Risks of electronic banking operations

[yota691]

Launch of the Global Forum of the General Council of Islamic Banks and Financial Institutions with the participation of Iraq in Istanbul

 

Banks Economy News Istanbul : The two-day Global Forum of the General Council of Islamic Banks and Financial Institutions (ICFM) kicked off in Istanbul this morning . The conference is attended by the Governor of the Central Bank of Iraq Ali al-Alaq, also participates in a delegation representing the Association of Iraqi private banks headed by its President Wadih al-Hanal and ten of the leaders of Iraqi banks . The conference, which will be held under the slogan "The new face of financial services, presents problems, opportunities and renewed challenges", which deals with Islamic finance, the development of the traditional financial industry and ways to put the Islamic finance industry on the right track. The council is an international organization of the Organization of Islamic Cooperation (OIC), founded in Bahrain in 2001 It seeks to protect and defend the Islamic financial industry sector and to promote cooperation among its members . At the opening session of the conference, a number of participants representing Islamic banks in the world emphasized the great development witnessed by the Islamic banking industry over the past years with the expectation that Islamic banking will reach four trillion dollars in 2020 The words addressed the requirements of Islamic banking under the instructions of Islamic law The words noted the role of Islamic banking as an instrument to push forward the economies of countries and their role in reducing poverty and providing greater stability for those with limited income. The words reviewed digital finance, which represents a major technological revolution, with a major impact on financial services and the threat it poses to traditional financial services.

Views 207   Date Added 05/02/2018

[yota691]

The Governor of the Central Bank stresses the need to close the gaps in the Islamic banking sector

 

Banks Economy News Istanbul: The Governor of the Central Bank of Iraq, Ali Al-Alak, the need to close the gaps faced by the Islamic banking sector in the areas of risk management and compliance and inflation. During his first working session with Al Baraka Chairman Adnan Ahmed Yousif and Deputy Governor of the Lebanese Central Bank Raed Sharafuddin and other leaders of the banking sector in the Islamic countries, Al-Allaq noted the importance of legal frameworks, legislation and regulations that will rationalize the work of Islamic financial and banking institutions Especially with regard to risk management, "stressing the need to work seriously to achieve what the Islamic banking sector. He praised the "great expansion of the Islamic banking sector during the past years," stressing that "a clear vision for the future of this sector should be identified and the gaps to be addressed, especially in the areas of risk management, compliance and financial inflation." He also praised a number of speakers during the meeting the efforts of the President of the Central Bank of Iraq Ali Alaq and the President of the Association of Iraqi private banks Wadih al-Hanal in support of the Iraqi banking sector in general and Islamic Views 40   Date Added 02/05/2018

[Butifldrm]

President of the Association of Iraqi Private Banks: Iraq has a new experience in the field of Islamic banking and works to develop

  

 Banks

Economy News _ Baghdad

Iraq has a new experience in the field of Islamic banking and is working on developing it by developing human capabilities and benefiting from the experiences of other countries, the head of the Association of Iraqi Private Banks Wadih al-Hanalal said on Wednesday. 
Speaking during the second morning session of the Global Forum of the General Council of Islamic Banks and Financial Institutions in Istanbul, the President of the Association of Iraqi Private Banks, Wadih Al-Hantal, discussed with a number of Islamic banking leaders in the Arab and Islamic world and the challenges facing Iraq as a result of the global financial crisis and the positive role that Played by the Central Bank of Iraq in this area. 
Al-Hanalal said that Iraq has a new experience in the field of Islamic banking and is working on developing it by developing human capabilities and benefiting from the experiences of other countries.
He pointed out the importance of banking awareness, financial inclusion and training, as three conditions necessary to advance the Islamic banking market in the present and future. 
He urged banks to develop practical plans in the fight against unemployment and job creation through the opening of new technology windows, including digital banking and the application of financial coverage so that banks can deliver their products to the farthest point in the countryside. 
Turning to the efforts of the Association of Iraqi private banks to open up to banks in Arab and foreign countries, he pointed out in this area the conclusion of two important agreements with Bahraini banks recently, which gave added value to the work of Iraqi banking.

http://economy-news.net/content.php?id=12156

[yota691]

World Islamic Banks Conference to resume in Istanbul for second consecutive day

 

Arab and international Economy News Istanbul: The World Conference of the General Council of Islamic Banks and Institutions (ICBC), with the participation of banking and financial leaders from around the world, resumed in Istanbul this morning And participate in the meetings from Iraq, the President of the Central Bank of Iraq Ali Alaq, and the President of the Association of Iraqi private banks Wadih al-Hanal, in addition to a delegation of high-level banking representatives of a number of Iraqi banks During the session, representatives of a number of participating banks from all over the world spoke about the experiences of the banks they represent in the use of smart phones and the Internet in banking transactions, with the widespread spread of these sophisticated means, and the expansion of the number of modern technology users The speakers discussed the risks, disadvantages and advantages of dealing with customers through these means, especially in the field of electronic finance The views of the participants in the discussions were divided between enthusiastic about the use of intelligent means of communication in the field of bank financing and wide, and conservative because of the spread of piracy and electronic attacks and the inability of Internet companies and communications via smart phones to provide protection and privacy for users of this technology.

Views 41   Date Added 03/05/2018

[Butifldrm]

HE the Governor of the Central Bank of Iraq participates in the World Forum of the Council of Islamic Banks

 

 

The Governor of the Central Bank of Iraq, Mr. Ali Mohsen Ismail, participated in the annual global forum of the General Council of Islamic Banks and Financial Institutions held in the Turkish capital of Istanbul from 2-3 / 5/2018. The forum will be on several sessions during the two days. How regulators remain relevant in a changing economic environment that includes many technological upheavals and developments, which raise many questions about the roles and presence of regulators in light of the turmoil in the financial sector .

The Governor also addressed the Islamic banking situation in Iraq and the great development that has taken place in this field especially in recent years in addition to the financial services offered by Islamic banking.

 

 

 

 

 

https://cbi.iq/news/view/688

[10 YEARS LATER]

. . . . and Iraq hasn’t offered up to Delay or a Postponement because: enter feeble excuse here ___________________________________ . Impressive-

[TOMINVEGAS]

So when are the auctions going to stop?

[Jaygo]

14 minutes ago, TOMINVEGAS said:

So when are the auctions going to stop?

 

HAHAHA!!!! 😂

[3n1]

1 hour ago, TOMINVEGAS said:

So when are the auctions going to stop?

 

just shook my magic 8 ball twice : ....... Reply hazy try again and Cannot predict now .... hey i tried man 🤣

[10 YEARS LATER]

12 minutes ago, 3n1 said:

 

just shook my magic 8 ball twice : ....... Reply hazy try again and Cannot predict now .... hey i tried man 🤣

 

Gave my 8 Ball the Heave Ho. Im going back to the more reliable, tried & true methods of predicting the future - going to start with “ Reading the Bumps on my head “ - “ Rolling the Bones “ - “ Reading Tea ☕️ Leafs “ - “ Tarot Cards “ and will then confirm my findings with “ VooDoo “ 

 

Gonna crack this Iraqi code one way or the other  -  you betcha.  🤪

[ChuckFinley]

8 hours ago, 10 YEARS LATER said:

. . . . and Iraq hasn’t offered up to Delay or a Postponement because: enter feeble excuse here ___________________________________ . Impressive-

Our currency is frigging worthless. We are here for the holiday.  

[10 YEARS LATER]

40 minutes ago, ChuckFinley said:

Our currency is frigging worthless. We are here for the holiday.  

 

Yep - no reason to postpone the “ holiday “ 

[Butifldrm]

Central Bank Governor meets in Istanbul with representatives of Iraqi banks participating in the World Islamic Banks Conference

   

  

 Banks

Economy News Istanbul:

The Governor of the Central Bank of Iraq met on the sidelines of the World Conference of the General Council of Banks and Islamic Institutions held in Istanbul today with representatives of Iraqi banks participating in the conference in the presence of the President of the Association of Private Banks Wadih al-Hanal .

The governor said at the outset of his speech on the importance of the participation of Iraqi banks in the large conferences dealing with banking activity both inside Iraq and abroad, because of the importance in increasing expertise and access to new experiences and developments .

The Governor exchanged with the participants of the meeting ideas and opinions on a number of issues related to the Iraqi banking activity, including electronic services, foreign transfers and the future of Iraqi banking in light of the stability of the exchange rate in Iraqi markets .

He stressed the readiness of the Iraqi Central Bank to cooperate to the maximum extent with the private banks to facilitate their knowledge, and encourage them to take a steady step towards success and progress and achieve financial coverage and diversification of products.

He noted that the central bank has a future plan aimed at supporting good and successful banks and providing all the requirements for their progress .

 

Views 180   Date Added 03/05/2018

http://economy-news.net/content.php?id=12179

[js214]

7 hours ago, 10 YEARS LATER said:

 

 

 

Gonna crack this Iraqi code one way or the other  -  you betcha.  🤪

 

Does it include directions on how to paddle a boat in the forward direction and a pair of turbo paddles?

[skeetdog]

....This looks like a well planedout event...No wine in the glasses, no food on the plates and two tables slammed together to take the photo shot...

....Notice view in mirror...

Edited May 4, 2018 by skeetdog
Brain fart

[bigwave]

10 hours ago, 10 YEARS LATER said:

. . . . and Iraq hasn’t offered up to Delay or a Postponement because: enter feeble excuse here ___________________________________ . Impressive-

I choose "soon" for 200 10 years later...

[yota691]

Economist / Global Forum for Banks and Islamic Institutions discusses the establishment of sustainable banking systems using technology

Thursday 2018/05/03 SPA

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• Economist / Global Forum for Banks and Islamic Institutions discusses the establishment of sustainable banking systems using technology
  Thursday 2018/05/03 SPA

  
   
   
   

  Istanbul, May 17, SPA - 
  The third global forum of the General Council of Islamic Banks and Institutions, concluded today in the Turkish capital of Istanbul, that digital finance represents a major technological revolution, which has a significant impact on financial services, The mobile phone from the opportunity or threat to Islamic financial institutions, focus the debate on cyber security, how to reduce and remove risks, as well as create a balance between risk management and financial services. 
  The sessions discussed a number of topics on the role of mobile phones in financial integration, mobile banking, business future under banks and telecommunications. Participants in the sessions shared their thoughts on whether money, and payments, via the phone were an opportunity or threat to institutions Islamic Finance.
  Discussions focused on the use of the Fourth Industrial Revolution, the role of digital branches, automated consultants and robots in enhancing customer banking experience, the role of cybercrime in risk reduction and elimination, electronic security balance, risk management and financial services, the establishment of sustainable banking systems using technology, Artificial intelligence assessment and massive data analysis. 
  The forum, which was launched under the theme "The New Face of Financial Services: Disturbances, Renewable Opportunities and Challenges", launched two of the leading reports of the General Council, the first global survey of Islamic bankers 2018 under axes assessing future impact, strategic thinking, brand and financial technology. The second Global Takaful Insurance Survey 2018, including the Confidence Index, Risk Finder, and Growth Engines.
  The Secretary-General of the Council of Islamic Banks, Abdul-Ella Al-Ateq, said in a statement to Saudi Press Agency SPA that the aim of the two questionnaires is to protect the Islamic financial industry sector and enhance cooperation among the members of the Board. He noted the great developments in Islamic banking during the past years, Size of banking activity. 
  He stressed the importance of the role of Islamic banking as a tool to push the economies of countries to the Imam, and its role in particular in reducing poverty and providing greater stability for those with limited income. He pointed out that digital finance represents a major technological revolution, which has a great impact on financial services.
  Al-Ateeq pointed out that the forum will discuss the main topics of Islamic finance, how financing can contribute in various fields to promote economic development, and open up new opportunities for Islamic financial institutions. He pointed out the importance of the Forum in containing the discussions of the financial industry and enhancing relations Among others, in addition to exploring the changes in Islamic banking leadership, how to use human resources, and the introduction of Islamic banking through a comprehensive system of electronic networks. 
  The Secretary-General focused on the future of employment, what the future of employment means for jobs, the environment in the presence of artificial intelligence and robot, and expressed his happiness to bring together this number of key banking leaders under one roof, and thanked all the partners who contributed to hosting and sponsoring this forum. 
  // is over //
  18:23 

[3n1]

5 hours ago, skeetdog said:

....This looks like a well planedout event...No wine in the glasses, no food on the plates and two tables slammed together to take the photo shot...

....Notice view in mirror...

 

nice catch .. i usually always look in the background and surroundings before the subject matter,  picture dude photo bombed himself 📸   

[Butifldrm]

A banking expert calls on the central bank to issue Islamic sukuk law

 

Director of Al-Nahrain Islamic Bank Abdul-Hussein Al-Mundhari «Economy News»

Banks

Economy News Baghdad: The banking expert, Abdul Hussein al-Mundhari, called on the central bank to adopt the Islamic sukuk law, noting that its approval must be made in cooperation with the prime minister and parliament . "Islamic banks produce Islamic sukuk, which are independent of the bank's activities and Islamic investment funds that are issued based on a particular need," he said during a seminar on "Islamic banks between development goals and practical realities" Medium-term period ". On the other hand, Osama Abdul Majid al-Ani, Professor of Islamic Banking, at Ajloun University, addressed the term "Halal Tourism" in the late 1990s. "The World Economic Report 2016-2017 shows that Halal tourism has grown significantly Estimated at about 5% in 2015, which is higher than the rate of growth in the global tourism sector, estimated at 3 %. Al-Ani stressed the need to finance Islamic banks "Halal tourism", pointing out that "this sector contributes 13% of the Jordanian GDP ." "The Islamic financial industry has seen a good growth in recent years and the importance of Islamic banks has emerged after the financial crisis in 2008, and foreign institutions are studying the importance of such banks, " said Ahmad Jawad al-Dahlaki, advisor to the Ministry of Finance . "The cost of Islamic banks is based on commercial transactions in Islam. Islamic financial instruments are based on two factors: participation and speculation, " Dahlaki said. He pointed out that "Islamic banking assets in the Arab world are present in the GCC, the Middle East, Asia and Africa, and part of them in Iraq ." http://economy-news.net/content.php?id=12237

[yota691]

A banking expert calls on the central bank to issue Islamic sukuk law

 

Director of Al-Nahrain Islamic Bank Abdul-Hussein Al-Mundhari «Economy News»

  

 Banks

Economy News Baghdad:

The banking expert, Abdul Hussein al-Mundhari, called on the central bank to adopt the Islamic sukuk law, noting that its approval must be made in cooperation with the prime minister and parliament .

"Islamic banks produce Islamic sukuk, which are independent of the bank's activities and Islamic investment funds that are issued based on a particular need," he said during a seminar on "Islamic banks between development goals and practical realities" Medium-term period ".

On the other hand, Osama Abdul Majid al-Ani, Professor of Islamic Banking at Ajloun University, addressed the term "Halal Tourism" in the late 1990s. He pointed out that "the World Economic Report 2016-2017 shows that Halal tourism has grown significantly Estimated at about 5% in 2015, which is higher than the rate of growth in the global tourism sector, estimated at 3 %.

Al-Ani stressed the need to finance Islamic banks "Halal tourism", pointing out that "this sector contributes 13% of the Jordanian GDP ."

"The Islamic financial industry has seen a good growth in recent years and the importance of Islamic banks has emerged after the financial crisis in 2008, and foreign institutions are studying the importance of such banks, " said Ahmad Jawad al-Dahlaki, advisor to the Ministry of Finance .

"The cost of Islamic banks is based on commercial transactions in Islam. Islamic financial instruments are based on two factors: participation and speculation, " Dahlaki said.

He pointed out that "Islamic banking assets in the Arab world are present in the GCC, the Middle East, Asia and Africa, and part of them in Iraq ."

Views 112   Date Added 08/05/2018

[Butifldrm]

Sukuk

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What is a 'Sukuk'

A sukuk is an Islamic financial certificate, similar to a bond in Western finance, that complies with Sharia — Islamic religious law. Since the traditional Western interest-paying bond structure is not permissible, the issuer of a sukuk sells an investor group a certificate, and then uses the proceeds to purchase an asset, of which the investor group has partial ownership. The issuer must also make a contractual promise to buy back the bond at a future date at par value.

 

Islamic law prohibits what's known as "riba," or interest. Therefore, traditional, Western debt instruments cannot be used as investment vehicles. To circumvent this, sukuks were created in order to link the returns and cash flows of debt financing to a specific asset being purchased, effectively distributing the benefits of that asset. This allows investors to work around the prohibition outlined under Sharia and still receive the benefits of debt financing. However, because of the way that sukuks are structured, financing can only be raised for identifiable assets.

Thus, sukuks represent aggregate and undivided shares of ownership in a tangible asset as it relates to a specific project or a specific investment activity. An investor in a sukuk, therefore, does not own a debt obligation owed by the bond issuer, but instead owns a piece of the asset that's linked to the investment. This means that sukuk holders, unlike bond holders, receive a portion of the earnings generated by the associated asset.

Two Examples of Sukuks

The most common form of a sukuk is a trust certificate. Surprisingly, these certificates are governed by Western law. However, the structure of this type of sukuk is fairly complicated. The organization raising funds first creates an offshore special purpose vehicle (SPV). The SPV issues trust certificates to qualified investors and puts the proceeds of the investments toward a funding agreement with the issuing organization. In return, the investors earn a portion of the profits linked to the asset.

Sukuks structured as trust certificates are only applicable if the SPV can be created in an offshore jurisdiction that allows trusts. This is sometimes not possible. If an SPV and trust certificates can't be created, a sukuk can be structured as an alternative civil-law structure. In this scenario, an asset-leasing company is created in the country of origin, effectively purchasing the asset and leasing it back to the organization in need of financing.

The Origin of Sukuks

Sukuks have become extremely popular since 2000, when the first sukuk was issued by Malaysia. Bahrain followed suit in 2001. Fast forward to current times, and sukuks are used by Islamic corporations and state-run organizations alike, taking up a large share of the global bond market.

Read more: Sukuk https://www.investopedia.com/terms/s/sukuk.asp#ixzz5EuDqAw95 

https://www.investopedia.com/terms/s/sukuk.asp

[Butifldrm]

• economic

 Rafidain participates in auditing the budget of the Organization of Islamic Cooperation

08:30 - 08/05/2018

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Information / Baghdad ..

Rafidain Bank announced its participation in the audit of the budgets of the Organization of Islamic Cooperation in 2017.

"The Director General of the Bank Khawla Taleb Jabbar and a member of the Financial Supervision Organization of the Organization of Islamic Cooperation represented by Iraq participated in the audit of the budgets of the Organization's formations last year," the bank's information office said in a statement.

The statement added that "this step shows that Iraq has the professional and national expertise on which to draw financial and banking policies not only in the country, but extended to many countries of the world.

http://www.almaalomah.com/2018/05/08/307501/

[cottn68]

Thank you for the definition, and i concur...their whole system does SukSuk

[10 YEARS LATER]

1 hour ago, cottn68 said:

Thank you for the definition, and i concur...their whole system does SukSuk

 

Indeed, you are correct. It’s all part of the WeSuk laws.

[yota691]

The growth of Islamic banks in Iraq

Author: Al-Sabah 09/5/2018 12:00 am Dr. Bassem Brahimi  The development of the banking system in any country is one of the signs of the development of the economy in that country. Although some believe that the rapid development of the financial sector in general has become a generator of the financial crises, we find that banks are still the engine of advanced economies even after the global financial crisis But with an urgent need to regulate and control more banks, which is one of the lessons produced by the crisis.  In this context, some views have emerged regarding Islamic banking, which believes that Islamic banks were the most prominent survivors of the crisis among banks due to the nature of the work of these banks, which makes them converge with the real economy and are in line with the trend of its trading up and down to bear the bank and its customers jointly the results of investment according to the rule of sheep  Fined. Islamic banks have been thinking about Islamic banks since the 1930s. The first attempt was in Pakistan to establish an institution that would collect and lend money to needy farmers without money, followed by a second experiment in Egypt in the 1960s by establishing  Islamic savings banks  .  In 1975, the Islamic Development Bank was opened in Jeddah.  In Iraq, the start of the Islamic banking business with the establishment of the Islamic Bank of Iraq for investment in 1993, then develop the work of Islamic banks and increase their number, especially after the legislation of the Islamic Banks Law No. 43 of 2015, where the number today to 25 banks, which constitute 33% of the total number Banks  in Iraq.  This increase comes in line with the great development witnessed by Islamic banking at the international level. Many international conventional banks have opened Islamic windows to match the increasing demand for this type of product. The value of Islamic banks' assets globally is expected to exceed this year. Three trillions and a half trillion dollars, and in turn we expect the Islamic banks in Iraq to have an important developmental role, especially with the great potential available to these banks, but this role remains contingent on the ability to overcome the challenges that guide them both in the field of gaining practical experience but Lean or in the field of competitiveness with  conventional banks  .