Launch of the Global Forum of the General Council of Islamic Banks and Financial Institutions with the participation of Iraq in Istanbul

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Economy News Istanbul:

The two-day Global Forum of the General Council of Islamic Banks and Financial Institutions (ICFM) kicked off in Istanbul this morning.

The conference is attended by the Governor of the Central Bank of Iraq Ali al-Alaq, also participates in a delegation representing the Association of Iraqi private banks headed by its President Wadih al-Hanal and ten of the leaders of Iraqi banks.

The conference, which will be held under the slogan "The new face of financial services, presents problems, opportunities and renewed challenges", which deals with Islamic finance, the development of the traditional financial industry and ways to put the Islamic finance industry on the right track.

The council is an international organization of the Organization of Islamic Cooperation (OIC), founded in Bahrain in 2001

It seeks to protect and defend the Islamic financial industry sector and to promote cooperation among its members.

At the opening session of the conference, a number of participants representing Islamic banks in the world emphasized the great development witnessed by the Islamic banking industry over the past years with the expectation that Islamic banking will reach four trillion dollars in 2020

The words addressed the requirements of Islamic banking under the instructions of Islamic law

The words noted the role of Islamic banking as an instrument to push forward the economies of countries and their role in reducing poverty and providing greater stability for those with limited income.

The words reviewed digital finance, which represents a major technological revolution, with a major impact on financial services and the threat it poses to traditional financial services.


http://economy-news.net/content.php?id=12144

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The Governor of the Central Bank stresses the need to close the gaps in the Islamic banking sector


Economy News Istanbul:

The Governor of the Central Bank of Iraq, Ali Al-Alak, the need to close the gaps faced by the Islamic banking sector in the areas of risk management and compliance and inflation.

During his first working session with Al Baraka Chairman Adnan Ahmed Yousif and Deputy Governor of the Lebanese Central Bank Raed Sharafuddin and other leaders of the banking sector in the Islamic countries, Al-Allaq noted the importance of legal frameworks, legislation and regulations that will rationalize the work of Islamic financial and banking institutions Especially with regard to risk management, "stressing the need to work seriously to achieve what the Islamic banking sector.

He praised the "great expansion of the Islamic banking sector during the past years," stressing that "a clear vision for the future of this sector should be identified and the gaps to be addressed, especially in the areas of risk management, compliance and financial inflation."

He also praised a number of speakers during the meeting the efforts of the President of the Central Bank of Iraq Ali Alaq and the President of the Association of Iraqi private banks Wadih al-Hanal in support of the Iraqi banking sector in general and Islamic

http://economy-news.net/content.php?id=12149

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President of the Association of Iraqi Private Banks: Iraq has a new experience in the field of Islamic banking and works to develop


Economy News _ Baghdad

Iraq has a new experience in the field of Islamic banking and is working on developing it by developing human capabilities and benefiting from the experiences of other countries, the head of the Association of Iraqi Private Banks Wadih al-Hanalal said on Wednesday.

Speaking during the second morning session of the Global Forum of the General Council of Islamic Banks and Financial Institutions in Istanbul, the President of the Association of Iraqi Private Banks, Wadih Al-Hantal, discussed with a number of Islamic banking leaders in the Arab and Islamic world and the challenges facing Iraq as a result of the global financial crisis and the positive role that Played by the Central Bank of Iraq in this area.

Al-Hanalal said that Iraq has a new experience in the field of Islamic banking and is working on developing it by developing human capabilities and benefiting from the experiences of other countries.

He pointed out the importance of banking awareness, financial inclusion and training, as three conditions necessary to advance the Islamic banking market in the present and future.
He urged banks to develop practical plans in the fight against unemployment and job creation through the opening of new technology windows, including digital banking and the application of financial coverage so that banks can deliver their products to the farthest point in the countryside.

Turning to the efforts of the Association of Iraqi private banks to open up to banks in Arab and foreign countries, he pointed out in this area the conclusion of two important agreements with Bahraini banks recently, which gave added value to the work of Iraqi banking.

http://economy-news.net/content.php?id=12156

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