Strengthening the domestic financial sector in Arab countries seems to me to be a necessary step in this direction. The quick adoption of modern instruments like electronic banking and the coming revival of the important financial centre in the 60s and 70s – Beirut – are only two examples of promising developments in this region’s financial markets.
The Arab banking sector has successfully embarked on the current global trends in this industry. Based on its generally sound profitability it meets the challenges of globalisation, concentration and electronisation. BIS Review 55/2001  1  Modernization and diversification of the real economy will cause the need for banks to deal with the demand and risks of non-oil-business.