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The President of the Bahrain Association of Banks participates in a seminar for the Association of Iraqi Private Banks on Arab banking and investment cooperation The CEO of the Bahraini Al Baraka Banking Group, Adnan Yousef. "Internet" Banks Economy News - Baghdad The Chairman of the Board of Directors of the Bahrain Association of Banks, Adnan Ahmed Youssef, participated in a seminar organized by the Iraqi Private Banks Association with the participation of the Governor of the Central Bank of Iraq, Mustafa Ghaleb, the Governor of the Central Bank of Jordan, Ziad Fariz, the Chairman of the Association of Banks, Wadih Al-Handal, and a number of Arab banking and economic leaders, by video call on the 21st March 2021. The symposium dealt with many important issues such as the impact of the Corona pandemic on Arab banks, strategies for dealing with troubled assets, in addition to ways to enhance Arab banking and investment cooperation, overcoming obstacles facing inter-Arab investments and attracting foreign investments. During the symposium, the Chairman of the Board of Directors of the Bahrain Association of Banks, Adnan Ahmed Youssef, presented a research paper in which he explained his vision of the issues on the agenda of the symposium, where he stressed that "the impact of the Corona pandemic on Arab financial and banking institutions will be profound, and it will be expected that the profitability of financial institutions and others will decrease last year." During this year, the quality of some financing portfolios deteriorated, especially for clients in the most affected sectors such as aviation and tourism, as well as some disruptions in corporate financing lines and the tendency of individual clients to withdraw their deposits, all of which will create temporary pressures on financial institutions. He added, "What is comforting is the wide response of Arab central banks to these repercussions and their taking many measures that support banks in facing them, as well as the broad economic and financial packages provided by Arab governments to support the affected groups and sectors, and the consensus and determination of the worlds to return the economy to its natural course, whether at the global level." Or at the level of each country separately, by expanding the provision of vaccines at the present time. " He pointed out that "of course, banks and financial institutions, and even commercial institutions in light of such situations, that is, situations of global crisis, begin to activate contingency plans to ensure business continuity at all operational and technical levels, and to continue providing services to all customers, securing financing lines and intensifying them." Monitor clients' portfolios and others. " With regard to strategies for dealing with the main challenge facing banks and financial institutions at this stage, which is the rise in bad debts due to the negative repercussions that the pandemic has generated on economies, companies and individuals, Youssef explained that "increasing bad loans is a serious risk that should not be underestimated, but facing this challenge." It does not rest on the banks alone, but also on the supervisory authorities and the overall policies of the government. He added, "On the first level, which are the measures and strategies that banks must take, banks must develop comprehensive strategic plans detailing how they deal with these debts in a systematic manner, including planning processes for identifying bad debts in the financing portfolio and dividing the portfolio into similar loan groups. Within the portfolio, to be able to direct efforts and to accommodate different types of business strategies to preserve value, identify recovery methods, and establish early warning systems. As for the second level: measures and strategies that must be taken by the supervisory authorities, Youssef believes that “the supervisory authorities must provide encouragement and direct banks to review, evaluate and address the quality of their assets, especially their financing portfolios, as well as directing shareholders and management to establish specialized units with relevance. Appropriate human and technical resources within banks to supervise bad loans and seek solutions to get rid of these loans. As for attracting foreign and Arab investments, he stated that "Arab countries’ shares of foreign direct investments still represent a small percentage of the volume of foreign direct investments in the world, as this percentage is less than 1% for all Arab countries. " I bought that "attracting foreign investment is not an easy process, and it needs coordinated national efforts, legislation, incentives and a safe investment environment. Therefore, Arab countries, in addition to the well-known measures related to improving the investment environment and climate, should first work to launch the free movement of capital in foreign currencies." Second, giving freedom to establish companies either in local currencies or in foreign currency or both, and when capital is increased for existing companies, the freedom is given in that in order to avoid losses of currency depreciation, which they suffer in many Arab countries. He continued: “Third, allowing companies to increase their capital by issuing sukuk in local or foreign currency. Fourth, not to take sudden measures affecting these investments, such as imposing additional fees or expenses. Fifth, seeking to stabilize the movement of local currencies against foreign currencies. Red tape and costly government procedures when establishing a new business. " Number of observations 109 Date of addendum 3/22/2021
Khalaf: The Iraqi banking sector has a rich experience Banks Economy News - Baghdad: A member of the Board of Directors of the Union of Arab Banks, Chairman of the Board of the Development Bank, Ziyad Khalaf, announced that the Iraqi banking sector has a rich experience that made it exceed the political and security conditions and fluctuations. Khalaf said in his speech at the Arab Banking Conference that was held in Cairo, "This conference is taking place under difficult exceptional circumstances that the entire region is going through, especially in the countries of Iraq and Lebanon, and that this conference is of great importance as it is taking place on the margins of these conditions and their economic and financial implications in order to address the resulting effects And the implications of the reality and course of our Arab banking sector. " He added that the current conditions require us to exert all our efforts to set a road map aimed at mitigating the effects of the expected shocks that will be resolved in the economies of our countries as a matter of national and professional responsibility. Nationalism and the widening of the phenomenon of unemployment, therefore, these circumstances make it necessary for our banks to adopt conservative policies and strategies in the field of credit and lending in addition to activating the roles of oversight departments in a significant way and in what contributes to reading the economic situation and To Mali correctly and take the necessary measures and measures to activate contingency plans and alternative plans to ensure the continuity of the banking business and meet customer requests. He stressed that the political conflicts and the security instability experienced by a number of Arab countries, including my own, Iraq are a result of the deteriorating and critical economic conditions that many Arab societies, particularly the youth group, suffer from, as 30 million Arab citizens are below the poverty line and the unemployment rate in the Arab world. It is 10% versus 5% globally. He pointed out that banking in and of itself, regardless of time and place, necessarily implies risks, challenges and anxiety, in order to objectively link to capital investments, which are characterized by an absolute sensitivity to political, economic and security fluctuations. And that the reality of the banking sector in Iraq and its rich experience through its confrontation with these conditions and political and security fluctuations and over the course of five decades where the banking sector went through many and various throats and was able to overcome them wisely and knowledgeable of the Iraqi banking leaders and cooperation with the Central Bank of Iraq, and despite the conditions and challenges that the banking sector faced, it was able Out of its contract and its effects and what helped in achieving its successes is the strength, durability and solidity of the Iraqi economy, and because of its large and well-known wealth, which it is hoped to invest and manage properly during the next stage. He added that the skill of the banking leadership with inspiration and implementation of international banking standards issued by international banking institutions and follow-up to the periodic reports of the World Bank for Iraq made them overcome many difficulties, especially after legislation supportive, guaranteeing and immune to proper banking work, most notably the Anti-Money Laundering and the Financing of Terrorism Law, and other laws and instructions And the required standards. Khalaf expressed his optimism about correcting the track and adopting the necessary reform programs to boost the economy and achieve the necessary economic development, as a result of the popular movement. A bright future awaits Iraq in particular, and the Arab world as a whole, with its great wealth requirements and the broad need to rebuild and rebuild with huge and massive investments. Number of views 167 Date added 16/12/2019