Theseus

j/k

http://images3.memedroid.com/images/UPLOADED287/5d9500f067214.jpeg

Having the capacity UP to something doesn't mean that Iraq will RV at the max amount. The range is between 0.01 and 1.70 USD per dinar. The speculation is the 0.85/0.86, however Iraq could come out with any number between 0 and 1.70. Will Iraq get back up to 3 USD per dinar? Time will tell but if anything the rate Saddam set was artificially high when the currency was purported to only be half of that. Getting up to 1.70 USD per dinar will be a long shot in the end and highly doubtful it will even go beyond 1.65 USD per dinar within the next decade or two. Again anything can happen.

And you would have thunk incorrectly. Iraq has an estimated 68.02 billion USD (2019) in reserves, including gold. Iraq has an estimated 40 Trillion dinars (2019) outside of the banks (approximately 5 Trillion inside of Iraq in circulation). At the most, using the aforementioned figures, Iraq has the capacity to RV up to 1.70 USD per dinar, but don't expect to see that number come RV. Half of that would be reasonable. During the era of Saddam, the IQD, set by Saddam, the IQD was over 3 USD per dinar. However, experts claimed the true value of the IQD, worth, was no more than 1.62 USD per dinar, half its official value, at its peak. An RV at 0.85/.86 USD per dinar would be the most reasonable figure to come out with.

Looking at Resolution 1483 (2003) under Article VII of the UN Charter and this Reuters news story, I am thinking it might have something to do with this: UPDATE 1-Iraq to resume payments of Gulf War reparations to Kuwait - UN By Stephanie Nebehay 3 MIN READ * Iraq oil proceeds to repay last debt owed to Kuwait - UN * Kuwait Petroleum Corp. owed $4.6 billion from Gulf War damage * Payments halted in Oct 2014 due to Iraq budget, security issues (Adds details, background, byline) GENEVA, Nov 21 [2017] (Reuters) - Iraq has agreed to resume payments from its oil revenues to compensate fully $4.6 billion still owed to Kuwait for destruction of its oil fields and facilities during the 1990-91 Gulf War, the United Nations said on Tuesday. Payments from the U.N. fund, which were suspended since October 2014 due to security and budgetary challenges faced by Iraq in its fight against Islamic State - will begin with 0.5 percent of its oil proceeds in 2018 and escalate annually until the end of 2021, the U.N. Compensation Commission (UNCC) said. “Based on oil price and export projections, this would result in payment in full of the outstanding claim award,” the UNCC said in a statement issued in Geneva. The damages claim by the Kuwait Petroleum Corporation (KPC) IPO-KUWP.KW was the largest approved by the Geneva-based UNCC, set up by the U.N. Security Council in 1991. In 2000, the UNCC awarded $14.7 billion to Kuwait for oil production and sales losses incurred by the KPC, $4.6 billion of which is Iraq’s last debt. Kuwait accepted Baghdad’s proposal, which was also endorsed by the UNCC’s Governing Council on Tuesday in a special session of the body composed of the Security Council’s 15 members, the statement said. Under the four-year agreement, the percentage of proceeds from Iraqi oil and petroleum products paid into the U.N. coffers for payment to Kuwait will rise to 1.5 percent in 2019 and 3 percent in both 2020 and 2021, Leah Kraft, UNCC legal officer, told Reuters. The UNCC has awarded $52.4 billion to some 1.5 million successful claimants for damages to states, corporations and individuals due to Iraq’s invasion and seven-month occupation of Kuwait under former president Saddam Hussein. Iraqi Prime Minister Haider al-Abadi said on Tuesday that Islamic State had been defeated from a military perspective but he would only declare final victory after IS militants were routed in the desert. Summary of Resolution 1483: Decides that all Member States shall take appropriate steps to facilitate the safe return to Iraqi institutions of Iraqi cultural property and other items illegally removed from the Iraq National Museum, the National Library, and other locations in Iraq; decides that, with the exception of prohibitions related to the sale or supply to Iraq of arms and related materiel, all prohibitions related to trade with Iraq and the provision of financial or economic resources to Iraq established by resolution 661 (1990) and subsequent relevant resolutions, including resolution 778 (1992) of 2 Oct. 1992, shall no longer apply; decides to terminate effective on the adoption of this resolution the functions undertaken by the Secretary-General under the Programme; decides to terminate the Committee established pursuant to paragraph 6 of resolution 661 (1990) at the conclusion of the 6 month period called for in paragraph 16 above; decides that all export sales of petroleum, petroleum products, and natural gas from Iraq following the date of the adoption of this resolution shall be made consistent with prevailing international market best practices; decides further that 5 per cent of the proceeds referred to in paragraph 20 above shall be deposited into the Compensation Fund established in accordance with resolution 687 (1991); decides that, until Dec. 31, 2007, unless the Council decides otherwise, petroleum, petroleum products, and natural gas originating in Iraq shall be immune from legal proceedings against them and not be subject to any form of attachment, garnishment, or execution; decides that all Member States in which there are: (a) funds or other financial assets of the previous Government of Iraq, or (b) funds or other financial assets that have been removed from Iraq shall freeze without delay those funds unless these funds themselves the subject of a prior judicial, administrative, or arbitral lien or judgement, immediately shall cause their transfer to the Development Fund for Iraq; decides to review the implementation of this resolution within 12 months of adoption and to consider further steps that might be necessary.

Islamic banking system is a usury system. Meaning it is illegal to charge interest on money loaned. Islamic banking, also referred to as Islamic finance or shariah-compliant finance, refers to finance or banking activities that adhere to shariah (Islamic law). ... Islamic banks make a profit through equity participation, which requires a borrower to give the bank a share in their profits rather than paying interest.

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