The Central Bank of Iraq hosts a technical workshop for the General Council of Islamic Banks and Financial Institutions
The Central Bank of Iraq hosted a technical workshop on governance and compliance in Islamic banks and financial institutions, organized by the General Council of Islamic Banks and Financial Institutions. The workshop, which was attended by a number of representatives of Islamic banks and financial institutions, regulatory bodies and supervisory authorities, and international organizations, discussed governance and compliance in Islamic banks and financial institutions, supervisory methodologies for continuity and development after crises, challenges of governance and compliance in Islamic finance, as well as risk management practices. The workshop saw the work program carefully designed to integrate theoretical frameworks with practical applications in the field of governance, compliance and risk management to ensure maximum benefit for participants. For his part, Deputy Governor of the Central Bank of Iraq, Dr. Ammar Hamad Khalaf, stressed that the success of the workshop underscores the growing importance of Islamic finance in Iraq, considering that “hosting this workshop reflects our fruitful cooperation with the General Council in order to encourage best practices for governance and compliance within Islamic financial institutions.” in Iraq”. In turn, the Secretary-General of the General Council, Dr. Abdul-Ilah Belatiq, said, “Through this distinguished initiative, we reflect the joint commitment between the General Council and the Central Bank of Iraq in developing the principles of governance and compliance in the Islamic financial industry,” looking forward to “more cooperation and constructive work to strengthen and develop the financial industry.” Islam in the region.
Central Bank of Iraq Information Office 20 – February – 2024
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
Member: Good Evening to all. Today Feb 20th was supposed to be a big day…what happened?
MZ: We were hearing lots of things about it. And I know we are close.
Member: Hearing bond people may receive payouts tomorrow and Isaac was expecting 1% today but has not confirmed it yet.
MZ: There was a lot of chatter from bond folks but whenever I think they might get paid – they stop talking. Which could mean what we hope it does that they got paid and stopped talking due to an NDA.
Member: Two things we know....1) some are being paid...2) those funds can/are being clawed back if you violate NDAs
MZ: From Iraq: “ How will foreign trade be financed after the online platform is canceled? The Iraqi Central Bank answers” Lots of positive news coming out of Iraq
MZ: “Oil Minster-We plan to export gas to Europe” They are looking to become a major player with natural gas. This is huge and something they never had under Saadam Hussein. They have been importing and now looking to be an exporter. This is an enormous untapped market for them.
MZ: “Iraq confirms World Banks intention to promote fiscal policy reforms.” And here is the humdinger of the day. “ Al Sudani sets the date for the opening of the port of Al Faw and decides the future of the presence of the coalition forces in Iraq” The future is they will be gone.
MZ: This is not just the US they want to leave- but the entire coalition. He said it began in 2014 and ENDED TODAY! This is huge news. Decisions have been made and they no longer need them. They are moving towards independence. It is all good news today .
Member: I wonder if Iraq is going to join BRICS?
Member: I wonder How many oil rich countries have to join brics , before the petro dollar actually dies ???
Member: There is sure a lot of videos and articles being released about BRICS recently.
Member: In the future if not a member of Brics they won’t b able 2 trade with BRICS nations
Member: There is a rumor Texas has applied to join BRICS…..interesting if true.
MZ: I don’t think Texas has applied to join BRICS. They are not a nation….Maybe if the left the US?????
MZ: “Myanmar interested in BRICS bloc work on single currency” Many countries want that common currency. Folks are tired of corrupt central banks and if there is another currency option that is safe….(and they don’t have to worry about sanctions) would be a huge opportunity for many small countries.
Member: Ramadan in Iraq starts on March 10th and the revalue of Kuwait was March 25th during the middle of Ramadan
Member: I have heard ATMs are being filled with new rainbow currency but still remaining “out of service” ??
Member: I would love to see the USN’s…..Really hope they are real.
Member: Is the General 64 Private group still around?
MZ: Yes it is……We will hear from them when it is time ..It is still a real thing.
Member: Do you ever feel like the "movie" is like watching a bass fishing show where they just can't land the fish?
Member: Someday they will…someday soon.
Member: Thanks for the encouragement and everyone enjoy the rest of your evening.
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Note from PDK: Please listen to the replay for all the details and entire stream….I do not transcribe political opinions, divisive social commentary,medical opinions or many guests on this stream……just RV/currency related topics.
Article: "Al-Sudani reveals the intention to end the political role of the United Nations mission in Iraq" Do you notice how they're talking about removing the remaining US coalition forces and the United Nations together at the same time? That's because Iraq's going international. The UN has chapter VII sanctions on Iraq and the US has OFAC sanctions on Iraq... Both parties need to remove their sanctions off of Iraq... They're discussing doing both steps simultaneously at the same time. Not coincidence. It's because Iraq's preparing to revalue and go international.
Article: "Sudanese Advisor: Iraq is on the cusp of a transitional stage in the development of promising economies globally" Yeah, because they're about to revalue and go international...It is right in front of our faces...It's almost here. They needed the first quarter to prepare for it after achieving stability from the December elections. March is critical to us...
Specialist: Iraq's economic environment is qualified to attract international and Arab banks
Baghdad Today - Baghdad
Economist and professor of financial economics at the University of Baghdad, Humam Al-Shamma, confirmed on Monday (February 19, 2024) that Iraq's economic environment is qualified to attract international and Arab banks.
Shamma said, for "Baghdad Today", that "Iraq and its economic, even security and political environment is ready to attract international and Arab banks," considering that "this is an important step in order to develop the banking sector in Iraq, whether governmental or private, especially since there are international banks currently operating in Iraq. "
He stressed that "the work of any bank, even if it is global, must be in accordance with compliance with international standards in financial transfers, and any bank that violates this exposes itself to sanctions, whether the United States or even by the Central Bank of Iraq."
He pointed out that "attracting international banks should not be limited to countries alone, but must be inclusive without any discrimination, and this is applicable in all developed countries of the world."
Talk of attracting banks from outside the country comes with the continued ban of many Iraqi banks from dealing in dollars as a result of non-compliance with the controls of the Central Bank and the US Federal Bank.
Article: "Government advisor: Iraq is on the cusp of a transitional stage in the development of promising economies globally" Is this the major announcement or a lead into one, that Salih told us about? If it isn't an announcement it surely is a good lead into one...Awesome news indeed.. International ships arriving, partnering with the private sector, integration with the global economy, compliance with with international standards. Surely we can all see the writing on the wall.. Yep.. Powerful.. imo
One of the things that's important is what we didn't have in the past was banks talking to us at the length that they are now...
Article quote "...Iraq will return to being a strong economic player." If they're not a strong economic player at 1310 why would they be tomorrow? ...Iraq's not going to go international until they show us a Real Effective Exchange Rate. I'm looking forward to it. I think it's going to be powerful.
[Mr. IT Guy Bank Story]
My brother asked [JP Morgan Wealth Manager] whether he could bypass the US dollar and exchange straight from the IQD to gold and silver and the private banker said he didn't know but he would find out and call him back.
MILITIA MAN: My understanding is that is possible...I have been told some time ago by more than one source that if the currency is traded on the FX...an international acceptable foreign exchange currency...they'll take that currency in exchange for precious metals.
My wife and I...were looking for a Chase branch that had JP Morgan Wealth Management printed on the door as well as Chase...I'm in a large metropolitan area...We found one near us...My brother took it upon himself to call the branch yesterday. He specifically asked for a private banker...My brother asked him if they exchange foreign currencies and if he was aware of the Iraqi revalue of their currency.
The private banker said yes he was and that they would be exchanging at that location...and names and numbers he's taking will get priority over anybody else that calls or walks in after the revalue..
As soon as it hits Forex he's going to start making phone calls...He told my brother they were expecting a number of people to be coming in and were preparing for that, a bunch of new people with wealth is...exactly what he told my brother...They're planning on having police officers available at the location for those customs that are planning on leaving the establishment with large sums of cash...
MILITIA MAN: ...Is it a coincidence that this expert came out tonight and talked about deletion of the zeros? We're going to find out. It's pretty interesting stuff.
