Preparations for the organization of Iraq banking in Baghdad
Baghdad / Preparations are under way to organize the Iraq Banking Forum in its fourth session in Baghdad on 26-27 March, under the auspices of the Central Bank of Iraq, under the supervision of the International Economy and Business Group, which will address the issues of the advancement of the local financial sector, and with the participation of a group of Iraqi and Arab banking leaders, Specialists, and officials of specialized technological companies.
Digital Banking Services
The meeting addresses several topics, the most important priorities of the Central Bank of Iraq and elements of the five-year plan 2016-2020, harmonization of monetary and financial policies, and the return of the Iraqi banking sector to the international arena, as well as digital banking services and trends of modern technology and Iraqi banks towards electronic banking services, The role of specialized technology companies and prospects for cooperation with the Iraqi banking sector ATM.POS and the evolution and expansion of payment point networks.
“Iraq is on the threshold of a period of radical political, security and economic changes that have been translated into completion of the liberation phase and the launching of reconstruction and construction workshops in parallel with the adoption by the government of a comprehensive economic plan and measures to develop the investment climate and enhance the role of the private sector to encourage,” said Walid Abu Zaki. To attract new investments towards vital sectors, and the consequent need for significant financial flows. ”
Application of international standards
He pointed out that “the catalysts of the organization of such meetings stems from the fact that the Central Bank of Iraq attached special importance to the need to keep pace with the application of international standards, which enhances the confidence of international banking institutions in the sector and its relationship with correspondent banks, including compliance standards, as well as international financial standards, With IFRS 9, and the need to raise the efficiency of the human resources working in the sector and to refine their expertise through training and capacity building. ”
Periodic platform for interaction
Between Abu Zaki that “amid these developments, comes the Iraq Banking Forum fourth session, organized by the Economic and Business Group in cooperation with the Central Bank of Iraq and the Association of Iraqi banks private on 26-27 March, in order to create a platform for periodic interaction and dialogue and highlight the most important achievements and how Meet challenges arising from the application of international standards or the development of an appropriate local environment “.
He pointed out that “the role of the Central Bank of Iraq is prominent in seeking to keep pace with the requirements of this stage, either through the adoption of monetary policy flexible taking into account the circumstances, or by creating the appropriate environment to expand the participation of local banks in financing.”
Islamic Banking Industry
Economist Haidar Kazem al-Baghdadi said: “The banking sector has a great role to be a real supporter of the development processes sought by Iraq in the coming periods. In the context of efforts aimed at developing the banking industry, the work has focused on the development of the Islamic banking industry Is important to the efforts of the Central Bank of Iraq, as well as to develop electronic banking services and digital services through the use of vital investments in the development of these channels to keep pace with global developments taking place.