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Abu Dhabi Islamic Bank launches full banking operations in Iraq

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Abu Dhabi Islamic Bank launches full banking operations in Iraq

Launched the Abu Dhabi Islamic Bank, Islamic Financial Services Group leader, today announced the expansion of its spread in the region by opening its first branch in the State of Iraq, making it the first financial institution based in the UAE get a license to carry out banking operations integrated by the Central Bank of Iraq, and opened a branch integrated services in this state. It is this new branch of the Abu Dhabi Islamic Bank in the Arsat Indian city of Baghdad. preparing the bank now to support and guide all investments UAE and the Gulf in Iraq and surrounding areas, will lead the development of Islamic finance industry in Iraq by offering the best products of Islamic banking in this country. this The Bank's strategy will be based during the first months of the launch of its operations in the Iraqi market for banking services for corporate clients and the private sector, and will throw offers corporate finance, investment banking and treasury products in the Iraqi market. In addition, will the bank to provide banking services traditional trade as solutions international trade finance. Speaking about the plans for the bank to expand in the Iraqi market, said Trad Al Mahmood, CEO of Abu Dhabi Islamic Bank: «The idea of entering the Iraqi market, one of the important items on the agenda our business since the period of time, we see that this is the best time to launch our operations there. And Iraq is now back to normal, where working conditions have improved significantly. The large oil reserves in Iraq, and the tremendous efforts being made ​​to reconstruction and development of its infrastructure and growing population composition, great opportunities for growth. Our goal is to play a pivotal role in the development of economy of this country ». It should be noted that there are 51 banks with more than 800 operating branches in Iraq, which has a population of 31 million people, its economy is still dependent on cash transactions. Have contributed to each of the foreign companies and investors worth 55.67 billion U.S. dollars in the form of investment contracts and service and other commercial activities in Iraq in 2011. added Trad: «The challenges we face are very clear. The increase in our share of private sector banks in the Iraqi market from the current level which does not exceed 20, and the development of Islamic banking sector there ».

http://www.al-jazirah.com/2012/20120725/ec21.htm

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there ya go .. its our ticket to cash in through uae banks that are linked to cbi ... and uae banks are dealing with western banks .. we will not have to travel to iraq to cash in now .. or so it seems ..

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boo yah. this and the new considerations being formed regarding the HCL, and the infrastructure to manage all that sounds very good bruda. No busters allowed. Goooooooooooooo Rvvvvvvvvvvvvvvvvvv

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ADIB launches Iraq operations

Abu Dhabi: 1 hour and 20 minutes ago

adib.gif

Abu Dhabi Islamic Bank (ADIB) said it has become the first UAE-based financial institution to receive a full operations banking licence from the Iraqi Central Bank to start its operations in the country.

Announcing its regional expansion, ADIB said the first fully-fledged ADIB branch is located at Baghdad and is being led by Jawdat Mahmoud Jawdat.

ADIB is now poised to support and guide UAE and GCC investments in Iraq and its surrounding areas, it will also develop the Islamic finance industry in Iraq by bringing best in class Islamic banking products, said a statement from the bank.

During the initial months of operations, ADIB’s market entry strategy will see it serve corporate and private banking customers. It will offer corporate finance, investment banking and treasury products to the Iraq market.

In addition, ADIB will offer traditional commercial banking services such as international trade finance solutions.

Unveiling the bank’s Iraq expansion plans, CEO Tirad Al Mahmoud said: "Iraq has been on our agenda for some time now and we believe that this is the opportune time to launch our presence there. The country is on a comeback trail, business conditions have improved considerably and it’s the right time to get in."

"Its vast oil reserves, a great rebuilding and infrastructure development effort and a growing population present great opportunities for growth. We aim to play a pivotal role in the development of its economy," he remarked.

ADIB was also granted approval from Central Bank of Iraq to confirm Iraq oil export letters of credit issued by multinational oil corporations, multinational commodities and oil traders and financial institutions that issue letters of credit on behalf of their clients.

“Our challenges are clear. We aim to increase the private sector banks’ share of the Iraqi market from the current level of less than 20% and to develop the Islamic banking industry there,” he added.-TradeArabia News Service

http://www.tradearabia.com/news/BANK_220946.html

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