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Introduction to Governance Framework

The governance structure of the Arab Monetary Fund (AMF) reflects the attention paid by the Fund to defining roles and responsibilities across its supervisory, oversight and executive bodies, their integration, interaction, horizontal communication, opinion sharing, broadening the scope of knowledge, and insight, prior to taking a decision. The governance structure consists of the Board of Governors and the Board of Executive Directors under which there are the Audit and Risk Committee, the system of executive management, including executive departments and committees.

AMF Membership

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Hashemite Kingdom of Jordan
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United Arab Emirates
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Kingdom of Bahrain
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Republic of Tunisia
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People's Democratic Republic of Algeria
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Republic of Djibouti
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Kingdom of Saudi Arabia
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Republic of Sudan
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Syrian Arab Republic
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Federal Republic of Somalia
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Republic of Iraq
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Sultanate of Oman
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State of Palestine
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State of Qatar
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Union of Comoros
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State of Kuwait
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Republic of Lebanon
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State of Libya
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Arab Republic of Egypt
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Kingdom of Morocco
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Islamic Republic of Mauritania
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Republic of Yemen

Board of Governors

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Kingdom of Jordan

Governor

H.E. Dr. Adel Alsharkas

Governor, Central Bank of Jordan

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United Arab Emirates

Governor

H.E. Mohammed bin Hadi Al Husseini

Minister of State for Finance Affairs

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Kingdom of Bahrain

Governor

H.E. Sheikh Salman Bin Khalifa Al Khalifa

Minister of Finance

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Republic of Tunisia

Governor

H.E. Dr. Fathi Zuhair Al-Nouri

Governor, Central Bank of Tunisia

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People's Democratic Republic of Algeria

Governor

H.E. Abdelkrim BOUZRED

Minister of Finance

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The Republic of Djibouti

Governor

H.E. Isman Ibrahim Robleh

Minister of Budget

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Kingdom of Saudi Arabia

Governor

H.E. Mohammed Bin Abdullah Al-Jadaan

Minister of Finance

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Republic of Sudan

Governor

H.E. Dr. Gibril Ibrahim Mohamed

Minister of Finance and Economic Planning

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Syrian Arab Republic

Governor

H.E. Mohamed Yisr Barnieh

Minister of Finance

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Federal Republic of Somalia

Governor

H.E. Bihi Iman Egeh

Minister of Finance

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Republic of Iraq

Governor

H.E. Dr. Ali Mohsen Ismail Al-Alaq

Central Bank of Iraq

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Sultanate of Oman

Governor

H.E. Sultan bin Salim Al Habsi

Minister of Finance

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State of Palestine

Governor

H.E. Yahya Shenna

Governor of the Palestine Monetary Authority and Chairman of the Board of Directors

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State of Qatar

Governor

H.E. Ali bin Ahmed Al Kuwari

Minister of Commerce and Industry and Acting Minister of Finance

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Union of Comoros

Governor

H.E Mousa Abdelrahman

Minister of Finance, Budget and Banking Sector

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State of Kuwait

Governor

H.E. Dr. Subaih Abdulaziz Abdul Mohsen Al-Mukhaizeem

Acting Minister of Finance

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Republic of Lebanon

Governor

H.E. Karim Souaid

Acting Governor, Banque du Liban

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State of Libya

Governor

H.E. Hassan Abdalla

Governor

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Republic of Egypt

Governor

H.E. Hassan Abdalla

Governor

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Kingdom of Morocco

Governor

H.E. Karim Souaid

Acting Governor, Banque du Liban

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Islamic Republic of Mauritania

Governor

H.E. Mohamed Lemine Dhehby

Governor, Central Bank of Mauritania

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Republic of Yemen

Governor

H.E. Marwan Farag Bin Ghanem

Minister of Finance

Board of Executive Directors

Top management of the AMF consists of the Board of Governors (General Assembly), and the board of executive directors chaired by the Director General Chairman of the board.

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H.E. Fahad M. Alturki, Ph.D
Director General Chairman of the Board

Members of the Board for the period 1 July 2025- 30 June 2028

Name
Location
H.E. Dr. Ryadh Mohammed A Alkhareif
Saudi Arabia
H.E. Nawal Ben Bachir
Algeria
H.E. Dr. Sameer Fakhri Neamah Al -Waeli
Iraq
H. E. Dr. Nasr Saleh Muthanna Al-Harbi
Egypt, Yemen, Sudan, Somalia, Djibouti, Comoros (Yemen)
H.E. Faisal F A Y Almuzaini
UAE, Kuwait (Kuwait)
H.E. Filali FILALI
Morocco, Libya, Tunisia, Mauritania (Mauritania)
H. E. Hamad Madi H A Al-Hajri
Qatar, Bahrain, Oman (Qatar)
H.E. Dr. Makram Amin Bou Nassar
Syria, Jordan, Lebanon, Palestine (Lebanon)

Organisational Structure

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Audit and Risk Comittee

The Audit and Risk Committee is established under, and reports to, the Board of Executive Directors, supporting the Board in fulfilling its oversight and supervisory responsibilities within the governance framework of the Arab Monetary Fund. The Committee is composed of three members who are independent of the Fund’s executive management and are elected by the Board of Executive Directors at the beginning of each session. It operates in accordance with a charter that defines its mandate and scope of work. The Committee is entrusted with overseeing the integrity of the Fund’s financial statements, monitoring the implementation of risk management and internal control frameworks, and evaluating the effectiveness of the Internal Audit Office, including the review of its reports. It also monitors the independence of external auditors, reviews their reports, and considers whistleblowing reports.

AMF Office of Internal Audit

The Internal Audit Office is an integral component of the AMF governance framework. The Board of Governors holds exclusive authority to appoint internal auditors, in accordance with the AMF Agreement, and such authority may not be delegated. Internal auditors are appointed based on recommendations from the Board of Executive Directors. The Audit and Risk Committee, under the Board of Executive Directors, is entrusted with monitoring the independence of internal auditors and reviewing their reports, in line with its oversight responsibilities.

What is the governance structure of the Arab Monetary Fund? +
The Arab Monetary Fund operates under a governance framework comprising the Board of Governors, the Board of Executive Directors, and the Executive Management. This structure ensures effective oversight, strategic direction, and implementation of the Fund’s activities.
What is the role of the Audit and Risk Committee? +
The Audit and Risk Committee supports the Board of Executive Directors in its oversight responsibilities. It is entrusted with overseeing the integrity of financial statements, monitoring risk management and internal control frameworks, reviewing internal audit reports, and ensuring the independence of external auditors.
How are internal auditors appointed at the AMF? +
Internal auditors are appointed by the Board of Governors, which holds exclusive authority for such appointments in accordance with the AMF Agreement. This authority cannot be delegated and is exercised based on recommendations from the Board of Executive Directors.

What is the role of the Internal Audit Office? +
The Internal Audit Office is a key component of the AMF governance framework. It supports oversight by evaluating internal controls and reporting its findings, while the Audit and Risk Committee monitors its independence and reviews its reports.