Fintech Robos Key Speaker at Regional Social Security Symposium
Ebrahim highlights need to introduce and develop asset-backed pension arrangements in Arab markets.
Fintech Robos, the Bahrain-based provider of savings, investments and pensions technology, represented by its CEO, Ebrahim K Ebrahim, participated in a regional symposium organised by the Arab Social Security Association and the Arab Labor Organisation titled "Diversification of Funding and Investment Strategies for Social Security Institutions".
The symposium was held during the period from 27 to 28 November 2022 at the Intercontinental Hotel Amman, Jordan, under the patronage of the Minister of Labor and Social Affairs, His Excellency Mr. Youssef Al-Shamali, and hosted by the Social Security Corporation in Jordan, with the participation of about 60 participants from 10 Arab countries.
Mr Ebrahim’s paper, titled "Strengthening Social Security Systems through Diversifying Pension Savings", focused on the importance of addressing the sustainability of pension funds in light of current global aging (or what is known as the demographic bomb) by means of a gradual transformation in the current retirement savings systems of Arab countries, to diversify pension savings systems beyond the government-run public funds.
“It’s time that we start accelerating the adoption of the multiple-pillar regime in our pension infrastructure - that’s government funds, employer pension funds, and personal savings,” he said, highlighting the need to introduce, develop and strengthen asset-backed pension arrangements, the role that employers can play in their provision
The symposium issued a number of recommendations to enhance grassroot pension systems in the Arab world, the most important of which is the introduction of compulsory or optional complementary pension systems and promoting them via tax/financial stimulus.