Currency window in more than local banks, foreign service

[yota691]

Thanks Butifldrm...

Abu Dhabi Islamic Bank converts nearly $ 60 million in four days at the auction sale of Iraqi currency

 

BAGHDAD - A New World

Tuesday May 9, 2017

 

It revealed data released by the Central Bank of Iraq, on Monday, Abu Dhabi Islamic Bank to impose its control over the currency auction around during the past four days, $ 58.3 million.

 

And spoke of the data published by the Central Bank on its website on the results of the sale currency window, that "foreign banks accounted for the largest share of the sale of the currency window during the past few days," noting that "the Abu Dhabi Islamic Bank over the past four days the amount of $ 58.3 million to outside Iraq. "

 

A number of bankers have pointed to the need for more transparent criteria to determine the reasons for the acquisition of foreign banks on the larger quotas.

 

While the Transparency Association in Iraq, announced in a report, that "there is a distinctive discourse unlawfully, given to the branches of foreign banks operating in Iraq in the auction currency market at the expense of national banks."

 

She added that "the branches of foreign banks get abnormal privileges where it has advantages in the auction currency market, without the form of its branches capital in Iraq is the proportion of three and a half percent of the Iraqi national banks capital, where the local National Bank is obliged with a capital of 250 billion dinars Iraqis, no more than two hundred million dollars, while the capital of branches of foreign banks is seven million dollars are not acting lending and credit and to extend facilities for Iraqi companies and local citizens, despite their enjoyment of quotas abundant within the auction. "

[Synopsis]

I find it very interesting that a foreign country is auctioning Iraqi Dinar for another foreign country's currency - in this case USD. How in the world could they do this? I could see exchanging Abu Dhabi currency for USD and vice versa for various reasons but converting IQD for USD? I wonder what the conversion rate was? If the conversion rate was 1,182 IQD = 1 USD (CBI rate), then 58.3 million USD was converted for 68.9 billion IQD. That is a lot of IQD! Hey, was any of this in the Lower Denominations - maybe time and future articles will tell! Talk about seed money (if the IQD revalues) to jump start the reconstruction in Iraq - WOWZERS!!!

 

Doesn't this look suspiciously close to the IQD being traded internationally or is it just me?

 

Maybe it is now......................

 

WOW, MOOLA NOVA!!!

      

[yota691]

"the Abu Dhabi Islamic Bank is in Egypt

[Synopsis]

Just now, yota691 said:

"the Abu Dhabi Islamic Bank is in Egypt

 

Thank You, Yota!!!!!! And a Super Day to You!!!   

 

   YO TA.....YO TA....YO TA.......

    

 

To me, this news is even better! A foreign bank in another foreign country doing currency business in another foreign country's currency has got to be really good news! Hey, get a load of this bank's international presence!

 

https://www.adib.eg/about-adib-egypt/international-presence

 

Internationally traded IQD??? I dunno right now - we shall see!

 

Maybe..................

 

WOW, MOOLA NOVA!!!

      

 

[235snack]

Maybe they know something, RV is coming and they are going to make a ton of money for the investment.

[Synopsis]

Just now, 235snack said:

Maybe they know something, RV is coming and they are going to make a ton of money for the investment.

 

I agree, 235Snack - why else would they even consider acquiring these quantities of IQD at 1,184 IQD = 1 USD or there abouts?

[mylilpony]

Abu Dhabi Islamic Bank

adib.ae

Abu Dhabi Islamic Bank is an Islamic bank based in Abu Dhabi city, in the United Arab Emirates. Wikipedia

 

Headquarters: Abu Dhabi, United Arab Emirates

CEO: Tirad Al Sheikh Mahmoud (2008–)

Founded: May 20, 1997

Subsidiaries: ADIB (UK) Limited, More

 

 

 ADIB Iraq

www.adib.iq

In line with our mission to provide Islamic banking solutions to the global community, we are pursuing an ambitious growth strategy. In addition to our presence in the UAE, ADIB already operates a large branch network in Egypt – and we are currently in the process of extending our operations to several markets across the Middle East and beyond. Iraq is a key part of our international growth strategy – and we are the first UAE bank to have a presence in the country. For ADIB Iraq related inquiries, please email at adibiraq@adib.ae

Edited May 12, 2017 by mylilpony

[SnowGlobe7]

wow

kitty like this

[Tonygrasso]

So help me out here cause it's 4:30 am where I am but didn't they just buy USD with IQD? That doesn't help the bank in case of RV. But maybe the CBI asked that bank to repatriate some of the local currency? Not sure they can do that but just thinking out loud with one eye open

[yota691]

19 hours ago, yota691 said:

"the Abu Dhabi Islamic Bank is in Egypt

My bag as mylilpony stated main headquarters is in UAE Abu Dhabi Islamic Bank (ADIB) is one of the largest Islamic banking services organizations in UAE. The Bank's shares are listed on the Abu Dhabi Securities Exchange (ADX). ADIB provides financing, banking, and investing products and services for small and medium businesses, individuals, corporate and institutional customers. Abu Dhabi Islamic Bank has representative offices in the United Kingdom and Iraq.

[fnbplanet]

Abu Dhabi.       I just like saying that out loud,

[blueskyline]

"not acting lending and credit and to extend facilities for Iraqi companies and local citizens, despite their enjoyment of quotas abundant within the auction. " Is this a capitalization (build up of currency) of an Islamic bank outside of Iraq ?

[blueskyline]

Thank You Yota . This was posted on March 06 . This is interesting after this new articles posting .....

Islamic banking transactions

06/04/2017 0:00     Baghdad / Al- Sabah  issued the International Banking Academy d. Sadiq Rashid Al Shammari a book entitled "Islamic Banking" - Concepts and Applications -, which dealt with in four sections, the development of Islamic banking, and mechanisms of Islamic finance, as well as explanations of concepts and treatments Islamic banking, as well as the challenges and recommendations aimed at the success of the work of the banking   Islamic.  In the midst of the winds and storms of financial crises , most recently the year end of 2007 and the concomitant collapse of many financial and banking institutions , but   Islamic banking has remained steadfast and strong in front of these storms, and played a vital role in moving the economic cycle of what formed Islamic finance operations from strong bumpers in front of wind storms impact The collapse of the fact that their investment portfolios are protected assets  are  real.  Operational and operations with good returns for the economy through insurance products and to balance the   economic and social (ie , achieve a balance between consumption and production) and securing employment opportunities for large segments of society.  Shammari refers in his book that all projects initiated through the Islamic banks are linked to economic feasibility studies   and technical.  The author addressed the issue of Islamic banking products and what was said about the arguments of economists and forensic jurisprudence, as it has been focusing on the nature of each product in the framework of Islamic banking operations.  The book chapter challenges facing Islamic banks , which often impede the progress of its work and identified seven main challenges is not to provide legal cover, lack of talent and qualified cadres, lack of banking tools and methods, the challenges  of  globalization.   Double the funds of Islamic banks capital, weak coordination between the legitimate bodies of reference banks legitimacy and standardization, poor coordination and alliance between the Islamic banks.

   0

---

 

 

 

[boosterbglee]

Makes one go.....what do they know that we don't?  I like it......whatever it is! 

[blueskyline]

"Shammari refers in his book that all projects initiated through the Islamic banks are linked to economic feasibility studies  
and technical. ". Very Interesting . 

 

 

[Floridian]

Could someone please help me out here?  This link shows that there is an Abu Dhabi Islamic Bank branch in Iraq.  How do we know that it's not the branch in Iraq that "converted more than $60 Million in 4 days"?

 

https://www.adib.eg/about-adib-egypt/international-presence 

 

" Iraq is a key part of our international growth strategy – and we are the first UAE bank to have a presence in the country. For ADIB Iraq related inquiries, please email at adibiraq@adib.ae"

[Officiallytook]

 

[WheresmyRV?]

This article has definitely raised my eyebrows! 

[okane]

6 hours ago, boosterbglee said:

Makes one go.....what do they know that we don't?  I like it......whatever it is! 

I have a Muslim friend who told me a few months ago that his "sources confirm that now is the time to invest".  I was on the phone so it wasn't a bank story.  And to think that I could have waited until now and saved a decade of worry

[ChuckFinley]

I picked a great time to sign in and to see what is up. I did have a chance to read the posts.  To me this is very BIG NEWS? Like Synopsis posted stated. It is very interesting that a foreign country is selling enough country's currency. What it find interesting is that it is at auction. .  Let me check is that Adam?  

[Laid Back]

The Abu Dhabi Islamic Bank is getting dinar for capitalization purposes.

 

They're getting for an increases of the dinar exchange rate in the near future

 

Go RV

Go 2017

[sandfly]

Thanks yota 

[yota691]

 

Today ... the United Arab Emirates and the Lebanese banks transferred from Iraq $ 31.7 million 19 hours ago Last updated 07:31 PM           BAGHDAD / Press tomorrow: the United  Arab Emirates and occupied Lebanese banks, on Sunday, the first centers in the sale of the currency held by the Central Bank of Iraq window, and turned $ 31.7 million.  The results showed the sale currency window on Sunday, and followed up by "Tomorrow Press" that "Abu Dhabi Islamic Bank occupied the order to participate in the sale of currency window banks by receiving a $ 14.5 million and followed by Lebanese banks in all of the Bank of Beirut and the Arab countries , winning 5.2 million and the Mediterranean Sea to $ 4.8 million and the Bank of the return of $ 3.4 million and the Bank of the Middle East and Africa , $ 2.2 million and the Bank Fransabank $ 1.6 million. "  The results showed that "Iraqi banks classified the central bank in the second place where the National Islamic Bank ranked first among Iraqi banks and $ 6 million after Ceyhan bank $ 3.3 million Iraqi Islamic B2.3 million dollars."  The data issued by the Central Bank of Iraq confirmed on 8 of May, Abu Dhabi Islamic Bank to impose its control over the currency auction around in 4 days only $ 58.3 million.

[DIAMOND]

On ‎5‎/‎12‎/‎2017 at 3:02 PM, Laid Back said:

The Abu Dhabi Islamic Bank is getting dinar for capitalization purposes.

 

They're getting for an increases of the dinar exchange rate in the near future

 

Go RV

Go 2017

thanks laid back, ya always have the words to say what is needed lol

[Laid Back]

1 hour ago, DIAMOND said:

thanks laid back, ya always have the words to say what is needed lol

You welcome DIAMOND.