siliconindia | | DECEMBER 20214It was in 2016 that the Council of Arab Central Banks declared April 27 as the `Arab Day of Financial Inclusion'.Banks have long since evolved from their conventional image as lending institutions to full-fledged financial hubs serving as the nucleus of all economic activities and financial transactions. Those opting to stay out of modern banking and financial services are considered outside the purview of the economic mainstream.There is no denying the fact that financial inclusion in a country or region has direct bearing on the socio-economic development of its citizens. Countries with more "unbanked population" are the ones with the smallest GDP per capita, such as Somalia (61 per cent without a bank account) and Yemen (94 per cent without a bank account). But there are people who have only one bank account which they use to receive their salaries, subsidies or cross-border remittances, and withdraw all the money they get at once. They are also called "underbanked".However, now the Middle East market is moving toward a consolidation of the fragmented financial services sector that has dozens of players across banking and insurance. Consolidation is a way to build a better and stronger sector that can provide the needed impact at a national level. The growth of the GCC Islamic banking sector is fueled by the increasing demand for shariah-compliant financial products across the region. Islamic banks are bringing their products and services into the digital age to satisfy the needs of the evolving demographic landscape. Financial Consultants play a pivotal role in bringing the financial products to the banked and underbanked alike.This edition is bringing the Financial Consultants of the Middle East to the forefront thereby giving our Middle East audience the leverage to hand pick their suitable financial partners or chauffeurs.Do let us know what you think. Emmanuel Christi DasManaging Editoreditor@siliconindia.comEditorialBringing the Wave of Financial Inclusivity Vol 10 · Issue 10 - 01 · December, 2021 Publisher Alok Chaturvedi Editor Emmanuel Christi Das Editorial Team Aveek Pal Chaudhuri Hima P M Mandvi Singh GM - Sales & Marketing Rohit Kumar Advertising Managers Editorial queries editor@siliconindia.com To subscribe Visit https://www.siliconindia.com/subscribe/ or send email to subscription@siliconindia.com Cover price is Rs.150 per issue. Printed and Published By Alok Chaturvedi on behalf of SiliconMedia Technologies Pvt Ltd and Printed at Precision Fototype Services at Sri Sabari Shopping Complex, 24 Residency Road Bangalore-560025 and Published At No. 124, 2nd Floor, Surya Chambers, Old Airport Road, Murugeshpalya, Bangalore-560017. Editor Alok ChaturvediCopyright © 2021 Siliconmedia Technologies Pvt Ltd, All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher.advertise@siliconindia.com Visualisers Mohana Krishnan Vetrivelu Group Art DirectorAshok KumarCirculation Manager Magendran Perumal Ashwini D Naik Shilpa Selva Felisha Rita Correspondent Soumya JAssistant Editor Ananth VAssociate Editor Indranil Chakraborty
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