The opening of the Baghdad Economic Forum and banking Friday under the auspices of al-Maliki

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Monday January 7, 2013

Union organizes Iraqi banks in collaboration with the Central Bank of Iraq and the International Union of Arab Bankers and Etihad Iraqi private banks Baghdad Economic Forum events and banking in the Iraqi capital Baghdad on 11 and 12 January current

Under the auspices of Prime Minister Nuri al-Maliki.

The Union announced, in a statement, he would take part in the forum a wide range of Iraqi banks and institutions and a large number of banking and financial leaders, experts and researchers and Arab businessmen and foreigners.

He considered that the forum is a platform to exchange views and ideas on the paradigm shift and Special Iraq in general and its banking sector in particular, and to open the way for financial and banking institutions of Arab and international to stand directly on these developments and take advantage of the future role of the actor to Iraq at the level of the region and the world.

Will be received in the opening ceremony of the forum speeches of the Union of Arab Banks and the International Union of Arab Bankers, in a consortium with private Iraqi banks and the Central Bank of Iraq and the Trade Bank of Iraq and the United Bank for investment in addition to the word sponsor of the conference al-Maliki.

Among the most prominent themes to be discussed by forum: the role of the neighboring Arab states and international institutions and organizations and legislative support economic reform process and banking in Iraq, political stability and positive impact on the investment climate in Iraq, prospects for investment and reconstruction in Iraq and the role of sectors Alantahih (electricity, oil, telecommunications, housing ) and the chances of success of Islamic banking in Iraq.


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You all better read the Picture "UNDER THE PATRONAGE OF PRIME MINISTER MR. NOURI AL-MALIKI"




December 7, 2012 - December 8, 2012

The banking sector today is an essential pillar of the construction of any free economy. This sector supports the government and contributes to the process of economic and social growth. If the foundations used to build this sector are strong and solid, based on scientific planning, and abound with competence, experience and confidence, it will succeed in contributing to the development and investment plans in terms of construction, reconstruction and economic growth of the countries and societies.


BACKGROUND

The banking sector today is an essential pillar of the construction of any free economy. This sector supports the government and contributes to the process of economic and social growth. If the foundations used to build this sector are strong and solid, based on scientific planning, and abound with competence, experience and confidence, it will succeed in contributing to the development and investment plans in terms of construction, reconstruction and economic growth of the countries and societies.

Iraq represents a remarkable and ideal case for investment and construction projects, especially that the size of large investments necessary to achieve development requires a multi-disciplinal funding effort that can’t be limited to only one source of funding. Iraq is a rich and attractive country for investment due to its scientific and technical cadres, its natural resources, and administrative procedures and legal system that ensure the facilitation of investment and allow access to the Iraqi market and provide equal opportunities for Arab and foreign investments with the availability of mechanisms for financing and transfer of currency to and from Iraq.

Faced with this reality, the Union of Arab Banks is willing today to contribute in promoting this outstanding qualitative shift of Iraq, by holding the “Baghdad Economic and Banking Forum”. This forum is meant to be the first to shed light on major developments of the Iraqi economy, and to open the way before the international and Arab financial institutions, and the Arab banking sector to be the first to enable them to benefit from the developments in Iraq, to hold direct economic relationships with Iraqi institutions and take advantage of the future active role Iraq is expected to have.

The Union of Arab Banks - in cooperation with the Union of Iraqi private banks, and the Iraqi banks – has decided to raise this issue in this forum, in presence of a large assembly of Ministers of Finance and Economy, Central Bank Governors and decision-makers in the Arab and international financial institutions, in order to develop plans for growth, stability and progress, build “outstanding relations among the Iraqi banking sector and other Arab banking sectors, and strengthen the national economy allowing it to better face the challenges both internally and externally, by referring to experts, researchers and businessmen, by showing similar experiences to reach practical and serious recommendations that realize the objective of this forum.

AXES OF DISCUSSION

Role of the banking sector in the economic development process
Government strategies to restructure the economy
Political stability and investment guarantees in Iraq
Arab financial cooperation and its role in the economic boom
Prospects for investment and reconstruction in Iraq and role of productive sectors (electricity, oil, telecommunications, housing)
Requirements of reform for the banking sector in Iraq (priorities and challenges)
Banking legislation to keep pace with the evolution of the banking industry
Development of information technology of Iraqi's banking sector
Success Opportunities of Islamic banking in Iraq.

OBJECTIVES

Encourage opening Arab markets to trade and investment
Shed light on the achievements of the Iraqi government in restructuring of the economy
Shed light on investment opportunities in Iraq
Identify the requirements of the banking industry in Iraq
Identify priorities and challenges facing the business sector in Iraq
Present a platform for the Arab banking sectors to communicate directly with the Iraqi banking sector and building bilateral relations.



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Establish Baghdad Economic Forum and banking to encourage open markets to the movement of Arab trade and investment


Friday, January 11 2 / January 2013 15:11



{Baghdad: Euphrates News}

Held today in Baghdad Baghdad Economic Forum and banking organized by the Union of Arab Banks and the Central Bank of Iraq, in cooperation with Etihad Iraqi banks.

A reporter and Euphrates News Agency {} "The conference attended by a number of economic and political figures also attended by Vice President of the House of Representatives Qusay al-Suhail, in addition to a number of members of the House of Representatives."

"The two-day forum, which aims to encourage the opening of Arab markets to trade and investment, and to highlight the achievements of the Iraqi government in the restructuring of the economy."

He reporter that "Forum also aims to look at the investment opportunities and identifying the requirements the banking industry and identify priorities and challenges facing the business sector in Iraq, in addition to opening the door to the banking sectors Arabic to communicate directly with the Iraqi banking sector and building bilateral relations."

He noted that the "forum will discuss 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, and display similar experiences to reach practical recommendations and serious achieve the desired goal of this event. "

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The Baghdad Economic Forum amid calls for twinning of private banks with global


11-01-2013 | (Voice of Iraq) - Add a comment -
Alsumaria News / Baghdad

Baghdad Economic Forum was held and banking, on Friday, amid calls for the twinning of private banks with the Arab world, while the Bankers Association confirmed that the forum called on the Iraqi government to support the private sector to keep pace with economic development in the country.

The head of the Federation of private banks Manaf Badri, in a speech today on the occasion of the Forum and attended by "Alsumaria News", "laws on banks need to be modified to cope with Iraqi banks than in the countries of the world", calling for a "twinning these banks with international banks and Arab view the development of the economic sector and banking sector in the country. "

Badri called "the Iraqi government with the support of the private sector to keep pace with economic development in Iraq."

The Banking Act No. 94 of 2004 in general, laws advanced in the world, but he has abounded observations around the bodies covered by this law, because of the lack of clarity of its articles some circumstances raised by, asked for a large number of banks need to be adjusted to keep pace with development processes that in global banks.

It is noted that despite the proliferation of private banks in Iraq, which amounted to more than 30 banks, but these banks did not play a pivotal role in the process of economic development in Iraq because of the smallness Add to move away governmental institutions to deal with it because of foot-dragging some private banks in their work.

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01/12/2013

Parliament calls for the support of private banks and linked to universal

BAGHDAD / JD / .. called First Deputy Chairman of the House of Representatives Qusay al-Suhail to support private banks and linked to global banks.

A statement issued by the Office of Suhail received / JD / copy: Vice Speaker of Parliament called while attending the Forum Baghdad economic and banking, which was held in Baghdad to be private banks an effective tool in the development and investment while noting the importance of promoting and supporting private banks through renovation work and be linked to global banks.

The forum provided a shield for Sohail in appreciation of his efforts and activities in support of the Iraqi economy and the banking sector. / End / / 22


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Rasheed Bank: the success of Islamic banking as an experiment can be reflected Iraqi Arab Banks




BAGHDAD / obelisk: said Rasheed Bank, Saturday, that the success of Islamic banking Iraqi bank experiment can be reflected on Arab Banks also because of the large number of customers this kind and willing to trade it.



The bank manager Kazem Mohammed fistula for "Obelisk", while attending the Forum Baghdad economic and banking the first that "banking policy also depends on the principle of supply and demand, in addition to the facilities provided by the banking sector for clients, so the principle of competition and provide the best Matrouh as well."



He added that "Islamic banking is a kind of competition is required, in addition to its success Kasirfah independent task adopt the principle of Murabaha rather than bank interest," explaining that "banks while giving loans and add to it the benefits required, many dealers see it as a principle Mrabah reluctant about either in the loan granted by the Islamic banks, they do not support this principle, but put interest according to the standards of Murabaha in buying and selling which met with great acclaim. "



He continued that "the presence in this event is very important for banks and dealers in the financial sector as a whole and this is what reverse the high turnout which befell this forum as a pilot experiment in the field of financial and investment coordination between banks."



Noteworthy that Iraq's economy witnessed a marked improvement after being held by the Iraqi government several agreements with a number of countries for trade exchange.


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Central Bank leads a broad plan to strengthen the stability of the economy in the Iraqi market


BAGHDAD / obelisk: CBI said Saturday that measures taken have contributed significantly to the installation of the pillars of the economy amid economic form and consumer markets open to import external.



The governor of the central bank and agency Abdel Basset Turki for "Obelisk", on the sidelines Forum Baghdad economic and banking the first held in Baghdad that "what he had done the bank during the last period of the anti-money laundering and legalization outlets currency and maintain foreign currency and raise the ceiling stockpiling strategic currency within its reserves contributed significantly in the stability of the Iraqi market. "



He pointed out that "the advancement economy free cross the open market needs to banks able to work freely and capabilities supported," explaining that "kicks Forum Baghdad is evidence of the recovery of the Iraqi banking sector and inviting foreign banks and Arab to open branches in Iraq to cope with the financial through financial transactions and in the areas of investment banking of Iraq. "



Noteworthy that Iraq's economy witnessed a marked improvement after being held by the Iraqi government several agreements with a number of countries for trade exchange.


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Qusay al-Suhail: Government ready to support the banking sector


BAGHDAD / obelisk: First Deputy Chairman of the House of Representatives Qusay al-Suhail, Saturday, that a successful banking business is the true foundation of the work of a successful venture.



Suhail said at the opening of Baghdad Economic Forum in the capital Baghdad, said "the House of Representatives believes in the importance of the role of Iraqi banks and branches of foreign banks operating in Iraq in advance of investment and attract foreign capital or to Iraq's."



He noted that "the House of Representatives is ready to provide assistance in this area of the Iraqi private banks and government through laws supporting or procedural facilities and commensurate with the nature of the economic and political conditions in the country."



He added that "the Iraqi banks had achieved a significant leap in their work since 2003 to now thanks to the efforts of its staff and high Hmmanm".



Noteworthy that Iraq's economy witnessed a marked improvement after being held by the Iraqi government several agreements with a number of countries for trade exchange.


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In the forum hosted by Baghdad bankers Arabs: the Iraqi economy is eligible to be the eighth Tiger


13/01/2013 12:00 am

BAGHDAD - Haider al-Rubaie Flaih - Hussein Tgb Tamimi
Baghdad Economic Forum form the new twist in the banking path of joint Arab action through the outstanding participation of financial experts and Arab Business Forum, which was organized in collaboration between the Union of Arab Banks and the International Union of Arab Bankers Association of Iraqi private banks.
Forum, which was sponsored by the Prime Minister and with the participation of parliamentary and governmental came to strengthen the role of the private banking sector and gives it a boost because contribute to economic development through access to international experiences and Arab in this area and dedicated working papers in the forum on the importance of supporting this important sector and to strengthen partnership Arab Banking in face of the global financial crisis continued.
Abdul Basit Turki's central bank governor Agency said: This forum beginning of a serious cooperation with regional countries and the world, where she attended the delegations of the Arab banking as well as delegations from developed countries, pointing to the importance of developing the banking industry Iraqi and Arab to return to the region the ability to manage our wealth, where has our elements of human and natural qualify for the advancement of the banking industry and its products.
He added that the wealth of our countries squandered for long periods of time, and today we must work to manage resources properly and using them for development, construction and service of our future generations.

Increase the cash reserve

Promise and central bank governor Abdul Basit Turki Agency set up such a forum in Baghdad, a clear indication of the large size and strength of the national economy, and expressed the hope that the forum supports investment projects undertaken by Iraq and efforts to reconstruction and construction.
He Turkish during his speech on the sidelines of the opening forum that Baghdad used to be an incubator Arab Per What good and wholesome for all countries, and forum, but clear evidence of Iraq's efforts aimed at reviving the financial sector in all the Arab countries, especially in light of economic conditions difficult global and scalable degradation, adding that the forum will provide coordinated and one of the economic policies Arab, as well as its objectives other efforts to stimulate the economic reality of Iraq, especially the subject of diversity productive in Iraq is known to everyone, as the Iraqi economy is ريعيا and depends mainly on oil revenues to finance public budgets, explaining that despite the economic restructuring, but it provides investment opportunities and possibilities can make a difference economically in the country, especially with the abundance of Iraq's economy.
While confirmed through Turkish take CBI inter procedures and steps to revive the budget and out of character traditional and removing the effects that can leave, expected to reach Iraq's reserves of foreign limits the (110) billion dollars by the end of this year, and is this figure cover financially important for the currency Local can provide greater protection and strength of other influences, The governor said the outlook for growth are the other refers to the possibility that the levels are high this year, likely to increase national economic growth rate of nine percent, coinciding with increased rates of production and export of petroleum.
Said Turki also: that enjoyed by the Bank of independence put in front of the responsibility of leading banking operations in Iraq, and the development of financial services and improve the density bank to reach a bank and one for each forty thousand individual, as well as this, the economic administration heading as charted by the Constitution, a market economy , hence derived Bank role in the quest to secure foreign currencies by economic activities of the banking sector, and that this trend consistent with economic freedom, so we are serious about reaching to build an economy banker sober, and hope that this event which handles sensitive topics in the banking sector to succeed to make recommendations able to develop this sector effectively.

Iraq economic tiger sleeping

With these words describe general secretary of the Union of Arab Banks and Sam Fattouh Iraq, which praised the government's measures adopted in the country and efforts to bring economic change commensurate with the possibilities of Iraq human and financial, pointing through his speech that the forum is held under conditions of Arab precision, and Central مخاضات Arab Spring, warning that the economic situation will get worse during future periods as a result of the global economic crisis. He called Arab banks to take further measures to counter what object methods provided and increase capital funds, especially the fight against corruption, unemployment and money laundering, pointing out that Iraq is a country rich able to bring in more investment companies thanks to the great efforts made by the government in order to develop the economic reality in general and the banking In particular, and as expressed Fattouh ready system Arab Banking to provide various kinds of support and advice to Iraq in order to revive the fact investment in it, announced achieving rates of GDP in the country reached $ 132 billion last year, expecting a rise to the limits of $ 154 billion during the current year, indicating Statistics owned by the Union of Arab Banks expect to achieve Iraq's high growth rates have not notified by any of the countries the world this year, pointing out that these statistics approached the limits of 14.7 percent.
He Fattouh that all Arab Bankers should take it upon themselves the advancement of economic reality, as well as their quest to fight corruption, poverty and unemployment, saying that the role of the banking system Arab focus during future periods to support economic activities Iraqi various forms to contribute to that system turn in the development of institutions financial and reconstruction and construction initiated by Iraq since the years, especially repairs banking, financing productive sectors, and revive the funding mechanisms of the private sector, stressing that those things a whole longer axes which to draw a roadmap banking in Iraq, where the volume of investments requires effort funding Banks can be played in the event of improving their performance in Iraq.
Fattouh praised the economic laws in general and investment in particular in Iraq, stressing that the development of the investment body in the country has been Thanks Altalh legislation approved by the Iraqi government through which contributed to attracting many foreign companies and investors to the country.
While predicted which Fattouh that achieves the Iraqi economy growth rates are high, stressed that Iraq's exports will rise this year to $ 89 billion, and expected to reach next year 2013 Aktrmen $ 109 billion, indicating that the oil revenue and thanks to the great development witnessed by this sector managed to turn the deficit in the previous budgets to fiscal surpluses, as well as reduced government debt.
He announced Fattouh that assets of Arab banks reached in 2011 nearly 2.6 trillion dollars, a figure he sponsor to address the challenges faced by the Arab countries and of the problems of money laundering and economic crises other, calling at the same time to establish an association Iraqi banks include all banks and economists and deal directly with the Iraqi Central Bank in order to revive the developmental situation in the country, especially that Iraq is a country able to develop the economic reality dramatically, and also said: that Iraq economic tiger is time to wake him up.

A balanced banking system

Dr. Mehdi al-Hafez told (morning) said: the sidelines of the forum that this Altusband Arab and local high degree of importance has happened since a long period of time, pointing out that looking to a large extent in diseases of the banking sector at a time when the local economy distorted and suffers a clear flaw in all his joints.
He pointed out that addressing economic distortions need a banking system balanced and sophisticated offers banking services will provide the atmosphere for attracting investment in the country. Pointed out that this conference, in all cases will positively to work for a bank local where it met international expertise and local to stand close of the field of the local economy .
Product development bank

Managing Director of the Federation of Iraqi private banks Manaf Badri Noting there that this conference aims to provide Iraq Besorth wider to the world, economic climate represents a promising market in various colors and تنوعاته and forms of economic, which starts him into spaces wider to stand within classifications first countries in the world in its potential investment and development and economic development.
He noted that the Forum Baghdad economic and banking is the first address as we move him to our brothers and our guests from the world and the region and the economic sector and the banking and private sectors in Iraq, but the Federation of Iraqi private banks are working towards the development of banking products and services and we will be on a date with other titles recorded the Iraqi Central Bank and the Gaza Strip banking sector, the foundation for the return of Iraq contributor actively in economic decision-making Arab and regional levels and even at the international level within the first step to host the Federation of Iraqi private banks within the IMF meetings in April next observer within institutions and financial entities and economic of the five continents.

Rate of growth exceeds expectations

He said: figures difficult ones that remind them whenever we come to Iraq stated, rate of population growth exceeds barrier 3 percent and is the largest among the world's growth rate is remarkable GDP to more than 10 percent above all expectations traditional identity of Iraq's economic during a decade ago of time.
He continued As we move into our tomorrow to see economic and banking clear draw strength and founded strong identity of Iraq's economic, strive with all our efforts in the Union of Iraqi private banks to build one of these pillars in the process of economic transition that you see the country and provide one merits basic drafting success of the banking sector of Iraq Special to financial and economic institutions in the countries of the world and the region and examining the various aspects necessary to launch base dialogue constructive and purposeful depend transparency and benefit from the experiences of countries that have experienced economical transition as witnessed by today's Iraq return to the Iraqi economy has roots stretching back thousands of years in the civilization of Mesopotamia to the covenant This extended the bonds of constructive cooperation for the return of the economically strong Iraq to its natural place our belief that banking is a first gate for state economic development process at the level of the nation.

Determine the home force to treat the disorder

The Director General of Trade Bank of Iraq Hamdiya Dry confirmed that Baghdad began to recover and meet with leaders of business and finance and discuss mechanisms for the advancement Baktaana banking and economic variables resulting from the situation in the country as well as the impact of the financial crisis on our sector bank, also highlight the strengths of which resist selectors work economic and banking. Pointing out that wealth possessed by the Arab world led to achieve economic integration, noting that our banks window through which perceived the world to our financial sector.
She said Iraq made positive strides to attract investment has been established the National Investment Commission at the Iraqi investment law in 2006 a new entity in Iraq in order to support the private sector and foreign investment in Iraq. Has been legislated laws that ensure fair competition between private and public sectors. Then underwent some modifications to the law that would provide guarantees and facilities for local and foreign investors and both.
Rules must be dropped and showed that he was still there are some laws that must be dropped and most important of these laws is that intersect with the application of the law of investment and hinder the work of the Commission. Also that Iraq needs to Rchinan investors have solvency and financial capacity and strategic vision and administrative capacity to implement projects that support economic development in Iraq. As well as the country's need for giant companies that possess the knowledge and work of the highest levels of transparency and that can build the infrastructure of Iraq.

Support investors

Dry confirmed that TBI is ready to provide support for investors who have the desire and the ability to implement development projects, knowing that he has contributed to the financing of some investment projects through abilities and potential enjoyed by. Also issued a TBI first electronic card payments. In Iraq as well as the first was erected ATM offset a broad welcome from the international banking community

Expansion in funding formulas

Dr. Sadek Al Shammari recommended during his participation of the importance of the expansion of financing modes of long-term and develop financial instruments present rather than focusing on Murabaha and considered as a source safe income, and support for small and craft, through the promotion of the weak and the poor with limited income to enter the economic cycle through speculation. As is the best solution for the financing and the success of such projects, especially micro.
Shammari focused on the success of Islamic banks in Iraq, pointing to the expansion of Social Finance (resources Alzakat and alms ongoing donations and endowments and interest-free loans), considering that zakat has many implications on economic development, productivity and social through the eradication of poverty and reduce the gap between rich and poor, This makes the need to develop programs to convert the poor to producers by providing them with loans good resources Zakat to fortify debt usury, as well as supporting Islamic banks by governments to be issued at the laws and legislation suit their banking and especially the law of Islamic banks and mutual cooperation among financial institutions, Islamic and enhance cooperation among Islamic banks and central banks to increase capital and expand its shareholder base and application integration policy to enhance their competitiveness.

Lack of liquidity if needed

Shammari called to the importance of body composition legitimacy high for all Islamic banks for reference and unify the fatwa with the need Aeltsiq and harmony between legitimate bodies different (ie the need for a reference) because the large number of interpretations and differences lead to confuse professional work and thus confuses the dealers (and lose credibility) with the need to provide cadres efficient able to Ifta and with banking experience and the need for special legislation to issue instruments (speculative or post or leasing or Murabaha. and central banks any motivate and encourage Islamic banks to establish or establish market between these banks and development and to provide an appropriate mechanism for liquidity facilitate liquidity management between Islamic banks that it exists and according to the rule of law, and that one of the most prominent challenges faced by Islamic banks is the lack of liquidity if needed.


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