Baghdad Economic Forum and banking .. Window Iraqi banks to open up to the world

[IQD4US]

BAGHDAD / Nina / report Mustafa al-Hashemi: via bankers and economists hoped to implement the recommendations of Forum Baghdad economic and banking, which aims to reform the Iraqi banking system and upgrading services provided by banks to citizens. seems that the forum began offering its results, which reflected the desire of the Lebanese banks opening branches in Baghdad after what succeeded in opening branches in Arbil, as mentioned told the National Iraqi News / Nina / Advisor to the Secretary General of the Union of Arab Banks Zakaria Hammoud. Such establish the forum in Baghdad, which was attended by over 800 personal Arab and foreign politicians, ambassadors, economists, bankers, opportunity and promising to meet Arab Banks banks Iraqi and eating ideas and proposals that will develop the work of the Iraqi banking through Quote experiences of those banks and seek to apply in Iraq after reconsidering laws Iraqi banks and the Central Bank Law. The objective of the establishment of forum to encourage open Arab markets in front of trade and investment and shed light on the achievements of the Iraqi government in restructuring the economy and access to investment opportunities and identifying the requirements the banking industry and determine the priorities and challenges facing the financial sector and business in Iraq, in addition to the open area in front of the banking sectors Arabic to communicate directly with the Iraqi banking sector and building bilateral relations. discussed Forum plans for growth , stability and progress, and build a special relationship between the Iraqi banking sector and other sectors Arab banking and strengthen the powers of the national economy in the face of the challenges faced by both internally and externally, using experts, researchers and businessmen. also introduced forum similar experiences to reach practical recommendations and seriously check objective of this Forum , as well as discuss Islamic banking and the desire on the citizens and the way to activate them in the banks to check their usefulness. said Iraqi Central Bank Governor agency Abdel Basset Turki told the National Iraqi News / Nina / that this meeting will achieve what is required of it, as was the selection of studies and research provided by financiers and bankers Arab participants in this forum. said general manager TBI Hamdiya Dry "that the mere establishment of this forum in Baghdad, is proof success and positive step indicates the ability of Iraqi banks to achieve economic development in the case was the implementation of recommendations made ​​by the Forum Baghdad economic and banking. " she added, speaking / Nina / The implementation of the recommendations will also to activate the role of Iraqi banks and the role of the central bank to be there to deal flexibly in his teachings and laws with private banks and thus revive the banking system. They indicated that the organization work of the bank in a good way reflected on the situation Economic and Management rudder country's financial via these banks and thus success this event is a success for all of Iraq. his part, said Advisor to the Secretary General of the Union of Arab Banks Zakaria Hammoud "The establishment Forum Baghdad economic and banking was our beginning and the first step toward reforming the banking system." he said in a statement / Nina / "The Union's desire and strategy is to help develop the structural Arab banks." He continued, "We found the high demand and respond and interact with the ideas put forward by the conference, and generated our conviction fixed that forum the other will be a broader and more comprehensive and will discuss what we can achieve between Almmeltqaan." promise Hammoud start private banks Iraqi this event "the beginning of a positive and powerful to develop and strengthen the role of Iraqi banks in the development of the economy." He pointed to the existence of a desire confirmed at the branches of Lebanese banks to operate in Iraq, especially after the experience of opening several branches in Arbil to those banks. explained that "there is a section much of Lebanese banks have expressed, and during our conversations with them, desire the opening of branches in Baghdad, and they started banks hold official transactions to achieve this goal. " For his part, President of the Union of Arab Banks Manaf Badri Hassan hope to get out recommendations proportions strategy fit and aspirations to adopt a policy balanced economic and draw a stable monetary policy kept Iraq from economic fluctuations expected in the coming period. called the recommendations that came out of Forum Baghdad economic and banking to develop a system of payments retail by adopting latest IT systems and electronic payments, and activate the Banking Training Center under a plan the CBI to develop monetary policy in Iraq, and raise the level of banking culture, and diversification of banking services in cooperation with the Union of Arab Banks and the Union of Iraqi banks. indicated recommendations also need to unite the efforts of Iraqi banks in the public and private sectors, and to work closely on the development of the Iraqi banking sector, and the development of legislation and laws governing Action Islamic banking its products and services comply with Islamic law. also called the recommendations to reconsider the banking laws to make the investment law, in addition to reconsider the law CBI and laws governing the work of Iraqi banks to align with the requirements of the current stage to contribute to the promotion of investment and participation with banks Private investors in the financing and development of economic projects and infrastructure. stressed recommendations on the importance of applying international standards of oversight and internal audit and further opening branches in different regions to be at one branch for every 25 thousand people with the global standard depends ratio of one bank for every 5 thousand people in developed countries . The Union of Arab Banks was founded in the thirteenth of March 1974, following a meeting of the leaders of banks and management Arabs and under the umbrella of the Arab Organization for Administrative Development, in order to establish a body / organization Arab regional operating in the unions of the League of Arab States. includes Union today more of 320 Foundation include leading and largest banking and financial institutions Arabic. and take the union of Beirut-based president has, with external offices belonging to a number of Arab countries, especially Egypt, Sudan, Jordan, and a network of strategic relationships with major banking and financial institutions scattered in other Arab countries so that Union cooperates with them to provide various services for the banking sectors in these countries. / Finished 5


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