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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
