Shafaq News/ The Central Bank of Iraq announced, today, Tuesday, that the number of Islamic banks in Iraq exceeded 30 banks, while the Iraqi Banks Association indicated that it is working under the supervision and instructions of the Central Bank to develop the banking sector despite the economic challenges and difficulties that Iraq is suffering from.

Deputy Governor of the Central Bank of Iraq, Ammar Hamad, said during a speech about governance and compliance in Islamic financial institutions, which was attended by Shafaq News Agency; “Islamic banks have begun to grow very significantly in the world as well as in Iraq. There are more than 30 Islamic banks in Iraq, and there is an opportunity for an increasing market boom for Islamic banks.”

He added, “Governance in banks is considered a basic starting language for financial institutions, and Iraq, since last year, has been interested in the issue of international standards and laws issued by the Central Bank of Iraq,” noting that “banks have witnessed great openness in order to avoid international or local sanctions from the Central Bank of Iraq.”

For his part, Chairman of the General Council of Islamic Banks and Financial Institutions, Abdel Ilah Belatiq, said during his speech at the conference attended by Shafaq News Agency: “The Council is an international organization that represents Islamic banks around the world and currently includes 140 Islamic financial institutions in 37 countries in the world.”

He added, “The Council’s role is pivotal in supporting Islamic financial banking across the world and tracking developments in the global financial sector,” noting that “one of the most important goals the Council is working on is the role of Islamic banks and keeping pace with the latest developments and digital transformations.”

In turn, Vice President of the Iraqi Banks Association, Samir Al-Nusairi, said during a speech attended by Shafaq News Agency, “Iraqi banks have proven their ability and national positions during the last period in confronting economic challenges and maintaining communication and commitment to the instructions of the Central Bank of Iraq, which focused on economic initiatives, trade regulation, and the transition from a cash economy to a digital one.” In accordance with international and banking standards.

He added, “The Iraqi Banks Association is working under the supervision and instructions of the Central Bank to develop the banking sector and financing projects and create an appropriate environment despite the economic challenges and difficulties that Iraq is dealing with.”

shafaq.com