The opening of the first branch of a private bank outside Iraq

30/7/2018 12:00 am

Towards building mutual trust with regional banks
Baghdad / Al-Sabah
Financial experts and experts emphasize the importance of regional and international openness and its role in achieving the benefit of the national economy, which seeks to consolidate relations with the regional and international economic blocs. The friction leads to successful transfer of advanced technology to the country. To promote the financial sector and change the shape of the national economy.
In this context, the last days witnessed the first experience of regional opening when Ahli Bank opened an office in Dubai to be the starting point for other regional and international cities. The representative of the Secretary General of the Union of Arab Banks and Arab and international economic figures.


Points of communication
Deputy Governor of the Central Bank of Iraq d. Munther Al-Shaikhli conveyed the blessing of the Governor of the Central Bank of Iraq for this event and stressed the importance of spreading knowledge communication between our Arab banks and its role in developing the financial work joints. The most important points of communication are starting from the gates of banking representation, and we need cooperation between the specialized institutions to activate Arab cooperation.
He said: "We welcome this step, which is an important link that comes with new banking products, and should lead to banking alliances that promote the performance of Arab banking to more advanced stages, and provide what is required of the private sector services. It is an important step for the two brotherly countries. Important".


International relations
Executive Director of the Association of Iraqi Private Banks Ali Tariq stressed that "the importance of openness of Iraq to the countries of the region and the world, where the financial sector to develop its technical and human capabilities," pointing out that "there is a positive trend by private and public banks to develop the joints of its work, Which harmonize and economic capabilities of the country and which requires the advancement of the financial sector, which is the center of development.
He pointed out that "the opening of the first branch of a private Iraqi bank outside Iraq is a success for our financial sector, and strengthens the confidence of the external perimeter of Iraqi banks, and represents a window for Iraqi banks to open to the world, and provides a station for the opening of UAE banks inside Iraq," pointing out that this comes in line with the directions of the bank Central Iraq ".
He pointed out that "Iraq during the past few years has achieved great successes in the detailed building of international relations with various international economic blocs and regional, where a delegation of Iraqi banks visited the United States of America and the talks of the Treasury there and representatives of major banks on the process of economic advancement, From Arab countries in a move to activate relations and create mutually beneficial partnerships for Iraq. "
The Iraqi banking system consists of a number of banks exceeding 70 banks.


Technological capabilities
The Executive Director of the Association of Private Banks, "the opening step of a branch of the Development Bank in Dubai and promised an important step to activate cooperation and friction of Iraqi banks with the regional environment, and we want to expand this cooperation in a way that enhances the technological capabilities of Iraqi banks."
The International Development Bank, the representative office of the International Development Bank in Dubai, was inaugurated in the presence of Iraqi and Emirati economic figures. After the Bank has been subject to all due diligence procedures by the Central Bank of the United Arab Emirates and in view of the bank's financial solvency and regulatory procedures, under which the final approval of the UAE has been granted the opening of the office
Representation.


Stage requirements
In the meantime, the Chairman of the Board of Directors of the International Development Bank, Ziad Khalaf Abdul, during the opening of the representative office, which was attended by Deputy Governor of the Central Bank of Iraq, Dr. Munther Abdulqadir Sheikhli and the Iraqi Consul in Dubai, Dr. Hussein Ali Al-Azzawi and the representative of the DMCC free zone in Dubai Christa Fox, representatives of two companies MasterCard "The opening of this office to the International Development Bank in Dubai is a pioneering step for the private banking sector in Iraq, and in line with the requirements of the next phase, which will witness a significant expansion in the banking business between the Development Bank
He stressed that "the International Development Bank chose Dubai because it is an important commercial center in the Middle East and includes more than 15 thousand different global companies and it is necessary to encourage this investment in Iraq, which will contribute to the development of the Iraqi economy and reduce the rates of unemployment and poverty and raise the welfare of the Iraqi people."


A well done plan
For his part, member of the Baghdad Economic Forum Jassem Al-Aradi stressed that "the Iraqi financial sector in need of developing its relations in a way that benefits the national economy, where the process of the explosion and expansion study the matter of all forms and be in accordance with a plan to strengthen the local financial capabilities and benefit the two parties."

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