Central Bank: More than 30 Islamic banks operate in Iraq and their growth is accelerating, 21 FEB

 Central Bank: More than 30 Islamic banks operate in Iraq and their growth is accelerating

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

"RV UPDATE" BY MARKZ, 21 FEB

 MarkZ   

[via PDK]  something interesting from a whale… a couple of “Currency Whales” have exchange appointments in March. It may be they are setting appointments for after the event (Reset?) But it is interesting and these whales are not under NDA’s yet.   I have heard from 3 of those right now.  These whales have spent hundreds of thousands on currencies…one of them has spent millions.

  Article:  “Minister of Finance of the World Bank –The Government is determined to reform Iraqi Monetary policies” A lot coming out about all the policies of financial reform and restoring the rate of the dinar.

🔥 Iraqi Dinar 🔥 Rewards are Great 🔥 News Guru Intel Update IQD Rate Valu...

After canceling the electronic platform…the Central Bank reveals the mechanism for financing foreign trade, 21 FEB

After canceling the electronic platform…the Central Bank reveals the mechanism for financing foreign trade

Al-Sumaria News – Economy
The Central Bank of Iraq revealed, today, Tuesday, the mechanism for financing foreign trade after canceling the electronic platform and the currency auction, which the Central Bank intends to implement soon.
The Deputy Governor of the Central Bank, Ammar Hamad Khalaf, said in an interview with Al-Sumaria, “The Central Bank of Iraq is heading to cancel the work of the electronic platform and the currency auction soon.”

He explained that “the banks will be responsible for financing foreign trade directly through the dollars they own, and they will be fully responsible.” About auditing invoices and transfers, which is the practice globally.”

With this step, the Central Bank of Iraq intends to “withdraw itself” from the process of financing foreign trade and make the process limited to banks inside Iraq, and to American correspondent banks, which will undertake to finance the requests of these banks among themselves after reviewing the private documents, and for the Central Bank of Iraq not to enter as a party in this matter. the case.

alsumaria.tv

"RV UPDATE" BY GOLDILOCKS, 21 FEB

 GOLDILOCKS

Good Evening Dinar Recaps,

* At 12:00 EST, the vote for Protocol 20 will begin. *

The merger of Protocol 20 completes the Quantum System upgrade from Protocol 19 to Protocol 20.

There is a chance that a volatility event could happen during this time as our tokenized assets move into real values on the new Quantum Financial system.

During this transfer of assets, traditional assets are being tokenized and supported by commodities.

This will help our markets and banking system work with real-world values as they synchronize into one another.    Stellar

© Goldilocks

Iraq Need RV/RI Now💣CBI Given US Delarue Machines🤔Iraq Dinar RV Updates ...

The Central Bank of Iraq hosts a technical workshop for the General Council of Islamic Banks and Financial Institutions, 21 FEB

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

cbi.iq/news/view/2516