The first meeting of the Board of Governors was held on April 19, 1977. The AMF is an intergovernmental regional Arab financial institution having an independent juridical personality.
Loans are to be provided at concessionary and uniform rates of interest and charges.
Lending operations began in 1978. The Board of Governors may authorize an increase in capital and the Fund may borrow twice the amount of its capital. The Board of Governors is the highest authority. Each member country is represented by a Governor and an Alternate Governor appointed for five years. The Board of Directors consists of eight Directors elected by the Board of Governors for a three-year renewable term under the chairmanship of the Director General.