Welcome international participation of Iraq in the Arab Banking Summit

17/07/2013 12:00 AM

Is the first after a hiatus of 20 years
BAGHDAD - Hussein ثغب of Tamimi


Met with Iraq's participation the first after a hiatus of more than two decades in the Arab Banking Summit, which was held in Vienna recently welcomed internationally wide, and it was the arguments of Iraq's great resonance among the participants in the summit, where he was raising the issue of good governance in light of economic and financial developments rapidly taking place the world.

Secretary General of the Union of Arab Banks and Sam Hassan Fattouh said in his speech at the conference: that Iraq's contribution to the summit has achieved the goals and aspirations that we all aspire to elevate the Arab banking sector.

 And we found in the research presented by the banking expert, Dr. Sadik Rashid Al Shammari treatments for the fundamental problems affecting the Arab banking sector in light of the developments taking place in the world economically and financially.

 Restore balance to the economy

He added that the summit focused on the role of the Arab banking sector in building civil capacity and meet the challenges phase of post-conflict, also stood top at a detailed prospects for partnership between the public and private sectors to restore balance to the economy in the post-conflict and that explained the importance of building institutions capable of crisis management and move to Economic growth phase effective.

In an interview the morning with economic d. Sadiq Rashid Al Shammari after returning from the summit within the Iraqi delegation to the summit said: that of the summit witnessed the first Iraqi bank search for more than 20 years and received the attention of all the participants who discussed the mechanics of governance of banks in restoring balance to the Arab economies.

 Financial disclosure

He Shammari said: that the research has focused on the importance of the work of banks and financial institutions in order to restore the economic balance of economic sectors, and that governance is more necessary than to be an obligation imposed by regulators as a fantasy strategic her., And pointed out that governance without activating the principles and standards do not mean anything It thus becomes effort well spent where it should comply with standards of international banking, including capital adequacy standards and financial disclosure and transparency, the financial statements of banks and a strategic plan for the development of the technology used in the banking system, according to the capabilities available and linking banks and the restructuring of the banking sector and improve mechanisms for internal and external oversight and methods of accounting in order to contribute to the development control methods and the promotion of transparency and disclosure.

Banks strategy

He said the infrastructure development of the banking sector based on special programs for the training and development of senior leadership where in relation to Palmmazjh and linking the concept of governance and mechanisms through the establishment of training courses and development vehicle to raise awareness of accountants to the basic concepts of governance, managers and members of the Board of Directors in the capacity building of civil able to meet the challenges of post-conflict .

Here we must emphasize the importance of orientation strategic to the members of the Board of Directors and executive departments they have the right to formulate and success of the strategy the bank and its activation by moving away from the formal system aggravated bureaucracy at work and give the flexibility appropriate according to the method of work and thus contributing to the development of work and outstanding performance and meet the challenges in the environment external and internal.


Focus on Training

He stressed Shammari the importance of the use of quantitative methods and programs to learn how to use sources of banks and where lies the weaknesses and strengths to facilitate the investment of resources as required and through the use of technology and focus on training to develop the skills of workers in banks, so as to enhance civilian capacity in building the economies of advanced, as well as work on investing in profitable projects and short-range and long guarantees for banks liquidity necessary for the functioning actively work through the cash flow for these projects.

And that because of the rapid developments in the field of the banks it should study and continuous follow-up of international organizations and local and regional Basel Committee commitment Bmaaber and governance mechanisms issued by banks such organizations as an important step in regulating the banks and financial institutions.


Existing resources

He Shammari need to growing interest in some financial indicators in order to not lose the confidence of the customer some private banks and try to go about existing resources have including investment cash is located has projects in low-risk and high short-term in order to be a role high revenue from these projects in order to fulfill its obligations to depositors .


The future of the international economy

He stressed the importance of encouraging banks to offer new products and foreign currency using currency deposits mentioned available to them through the development of a future plan to achieve the merger between private sector banks to set up banking units large size can build advanced capabilities of the banking business domestically and internationally, through the adoption of a plan intensive to develop the performance of employees and members of the Board of Directors of the Bank through courses organized by the training centers depending on local expertise and the use of lecturers from abroad to keep abreast with what is happening in the world of economic developments and the serious financial and fast has profoundly affected the economies of many as I explained it casts a deep concern for the future the international economy in general, and particularly the Arab economy after the global economy turned into a small village rival parties due to technical developments and informatics.

He concluded Shammari his speech by saying Based on the foregoing, the developments and changes and reflections on globalization effects and wide on the banking sector in the countries of the world, including the Arab countries, especially regarding trends growing towards deregulation and the removal of obstacles legislative and regulatory prevent the expansion of these institutions in various activities especially in the global framework of the Convention on Trade in Services, which imposed a number of obligations on States in this regard.



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