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International confidence boosts Iraq's economic capabilities

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International confidence boosts Iraq's economic capabilities

21/1/2018 12:00 am

We seek construction and reconstruction

Baghdad / Hussein Thugb

Achieving economic advancement can be achieved by strengthening local capacities in all its aspects and gaining international confidence, which is the cornerstone of the work to achieve sustainable and effective economic development at the regional and international levels.

"The importance of containing the portfolios of the banking sector, the new and evolving products during the current year and be announced to all, as Iraq looks to the stage of actual construction, requiring banking services and harmony and this important stage of the history of Iraq, which seeks to build And reconstruction after a painful journey of challenges."

Positive openness

He pointed out that "the banking sector in front of the stage of proving the existence of the actual and will be able to achieve objectives in the presence of the elements of it, where the availability of human resources and positive openness to the countries of the world and international confidence after the complete departure from the provisions of Chapter VII restricted to financial activities only within certain limits."

Al-Nouri said that "the financial sector during the past year has achieved many achievements led by the Central Bank of Iraq, most important in the field of money laundering and financing of terrorism and compliance and sophisticated systems and the reality of products offered to customers of different companies or citizens who are looking for new products depends regionally at the very least "He said.

He pointed out that "our banks are required to start where the world ended after the period of disconnection from the outside world for decades, which requires us to unite for the banking sector active and developed able to cooperate with the large numbers that are expected to invest in the Iraqi market."

Calendar Control

He stressed the importance of interaction between the central bank and the banking system during the coming period,

especially that the central bank is the father of banks and the regulator of its work,

pointing out the importance of monitoring the calendar in the life of banking and protection from the dangers, but its role is positive in making the banking wheel in the right direction that benefits the national economy "He said.

HR

Al-Nouri called for "giving more attention to human resources during the current year, especially as it represents the most important axes of success in the economic process in general and banking in particular, which makes us interested in banking focus on this important axis and make it one of the first plans for the current year."

Finance and investment

He pointed out that "among the services provided for financing and investment adopted by several Islamic banks on a non-interest basis,

they are implemented in accordance with the provisions of the Islamic Sharia by opening investment accounts with the bank's money for those wishing to invest in all the requirements of Islamic law (Murabaha, Mudaraba,, Establishment of companies and subscription of shares of companies and participation with other individuals, companies and institutions in the work and projects in line with the objectives of the bank, as well as provide all bank financing and all sectors of industrial, commercial and agricultural, Investment".

Capital

The Executive Director of the Association of Iraqi bankers Silwan Abdul Manaf stressed "the importance of working to create an environment conducive to the international effort developed, global capital and technology is welcome to work in Iraq," pointing out that

"the country has solid companies able to enter into partnerships with international companies with Advanced classification on international regulations and implementation of high-precision work".

He pointed out that "the reality of local economic relations requires presenting the reality of implementation with high transparency in front of the international effort to develop the ability to build confidence and strengthen relations, especially as the regional companies that have technologies and capital began to do their relations with Iraq, especially that the global companies study the working environment from all aspects Exception".

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