Two international companies will hold two workshops at the headquarters of the Association of Private Banks to classify the Iraqi banking sector

Economy News Baghdad:

The Global Credit Rating Agency (KFT) and the Islamic Classification Agency (ISNA) have established two workshops for commercial and Islamic banks in cooperation with the Union of Arab Banks and the Central Bank of Iraq.

The Association of Iraqi private banks in a press statement received by "Economy News", "The distinguished relations between the Association of private banks and international banking organizations and companies contributed to the development of the Iraqi banking sector through courses and workshops and exchange of experiences between the parties," noting that " Iraq, in collaboration with the Global Credit Rating Agency, and two workshops on the assessment of banks and compliance with international standards.

She pointed out that "37 people working in Islamic and commercial banks participated in the workshops," noting that "the banking sector looks forward to further cooperation with international banks in order to develop relations with correspondent banks."

On the other hand, the President of the Association of Iraqi private banks, Wadih al-Hanal in his speech during the opening of the training workshops, "The Association of private banks seeking to strengthen the relations of Iraqi banks with international and Arab banks, which will reflect positively on the Iraqi economy," adding that "Iraqi banks committed By international standards ".

He pointed out that "Iraq is witnessing during the current stage a great openness by Arab banks and there is a desire to open branches of Gulf banks inside Iraq," explaining that "Iraqi banks will hold a conference with the European Union in the French capital during the coming period."

He pointed out that "the trust between the banks and the Central Bank of Iraq played an important role in the development of banks, which will be reflected positively."

Meanwhile, the representative of the Union of Arab Banks, Raja Kamouni, said during her speech at the opening of the two workshops that "the Union of Arab Banks has worked in association with the Association of Private Banks and the Central Bank of Iraq with international rating agencies that help the Iraqi banking sector to classify by removing many of the obstacles facing it" , Pointing out that "the European intelligence agency is concerned with sovereign classification and classification of financial markets and Iraq needs its services to facilitate the work of the banking sector."

She explained that "the workshops organized by the Association of Private Banks aim to explain the importance of classification of financial institutions and identify the strengths and weaknesses to work on them," adding that "the current trend with the Association of private banks and the Central Bank to conduct training in three phases in the area of ​​financial classification."

"Classification is a tool for the development of the financial sector and the 56 member states of the Islamic Organization. Only seven countries are classified as Malaysia, Indonesia, Bangladesh, Pakistan, Turkey, Iran and Saudi Arabia," said the head of strategic auditing at CAPT. Promoting Sukuk, supporting small and medium-sized enterprises and identifying the outlook for the banking sector. "

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