestinian dishes, including the well-known Makluba.
“One of my hobbies is cooking and making Palestinian traditional dishes, which I think is very important because I can present Palestinian culture through serving food. I find that there is great interaction by the wider Brazilian society towards our culture; they taste our food and they want to know more about us.”
He sees this as both a humanitarian mission and a national duty. “I have Palestinian families living here and there in Palestine. We will never give up. We are all together and we will not leave anything behind. My heart and mind are with the Palestinians in that part of the world.”
Razan Al-Ajmmi plans to open international school in Saudi Arabia
People should visit ‘to see the beauty of the land from the sky,’ she says
Razan Al-Ajmmi, Saudi Arabia’s first licensed woman skydiver, has the lofty ambition of opening a school to help others take to the skies.
She outlined her plans during a recent interview on The Mayman Show by Arab News.
“I want to have like international competitions. I want to see the people around the world coming to Saudi Arabia, to my country, to see the beauty of the land from the sky,” she said.
Al-Ajmmi said it was difficult for her to start skydiving because Saudi Arabia has no schools, which forced her to seek training and jumps abroad.
She was determined to follow her passion. “If I don’t have something in my place, in my home, it doesn’t mean that is like an excuse or (should) stop me,” she said.
Al-Ajmmi said her first jump, about four years ago, was just a spontaneous try. After that experience, she quickly became a fan of the sport. “After the first jump, and when I just landed, I went to my instructor, and I say: ‘Hey man, I want to be a skydiver. I want this,’” she said.
Al-Ajmmi said she enjoys everything about the extreme sport, including the mental and physical challenges.
“I always like (having) freedom to do what I want to do in my life. And the idea of flying in the sky and you just fly, there is no rules, nothing except the safety rules. And you can do everything in the sky. This is what I like in the skydiving, I just go out from the plane and being in the sky, flying, move my body and do whatever I want to do,” she said.
Al-Ajmmi said she had to go through several levels of training to get an A-license, which requires a minimum of 25 jumps. The top level is a D-license, which is achieved after getting A and B accreditations.
All skydivers must complete an Accelerated Freefall course, a kind of bootcamp. This is for beginners to learn freefall techniques, canopy control, and emergency procedures, which would lead to solo jumps, she explained.
She recognizes the risks associated with skydiving and stressed that split-second decisions are often needed to prevent major errors and accidents. She said safety measures include the automatic opening of a second parachute.
The adrenaline enthusiast has advice for those wanting to try the sport. “Always try before (making) decisions. If you have a chance … just use them, take them, try and work hard. Life is not easy. Nothing is easy. You cannot take your things like by (an) easy way. What comes easy, goes easy.”
Morocco’s King Mohammed VI presides at the Royal Palace in Rabat the presentation ceremony of the model of the first Moroccan car manufacturer “Neo Motors” and the prototype of a hydrogen vehicle “NamX” developed by a Moroccan.
Morocco’s King Mohammed VI presided, on Monday at the Royal Palace in Rabat the presentation ceremony of the model of the first Moroccan car manufacturer and the prototype of a hydrogen vehicle developed by a Moroccan, two innovative projects that will strengthen the promotion of the “Made In Morocco” label and consolidate the Kingdom’s position as a competitive automotive production platform.
The presentation to the King of the car of “Neo Motors”, a company owned by Moroccan capital, and of the prototype of a hydrogen vehicle of the company NamX, named HUV (Hydrogen Utility Vehicle), underlines the Sovereign’s willingness to encourage and promote the pioneering national entrepreneurial initiatives and the creative capacities, particularly of the Moroccan youth, that these projects embody.
These two industrial initiatives are in line with the High Royal Directions aiming at directing the private sector towards productive investment, in particular in the advanced and future sectors and at stimulating the emergence of a new generation of companies in the Kingdom.
They also confirm the King’s far-sighted vision in terms of sustainable development and the promotion of renewable energies, particularly the emerging field of green hydrogen.
Neo Motors company has set up an industrial unit in Ain Aouda (Rabat-Salé-Kenitra Region), to manufacture motor vehicles for the local market and for export, with a projected annual capacity of 27,000 units and a local integration rate of 65%.
The total projected investment for this project amounts to 156 million dirhams ($15.6 million) and will eventually create 580 jobs.
The final approval of the first vehicle was issued by the National Agency for Road Safety in February 2023. The company has launched the pre-production and plans to inaugurate the industrial unit during the month of June 2023 and to launch the marketing.
This project, which gives birth to the first Moroccan consumer car brand, is carried by national skills. It relies mainly on the ecosystem of local automotive suppliers developed by the Kingdom.
As for the prototype of the hydrogen vehicle of NamX, it was designed in collaboration with the Italian design office and coachbuilder of reference Pininfarina. The interior design of the vehicle has been realized by Moroccan talents.
Indeed, the HUV model will be supplied with hydrogen by a central tank that will be completed by six removable capsules, guaranteeing a significant autonomy and facilitating the hydrogen recharge in a few minutes.
This pilot project places Morocco firmly in the ongoing worldwide momentum to develop new forms of transport that combine efficiency and respect for the environment.
The monarch awarded the Wissam Al Kafaa Al Fikria to Nassim Belkhayat, founder and CEO of Neo Motors company, and Faouzi Annajah, President and founder of NamX company.
Dr Hamada Elkady, executive director of Delta Farm, believes that the Egyptian desert has the potential to be a successful shrimp producing region.
Dr Elkady has been the executive director of Delta Farm – a tilapia and shrimp farm in Wadi El Natrun – since 2019.
Can you briefly describe your aquaculture career?
I obtained a doctorate and a master’s degree in aquaculture, but upon graduation, I worked as the production manager of the Al-Amana Feed Factory until 2013. Then I worked in tilapia farms for my family in Kafr El-Sheikh. I have been the director of Delta tilapia and shrimp farm in Wadi El Natrun since 2019.
What inspired you to become a shrimp farmer?
We were looking for an alternative to tilapia culture, and shrimp was the ideal solution. What helped us were the factors available at our Wadi El Natrun farm, such as the salinity of the water and the appropriate climate for vannamei shrimp culture.
What were the main challenges to overcome when you set the farm up?
The first aquaculture season there in 2019 was dedicated to Nile tilapia culture. We started trialling vannamei shrimp farming in 2021 in two ponds and the success of the trial was an incentive for us to convert more of the farm to shrimp production, and perhaps move purely to shrimp in the future.
A key challenge was to search for a place with a water source with a suitable salinity for aquaculture, which was also close to the markets. After that, the design of the farm itself, in order to save energy, adjust production intensity, improve feed conversion ratios and ensure the best waste disposal methods.
Can you provide as many details as possible about the scale, design and operation of the farm?
The total land area is 70 acres and includes nine 70 by 70 metre ponds lined with polyethylene, in addition to four 40 by 40 metre ponds used for rearing and nursery. The ponds are fed by groundwater from wells and we use the waste water in a hydroponic component, which produces crops that tolerate salt, such as alfalfa (Medicago sativa) and the Barhi date palm (Phoenix dactylifera ‘Barhi’) in the parts of the farm with no ponds.
How many tonnes does the farm currently produce per year?
Our production is mixed between tilapia and shrimp. There are three shrimp ponds with a production average of 2.6 tonnes of shrimp, with production sizes ranging from 30 to 40 shrimp per kilogram. There are also four nursery tanks each holding 100,000 shrimp larvae. The current year’s production consisted of one cycle of shrimp because we are still developing a plan to produce more than one cycle.
Meanwhile, we produce around 135 tonnes of tilapia from six ponds, selling them at sizes ranging from 250 to 350 grams.
What does a typical day’s work consist of on the farm?
Most of the day is split between the disposal of organic waste from the ponds, which we do three times, and feeding, which takes place four times. We also take samples to ensure that the water conditions are good.
Dr Elkady next to one of the shrimp ponds at Delta Farm
The farm has three shrimp ponds with a production average of 2.6 tonnes of shrimp, while six additional ponds produce around 135 tonnes of tilapia
What was the project’s original goal and what has been achieved so far?
The original goal was to produce high-quality fish in an area far from all sources of pollution and with the highest production rates. Next season, we aim to produce 10 tonnes of shrimp per acre, and then ramp this up until we reach optimal global production rates.
What are the most important factors for ensuring efficient shrimp production in a desert environment?
The salinity level of the water source needs to be reasonable for shrimp culture, and the level of 20-30 ppt has the advantage of high feed conversion rates and low disease incidence.
A sandy loam soil which retains water can save the cost of lining the ponds with polyethylene
A reliable source of electricity to operate the aerators and pumps from the wells – solar energy can reduce costs.
Trained workers and experience are required because aquaculture in the desert differs greatly from other climates.
What impact has the rising costs of inputs such as feeds had on you?
The rise in feed prices represents a major challenge but the price of shrimp is still high enough to make profits. However, it is harder to make profits from tilapia.
What regions and production systems have the most scope for shrimp farming growth in the coming years?
Promising production systems depend mainly on the type of surrounding environment and the availability of water, but in desert lands, intensive and semi-intensive systems – including biofloc and recirculation aquaculture systems (RAS) – are among the best options.
One of the most promising areas for aquaculture in Egypt is the Al Maghrah area in Matrouh Governorate, which is characterised by good soil, a suitable climate and a water source with suitable salinity.
How would you like your farm to develop in the coming years?
The most important part of our development plan is installing alternative energy sources, such as solar panels, and developing the nursery unit so that we can do more than one cycle of shrimp per season. We are also looking to cover the ponds with polytunnels.
The Banker highlighted Jouahri’s strategies to safeguard Morocco’s economic stability in 2023, as well as his dedication to social causes.
International financial affairs magazine The Banker has named the Governor of Morocco’s Bank Al-Maghrib (BAM) Abdellatif Jouahri Africa’s Central Bank of the Year 2024.
Earning the top spot for Africa in the Financial Times-owned outlet’s ranking highlightedJouahri’s leadership in the African banking sector, as well as his contributions during a period of remarkable growth and resilience.
Jouahri’s tenure spans two decades, marked by his adept steering of Morocco’s banking sector and the broader economy.
The Banker acknowledged Jouahri’s role in the relief efforts following the devastating Al Haouz earthquake that hit central Morocco in September of 2023.
The magazine noted that Bank Al-Maghrib, Morocco’s central bank, donated MAD 1 billion to the country’s relief fund for the earthquake, and “was quick to offer support for sectors of the economy most impacted by the tragedy.”
In addition, the Banker lauded Jouahri’s decisions, including BAM’s “relative success” in tackling inflation. The Moroccan central bank was one of the first African central banks to hold interest rates in 2023, after lifting them to 3% in March, allowing the economy to absorb the impact of rate rises.
“After a slight uptick in August, the bank continued to hold its nerve, a move that was vindicated by inflation falling back down to 4.3% in October from a high of 10.1% in February,” the magazine explained.
The Banker also highlighted the launch of Morocco’s instant payment system (IPS) in June, which aimed to advance the country’s financial infrastructure.
Commenting on the recognition, Jouahri expressed “considerable satisfaction” for receiving the top spot in the ranking, emphasizing the key role of central banks in overcoming global challenges.
“I am convinced of central banks’ pivotal role in overcoming the major challenges that beset the world. Foremost among these is climate change: the consequences of which are steadily worsening,” he said.
In light of escalating political tensions and the prolonged inflationary trends, Jouahri underlined the heightened challenges that central banks face.
He called on these financial institutions to “optimise their monetary policy decisions to safeguard the purchasing power of citizens, especially the most underprivileged among them, and improve investor confidence in the future of their companies.”
