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Iraq looks forward to benefiting from the world's financial experiences

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Iraq looks forward to benefiting from the world's financial experiences

22/4/2018 12:00 am
Baghdad / Al-Sabah

An active movement witnessed by the financial sector locally, regionally and internationally in order to develop the work joints and develop the banking products required by an economy awaiting a major work stage.

The banking sector is the cornerstone of this activity.

The banking sector continues to experience regional experiences that have been highly successful in the field of finance.

The visit of the delegation of Islamic banks in Iraq was a positive one within the Kingdom of Bahrain and its financial and Arab institutions based in Manama during an intensive program organized by the Association of Iraqi Banks.

Development plans

The Executive Director of the Association of Iraqi Private Banks Ali Tariq said: "The plans for the development of the Iraqi financial sector require cooperation with regional and international counterpart institutions and stand at their successful experiences and benefit from them and the transfer of the banking sector to a new stage where openness to the world will increase knowledge and work to adopt systems that make Iraq is a competitor to the countries of the region and the world in banking services, especially that the training plans adopted by the Association and the competent institutions have created competencies capable of mastering technology Cutting edge.

World banks offer more than 120 products to beneficiaries at different levels, companies and individuals, and perform the work in a field and through personal electronic devices.

Prospects for cooperation

"The delegation of Islamic banks in Iraq, which ended his visit to Bahrain recently, came out with positive results, several of which are the opening of new cooperation prospects, and this in itself will benefit from the contact with banks with sophisticated systems, especially that the other side recognizes the importance of Iraq on the arena of the international economy».

Iraqi banks provide about 15 banking products to their public, and thus need to develop their systems in line with developments in the international financial sector.

"The visit has witnessed the introduction of eight Iraqi Islamic banks requesting membership of the General Council of Islamic Banks and Financial Institutions in a move to open up to the financial and banking institutions and the world, and to establish their presence in the Council with the aim of starting with advanced levels of cooperation and support the Iraqi banking sector.

"The Bahraini side has expressed its full readiness to open banking transactions with Iraqi banks within international standards and controls," he said, adding that

"continuous communication with the Bahraini side is very effective in order to achieve the developmental goals of both sides which benefit the financial sector in both countries."

Memorandum of Understanding

The visit witnessed the signing of two memorandums of understanding, the first between the Association of Private Banks of Iraq and the Association of Banks of Bahrain with the aim of activating cooperation and providing facilities for Iraqi banks, and the second with the General Council of Banks and Islamic Financial Institutions.

The Association also prepared a long-term memorandum of understanding with the Bahrain Institute for Banking and Financial Training.

Developmental mutations

In turn, the director of training and management in the Association Ahmed al-Hashemi that «regional and international mobility is an imperative, especially as Iraq has been cut off from the world for a long period of banking services during which significant developmental breakthroughs».

Hashemi added that «the visit revealed to the delegation the extent of aspiration of Bahraini banks, which have advanced mechanisms to work to the coming period, and the possibility of benefiting from the Bahraini experience in the field of training And administration}.

Hashemi pointed out that «the visit strengthened confidence between the two sides, where can be achieved prospects for cooperation between the two sides in the desire to do so between the two sides, and look forward to the parties to strengthen cooperation to the benefit of both.

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