The Association of Banks is a continuous march in support of economic reform

by **claud39** Sun Nov 08, 2020 9:50 am

The Association of Banks is a continuous march in support of economic reform

11/08/2020

Samir Al-Nasiri

The Iraqi Private Banks Association is a civil society organization that was established in 2004 and organized in its membership most of the private banks, whose number as in 2020 (72) commercial and Islamic banks and branches of Arab and foreign banks operating in Iraq.

The Association, according to its bylaw, is strictly implemented in partnership and cooperation with the Central Bank of Iraq to strive to develop and develop the private banking sector in a way that contributes to supporting the national economy and sustainable development through the development of microfinance projects, qualifying youth and creating an appropriate and stimulating environment for entrepreneurship despite the complex conditions and economic crises that have passed In Iraq during the years since the establishment of these banks in 1991 and up to the present time, the difficulties and challenges they faced, especially during the period of ISIS’s occupation of some provinces in 2014, but it was able to develop and catch up with the global banking development through the technical and banking developments planned by the Central Bank Al-Iraqi and supervised and adopted by the Association and implemented by banks with great interaction.

Emphasis on strict adherence to international standards in accounting, compliance regulations and rules, combating money laundering and terrorist financing and banking risk management.

The steps, procedures and activities of the Development Association in cooperation with the Central Bank have contributed to improving the performance efficiency of most banks and the issue of governance and good management was in accordance with the Governance Manual issued by the Central Bank and the fruitful cooperation with the competent international institutions led to the development of clear policies to control banks and companies supporting the banking business, which include maintenance Rights of boards of directors and shareholders, achieving transparency, disclosure and separation of ownership from the executive management.

As well as training and qualifying banking human resources, focusing on young people and recent graduates, and training up to 4,000 trainees in capacity development training courses in coordination with the Banking Studies Center at the Central Bank, based on the goal of investing in human capital in specialized courses in governance, compliance and international standards in all areas of banking.

And combating money laundering and terrorist financing, international accounting standards, Islamic banking and financial inclusion.

Despite the Corona crisis, the drop in oil prices, the closure of the global economy, the slowdown in economic growth in all countries of the world, and the Iraqi economy affected by the above repercussions, the Association continued to daily follow-up of banking activity and the commitment of private banks to the instructions of the Central Bank of Iraq through their contribution to economic activities that have a direct developmental impact on achieving sustainable development And based on our keenness as a private banking sector that constitutes the first basic link in the economy, the association’s administrative body, its president and its executive management affirms the continuation of its strategy for the next five years to enhance the role of private banks in sustainable development and rehabilitate young people, based on the objectives of reform and strategic development contained in the white paper and an attempt to address the identified risks In the recent World Bank report on the advancement of the Iraqi economy from a state of fragility.

https://economy-news.net/content.php?id=22576