Electronic payment in Baghdad became mandatory … now it is official in Iraq
Electronic payment is fully LIVE there
Listen, if it takes until Trump come back to the office next Monday…. Then so be it.
But the update last night for the payment system…. This is the result of it.
If you don’t have bank card in Iraq …
Then you have to open a bank account
And turn in all the cash you’re hoarding under your bed to the bank… that will cause liquidity management in the market
Now people have to trust the bank
Do you wanna apply for a job? ?
Pay the fees electronically
Everything is electronic
This is a huge step
Shafaq News/ Iraqi Prime Minister Mohammed Shia al-Sudani revealed on Tuesday that his visit to the United Kingdom includes launching a strategic partnership agreement , the first of its kind. While describing his visit to Britain as “establishing a new era ,” he stressed that there are prospects for strengthening relations in various fields between the two countries.
Al-Sudani’s media office stated in a statement received by Shafaq News Agency, the most prominent points made in an interview conducted by Al-Sudani with the BBC Arabic and British English networks , during which he said, ” The historical relationship between Iraq and the United Kingdom pushes us towards more cooperation for the benefit of the two friendly countries . “
He added, “There are prospects for strengthening relations in various economic, commercial , cultural , educational and security fields . “
He stressed that ” Iraq has maintained an independent and balanced policy that places the country’s supreme interests above all considerations, despite the challenges and developments witnessed in the region . “
Al-Sudani described his visit to the United Kingdom as ” establishing a new era in relations between the two countries ,” stating, ” We will raise several bilateral files , based on the strategic partnership agreement , which will be signed for the first time between the two countries, and will include a roadmap for various fields . “
Regarding regional events, Al-Sudani explained, ” The region witnessed many events after October 7, 2023, the most recent of which was in Syria, and we will exchange ideas and visions in this regard, and Iraq is resorting to dialogues and peaceful solutions . “
He continued, “We respect the will of the Syrian people to determine their fate, and the rights of all Syrians must be respected and terrorism must be confronted . “
Al-Sudani added, “We sent a delegation to Syria, and the security file is pressing because of the presence of the terrorist ISIS in areas not under the control of the new Syrian administration .”
He stressed that “there is a military presence of more than one country in Syria, and we are against any foreign interference in the affairs of any Arab country .”
He stressed that “it is important for the new Syrian administration to respect the will of the Syrian people , to put their interests above all considerations, and not to be a tool in the hands of any foreign party .”
Al-Sudani pointed out, “We have good relations with the regional and international environment , and Iran is a neighboring country with which we have many partnerships and cooperation, and we also have cooperation with Saudi Arabia , Jordan , and Egypt .”
He noted that “Iraq has good relations with the United States and Iran, and this is an advantage for Iraq, and we contribute to bringing the viewpoints of the countries of the region closer together .”
He added, “Our relationship with the United States is institutional and strategic, and we are united by the Strategic Framework Agreement . “
Al-Sudani said, “Iraq has independence in its decision, and there is no influence that controls the Iraqi decision , and does not allow interference in its affairs .”
He stressed that “the government has been working for two years to build state institutions and establish foreign relations based on mutual respect and non- interference in internal affairs .”
He pointed out that ” Netanyahu’s government is trying to expand the conflicts, and has exploited the silence of the international community by committing crimes, and the world has failed to stop his crimes, and the international and Western media is silent about the Zionist crimes and violations . “
He considered that “the strategic development road project was proposed for all countries in the region and will not have an impact on other countries , and we believe in economic partnerships .”
Regarding the tripartite cooperation between Iraq , Egypt and Jordan, he explained that it is “not an alliance or an axis, but rather aims at partnership and strengthening relations .”
He added, “We have a successful model of political consensus within the Coordination Framework and the State Administration Coalition , and it is too early to talk about political alliances , and everyone agrees to complete what has been agreed upon . “
He pointed out that “the effects of the dictatorial regime still exist to this day . “
Regarding the economic issue, Al-Sudani said, “ Our government has succeeded in raising the investment rate of associated gas to 67% , and we will reach zero gas flaring in 2028 , after completing the projects related to this matter .”
He continued, “For the first time, there is a vision for Iraq in investing in associated gas ,” adding, ” Our goal since the first day of forming our government has been to restore citizens’ confidence in state institutions , and we are committed to implementing the government program in all its parts .”
The Prime Minister’s Advisor for Financial Affairs, Mazhar Mohammed Saleh, confirmed on Wednesday that Iraq’s economic path is progressing properly towards development for the coming years, noting that economic growth in 2024 is a motivation for the expansion of economic activities in the country.
Saleh said in a statement to the official agency that “there is a principle in the economy called the economic accelerator, which means that the growth in non-oil GDP, which reached 6% in 2024, will reflect positively on the strength of national investment in 2025.”
He added that “the Iraqi economy will witness a high investment renaissance in 2025 thanks to the economic accelerator in the investment field, in addition to the high positive growth effects of national income in 2024.”
Saleh pointed out that “business companies and investors are affected by the results of the basic idea behind the economic accelerator, which indicates that any increase in demand for goods and services as a result of national income growth in 2024 can lead to increased investment in capital such as machinery, equipment and labor in 2025.”
He added that “companies and business activities need to expand their productive capacity to meet the growing demand for goods and services, which will lead to a positive accumulation in the productive capacities of the national economy in 2025,” he stressed that this can be positively expected, especially if it is accompanied by a good agricultural season and a wet year in the coming months.
In conclusion, the Prime Minister’s Advisor pointed out that “Iraq’s economic path is moving in the right development direction for the coming years, thanks to the continuous cooperation between the private and public sectors.”
At the present time, January 2025 the Central Bank of Iraq has severe limitations on trading the IQD on the markets.
We are not sure if the limitations are because of U.S. sanctions, the Islamic faith or both...One of the fundamental tenants of Islamic finance is the prohibition of gharar, or excessive uncertainty and maysir or gambling both of which are deemed detrimental to individual and societal well-being...
The foreign exchange market presents a challenging ethical dilemma for Muslims. While forex trading is a legitimate global financial practice, its nature and mechanisms often raise questions...
Gambling or maysir, is unequivocally prohibited in Islam...However some scholars suggest forex trading can be permissible if conducted in a manner that avoids speculation, interest and excessive risk.