Al-Nahrain signs a salary settlement contract with the Ministry of Interior, and includes them with many funds

[Rmc10]

I'm hoping it's sooner than soon.

[Laid Back]

4 hours ago, 8th ID said:

I agree with ya Laid Back!

8th ID 

3 hours ago, Scott McD said:

Totally agree Laid Back.

Bankers won't do feck all without it being worth their while!!

Security is almost fully in place...although I still think removing Maliki from the gene pool is the final part for a secure country.

Show me the money!!

Go RV!!!

Agree Scott McD,

Security is almost fully in place

Release of escrow accounts by UN

Banking system ready

Total support from the most powerful countries in the world

Total support from IMF UN WB 

 

Go new monetary policy 

Go $1:1

[8th ID]

Just now, Laid Back said:

Security is almost fully in place

Release of escrow accounts by UN

Banking system ready

Total support system" rel="">support from the most powerful countries in the world

Total support system" rel="">support from IMF UN WB

+1 again Laid Back. Lets not forget. There are beginning to be a number of countries congratulating them on their victory over ISIS. So, I am thinking that operation is done except for the cleanup. SOON ! Its gotta be SOON.

[yota691]

More than 650 banking institutions in addition to the existing investment takaful institutions around the world

The size of Islamic banking jumps to $ 4 trillion in 2020

Abdul Ilah Botaiq

Interview: Yahya Hujairi

Secretary-General of the General Council for Islamic Banks and Institutions Abdul Ilah Botaiq revealed that banks and Islamic banking assets until the end of 2015 amounted to more than $ 2.3 trillion, noting that the growth of Islamic banking during the past 10 years, doubling every five years, is expected to jump the size of Islamic banking by 2020 to $ 4 trillion.

He Botaiq during his interview with «Today» that Sukuk issuance has grown over the past three years with plunging oil prices in the countries of the region there and became a great interest in Islamic instruments in the Gulf, Africa and Europe after the emergence of economic challenges, and we must know that the composition and structure of instruments are very complex they built on the actual assets in the countries that create some challenges compared with the issuance of bonds.

■ Tell us about Islamic banks in the world and the extent of its development over the past years?

In fact, Islamic banks over the past three years have seen a debate on a large scale on the structuring of Islamic banks work around the world, think again in the Islamic banking institutional system and also know that Islamic banks almost started its work 40 years ago and since 1975, and now has become the Islamic banking there more than 70 countries and more than 650 banking institutions in addition to the Takaful investment institutions around the world, reaching banks and Islamic banking assets until late 2015, more than $ 2.3 trillion and the growth of Islamic banking during the past 10 years, doubling every five years, is expected to stand The size of Islamic banking by 2020 to $ 4 trillion, and this is evidence of the significant growth in the proliferation and expansion dramatically every year and at the same time now there are thinking of Islamic banks with what we see in the United Nations programs for the development of responsible investment, and we are if we look at the foundations of Islamic banks, 90 % or more of the goals of the United Nations organizations to the goals of sustainable development in the Islamic economy.

■ How do you see the issuance of Sukuk Islamic bonds after oil prices tumbled to countries in the region?

Sukuk issuance has grown over the past three years with plunging oil prices in the countries of the region and there has become a great interest in Islamic instruments in the Gulf, Africa and Europe after the emergence of economic challenges, and we must know that the composition and structure of instruments are very complex they are based on actual assets in the countries that create some challenges compared with the issuance of bonds, governments have options either instruments or bonds with the application of the Basel Convention 3 in capital adequacy, which forced Islamic banks capital adequacy began issuing new tools based on this Convention, Islamic instruments are can not be built for anything other than The real economy, Islamic banks have requests and there are great needs in the countries of the Middle East and East Asia and the countries of Africa in infrastructure financing this means that huge amounts in excess of trillions of dollars until 2030 Islamic banks have liquidity but the employee must be available but suffer from lack of securities investment and there are requests regarding governments to issue bonds or to set up infrastructure that fit assets funded by this easy for Islamic banks because they are not loans consumer and could be where these banks proceed within the framework of instruments and this course based on a The real economy because the banks' assets amounting to more than three trillion dollars, and here I would like to point out that Islamic banks in most countries flow ability greater than the liquidity of conventional banks that the management mode cautious more, and there is also another challenge is the lack of adequate investment tools which are not high-quality do not must have investment in securities with high quality which can be classified, for example, it is long-term.

■ How can Islamic banks avoid the risk of correspondent banking relationships?

• Global financial institutions are working increasingly to end or restrict working relationships with financial transfers, local banks and companies smaller in certain regions of the world have been many attempts by the international supervisory and regulatory organizations to address risk avoidance efforts, but they are still affecting many areas throughout the world has had its impact more on small countries with less developed financial environments regulatory, and therefore the banks in those countries are likely to restrict customers and pay capital to more dangerous environments and the General Council as a global umbrella for institutions money Yeh Islamic charged with spreading awareness about such not only to develop the Islamic finance industry issues, but to share and learn best practices from the global financial industry, including the risk avoidance may impact on financial institutions in the world, regardless of the nature of the Islamic operations or conventional, there may be situations affecting them Islamic financial institutions more than their conventional counterparts, and therefore should be public awareness of the Islamic financial industry to avoid these risks that need to be addressed wisely through consultation and teamwork among the largest of the affected stakeholders in the various countries where the Alpes And as exposed to an increase in the regulatory and supervisory pressure to know their customers where customers can avoid the risks may result in negative consequences, particularly in countries that are highly dependent on international banking relations and financial transfers involved and so on, leaving those countries limited options for financial transactions with the outside world and affects avoid also risks to the economies in which they operate Islamic financial institutions in large numbers as a result of Islamic banks facing similar risks and consequences of traditional financial institutions in these economies.

■ Why central banks do not recognize Islamic counterparts?

An explanation of the current hazy central banks granted Islamic banks operate in countries licenses, but some of those central banks have an error in understanding because they did not create a framework for a special Islamic oversight for banks because of their contracts are different from traditional banks and financial transactions, some countries respond to the demands of Islamic banks 100% and some of them do not respond. in the countries of the Islamic cooperation there are only 14 countries respond to your frame, and the rest do not respond to this does not contribute to the development of Islamic banking.

Secretary-General speaks for «Today» (Photo: Faisal my loins)

Decline in correspondent banking relationships between banks 51%

Abdul Ilah Botaiq said that about 40% of the banks in 17 countries in the Middle East and North Africa is facing compliance with higher costs, according to a recent study by the Arab Monetary Fund and the International Monetary Fund, noting that some of the conversion services have been affected due to the termination of those banks' relationships with correspondent banks as a result of risk aversion which is to money laundering, terrorism and others, and that means the high cost of remittances, which encouraged the use of funds unregulated transfer channels has also led to an increase in the cost of doing business in the region.

Abdul Ilah Botaiq

Deep experience in banking is currently set by Assistant Secretary-General of the Council of the Islamic Financial Services «IFSB», and it was before joining the Islamic Financial Services Board work in financial institutions in Luxembourg, New York and Hong Kong.

It has a broad experience in management and audit institutions, financial services, training and related services industry as a speaker is considered in many international events on Islamic finance, accounting, audit and auditing, and asset management.

In many international committees, including a member of the Advisory Group of the Consultative (CAG) Council of International Standards on Auditing and Security (IAASB) Consultative Group (CG) International Accounting Standards Board (IASB).

He added Botaiq: There is a drop of 51% of the banks in the volume of banking relations correspondent, and 58% of the banks that have seen a decline in its relations correspondent banking have been affected significantly with respect to trade finance activities, letters of credit and the activities of the documentary credit, noting that there is considerable concern among stakeholders in the banking industry due to the termination of correspondent banking relationships spam where you may pay financial institutions to avoid the regulator of the financial system in favor of means less regulated and transparency in international financial transactions. Interview: Yahya Hujairi July 1, 2017, 3:00

[Big_J]

GD YOTA AND DV. 

[yota691]

Islamic Investment Funds

09/8/2017 12:00 am    Haidar Kazem al-Baghdadi  The search for sources of financing for investment projects is one of the steps of economic advancement and the task of building productive and service sectors in accordance with new financing formulas that address most of the developmental problems that the national economy complains about. Here, it is necessary to think clearly in order to find effective financing through the tools available in the country, which has a chunky monetary bloc estimated at more than 80 percent of its currency.  Today, the country is witnessing an expansion of Islamic banking aimed at gradually reaching developmental stages. This requires concerted efforts and standing on all proposals put forward by financial experts and those interested in this sector.  Investment funds are an old one dating back to the second half of the 19th century. They were known as equity and bond funds in Britain, where small savings are combined to be a volume of money that can benefit from the diversification advantages that reduce the risk of investment and establish these funds in the form of investment companies supervised by specialized government agencies For the purpose of supervision and guidance.  And we can stand at the idea or proposal to establish Islamic investment funds to represent one of the most important solutions to provide financing to various projects, especially as we are well aware that the Islamic portfolio is expanding permanently and a large segment of the community locally and internationally prefer to deal with this type of banks operating under fixed assets This guarantees the rights of all, especially depositors.  The Islamic Investment Funds are a financial vessel that takes upon itself to re-form a company independent of the bank that was established where it collects the savings of the participants from individuals, companies and bodies. The money is invested in securities or some in-kind assets in order to allow investors to participate collectively in the results of the Fund .  These funds are a key to real development that the country seeks and can be used to be a small savings pool governor to be a volume of money employed to achieve economic diversification that reduces investment risk.  The Islamic Investment Funds are investment vehicles that serve the depositors and are directed to invest their funds according to the areas that suit them both internally and externally to achieve profitable returns. The bank can choose one of the investment fields. A fund is set up for this purpose to be offered to the public. box.  And we can make this approach a new starting point for the provision of financial allocations to the projects we need, so we have benefited all parties and headed towards the development we seek.

[nannab]

Before long there well two banks on every corner. 

Good morning Yota, DV

[yota691]

Islamic banking exceeded more than trillion dollars in trading

24/8/2017 12:00 am  Expanded into major global banks  Baghdad / Hussein Thugb Islamic finance is a relatively new banking profile for many economies around the world. It is more than $ 1 trillion internationally and is booming in the world. It is based on the principle that Islam forbids investors to make money by lending it. Bank accounts where interest or interest is not paid to current account holders on their deposits or to savings account holders on their savings. The reason is that the money has no intrinsic value, it is just a tool for barter. To find out the details of more accurate morning went to ask the specialist financial shan Raed Dhlami. What are the characteristics that characterize the Islamic accounts in the Islamic Bank? - In the beginning we have to know that the Islamic trading volume of more than one trillion dollars and looks forward to exceeding one trillion and a half billion dollars internationally, indicating in this type of banking accounts become current in accordance with Islamic law when not pay or collect interest on accounts payable or the city. Generally, Islamic accounts do not charge for day-to-day transactions as long as the account is not indebted and above the minimum balance. * Are there any other differences? Yes, unlike traditional accounts, current Islamic bank accounts can not be exposed, so customers should always make sure they have enough money to cover their monthly expenses. * How do Islamic banks win money? The primary means of profit in Islamic banking is trade, so banks can trade in Shariah-compliant investments through funds deposited by customers and then share risk and profits with the customer.  In order to ensure that profits are shared appropriately, Islamic banks separate shareholders' capital from customer deposits in order to ensure proper profit sharing - a concept that is consistent with the principle of equity in  Islamic banking  .  Q: What about saving in  Islamic accounts  ?  These accounts operate on the same principle, namely, that money saved in the account can not earn any interest because it is legally forbidden. Instead, targeted profits are given to savers instead of interest, which is why profit rates are based on Shariah-compliant accounts Rather than interest rates   . Banks then use funds deposited to invest in commercial activities in order to obtain the above target profits. Such as savings accounts in conventional banks, customers can choose either a fixed profit target usually found in time deposit accounts or an easy-to-access savings account from which they can withdraw at any time. * Can anyone open a current account or a Sharia compliant savings account? Yes, and certainly, Islamic banking is available to everyone, whatever their faith. In fact, some non-Muslims prefer the principles and values of Islamic banking over conventional banking. This is because banks can not use invested funds to do any business that would finance any activities that are considered taboo or harmful. The premise of Islamic banking is to meet the financial needs of society in an ethical and socially responsible manner. * How do I find the best Islamic bank account?  The first step should be to compare all available Islamic accounts. The factors to be considered in the current accounts include the profit rate, whether the account offers any rewards, the currencies to which you can open an account and whether there are any hidden charges, There is a fee to transfer money or to withdraw money from an ATM from a bank that does not have an agreement with your bank   .  For Islamic savings accounts, decide whether you want to access your money easily or you want to earn high profits on deposited cash by leaving them for a specified period of time. Other factors include the minimum balance required for the account and, of course, the profit rate.

[gregp]

I wish all banks operated on this principle. 

[yota691]

Director of Al-Nahrain Islamic Bank for «Economy News»: 5 trillion dinars the size of Islamic banking in Iraq

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

Economy News Baghdad: Al-Nahrain Islamic Bank, a government bank, said on Thursday that the size of Islamic banking in Iraq is 5 trillion dinars, with a large expansion through the opening of many Islamic banks in the private sector, noting that the bank made profits in half The first of this year amounted to 850 million dinars and we expect to reach the end of the year to 1.5 billion dinars, noting that the bank granted loans worth 35 billion dinars to the citizens. "The size of the Islamic banking in Iraq is 5 trillion dinars, and there is a significant expansion through the establishment of new Islamic banks in the private sector," he said in an interview with Al-Iktissad News. . He added that "the Nahrain Islamic Bank receives 400 monthly applications for loans related to the purchase of real estate and financing of small and medium-sized projects and the purchase of cars," stressing that "the Islamic Bank of Nahrain granted loans more than 35 billion dinars, which is divided into loans of more than 10 billion dinars and industrial value of 20 billion Dinars and small and medium enterprises worth 5 billion dinars. " He pointed out that "the loans granted by the bank are loans to buy a housing unit or a house with a ceiling of not more than 150 million dinars and more than that amount borne by the customer and pay the amount in ten years and the place of the property is determined by the customer and not us," noting that "loans The small amount is 7.5 million dinars and the medium starts from 7.5 million dinars and ends to 30 million dinars and the large starts from 30 million dinars and ends to 100 million dinars and the conditions for granting the loan is a card issued by the person proving this person working in this area such as the identity of the Chamber of Commerce or the Federation of Industries and others With a lease and employee guarantee. " He pointed out that "the interest rate on loans is much lower than the interest rate in commercial banks, because the bank enters the customer's partner in the profit and loss, and is compatible with Islamic law."   "The deposits in the bank of the two rivers do not exceed 8 billion dinars, which are on the first two deposits under demand, which is similar to the rule of honesty and do not give them interest and the second investment deposits shared by the customer in profit and loss," noting that " Million dinars in the past year because it is a founding year. " "The bank has made a profit in the first half of this year amounting to 850 million dinars and we expect to reach our profits at the end of the year to 1.5 billion dinars," he said, adding that "the bank has four branches in Baghdad, Najaf and Basra and we submitted a request to The Central Bank to open branches in all provinces and approved it. He pointed out that "Islamic banks are the least vulnerable banks and proof that 2% of those who received loans delayed in repaying," noting that "Islamic banking does not impose delay penalties on the customer, which delays payment of the monthly installment to appreciate the circumstances of some and continue to press on the sponsor Through the deduction of his salary, "noting that" the bank of Islamic rivers is very limited liquidity so we did not enter into investment projects because the deposits of customers on demand and remain at the disposal of the customer so we reject the risk of entering industrial and real estate projects. " On the bank's relationship with foreign and Arab banks, Al-Mundhari said, "The bank has no relations with Arab and foreign banks due to the lack of activities of the bank. We are currently working on increasing local spread in all governorates and reaching our services for every Iraqi house. "Increase the capital of the bank in two ways first on the recommendation of the Minister of Finance and the approval of the Council of Ministers and the second through the accumulated profits and we currently do not have accumulated profits." He added that "the banks operating in the country aims to stimulate the economy and participate in the reconstruction of Iraq and reduce the rate of unemployment and poverty so that the banks operating so far 65 banks and we need to increase the vulnerability, especially that the capital is good and must be employed in the agricultural and industrial sectors."  He concluded by saying that "the problems facing the banking sector in general is security because more than 120 branches of private banks and government has been robbed and non-payment of customers for the loans they received, which affected the capital in addition to the weakness of banking culture that resulted from internal and external wars that The country has fought in the past years and the economic blockade. "     Views 1331   Date Added 31/08/2017

[yota691]

Digital economy "Islamic" experience to raise global production

- Two Hours Passed

Researcher Shatha Khalil *

The digital economy is the interaction, integration and coordination between information technology and communication technology on the one hand, and the national and international economy on the other, and technology plays a strategic role in increasing economic growth and reforming the economic, trade and financial mechanisms. 
The digital economy relies on information in its entirety and allows access to information technology in various economic activities. Most of its steps are based on the use of ICTs that have eliminated all barriers and barriers to the flow of information, goods, services and capital flows to and from any point in the world, at any time. . 
Leading to profound changes in lifestyles in various areas, both at the personal level, at the community level, and in the economy and the environment.
The digital economy sends and receives any amount of electronic currency instantaneously at any moment and anywhere, and provides the disclosure, transparency and neutrality of all information on digital currency transactions, and the advantages of the digital economy that it depends on the minds of humanity mainly, and the rest of the other elements related to pension and lifestyle and others support is more than being an effective actor or engine. 
As most of the methods and means of implementing economic activities have changed, and their impact has been positively reflected on society in general. The transformation of the digital economy can change and achieve new events that positively affect the economic interests of the countries in general.
Despite the modernity of the digital economy, it has become one of the most important sectors of the macro-economy. It has two types of influence. The first is direct. It is the gross output of most of the digital commerce, promotion and marketing operations in full form, and the production and sale of digital applications for management, . 
The second indirect effect is the stimulation of local markets, the globalization of their products and the access to new markets that are difficult to reach by conventional methods. 
The characteristics of the digital economy:
• It is characterized by work on building the information society by using ICT to achieve development goals. 
• The balance of the economic institution depends on the stock of knowledge and information, can also run economic activities and projects through the Internet without the need for the actual movement of individuals or institutions.
• It works in trading electronic contracts, which requires providing guarantees and safe environment for individuals to complete their various commercial transactions, thus reducing the effectiveness and usefulness of the current laws and regulations (legal system, banking and commercial), and here comes the need to study and qualify for modernization and development of legal systems to ensure the best results less Losses. 
• Strongly related to the many changes that take place in the industrial environment, especially with regard to ICTs, as they affect each other positively. 
• A research study by Accenture Consultancy and Technology Services revealed that the digital economy is capable of raising global production by about $ 1.5 trillion, which means raising global output by 2.2%, accounting for 22% of the global retail sector, 28% of the health sector. % Of consumer goods.
"Recognizing the importance of the digital economy and its opportunities for growth and competitiveness, especially for small and medium-sized enterprises, we have placed this sector within the priorities of our work, which is embodied in the updated strategy of the Dubai Islamic Economic Development Center 2017," said Abdullah Mohammed Al Awar, Executive Director of Dubai Islamic Economic Development Center. -2021 ». 
The Islamic economy is still growing, making it more appropriate than the traditional economy to accommodate digital developments. The digital 
economy has revolutionized the power equation in the markets. As programs and applications are owned exclusively by large dominant companies, they are now available to small and young firms and enable them to reach Markets and consumers to define the quality of their services and products. 
Islamic Economics:
Islam is concerned with the organization of relations and economic matters like any other life matters, and the establishment of a set of rules based on the origins of the Islamic faith; namely, the Holy Quran and Sunnah and the jurisprudential jurisprudence, and all of them are interested in following up the economic works within the social environment and relied on many Quranic verses and Hadiths The Noble Prophecy in the formulation of many of the basic rules of the Islamic economy, and the Koranic verses that referred to usury, saying: (and God forbid sale and prohibited usury), as the Islamic economy (Interpretation of the meaning): "O ye who believe!
It is clear to us that the Islamic economy is fertile ground for innovation and innovation. Its culture is new and its products need to be promoted and recognized as important. The world is racing towards adopting Islamic finance, all of which require the creation of tools, programs and applications that facilitate the world's access to this kind of economy. , The incubation of innovations in the Islamic economy, and the promotion of youth, which will enhance the ability of young people to understand and absorb the needs of markets and to create their growth requirements. 
The first Islamic digital platform for the exchange of gold-backed digital currency was launched on the sidelines of the Fifth Islamic Finance Conference in Doha on 19-03-2019. This achievement is the result of work, studies and cooperation between the QFC, Ibadah Inc Malaysian.
The real I-Dinar digital symbol is a form of electronic gold wallet, but it can be used as a common denominator for the execution and settlement of many financial, exchange and trading operations. 
With regard to the future development of the I-DINAR platform and the electronic stock exchange, it requires the development of the role and presence of many institutions operating in the field of financial services, especially the specialized banks, which are used to provide financial solutions and tools necessary to conduct financial and business operations with complete accuracy and security, Global acceptance criteria and rapid technological and electronic development.
The Islamic platform for currency exchange is a turning point in technology, especially as it will provide many advantages, including the settlement of many financial operations and exchange and trade, and allow trading with or for any goods or products or currencies encrypted or any combination of solutions and financial tools as well as Financial and commercial contracts from anywhere and at any time worldwide easily. 
And that the determination of the value of 1 dinar within the Islamic electronic platform, which will be titled "I - dinar" one gram of gold, which means that it will form a portfolio of electronic gold, so the exchange and circulation of this currency on the Internet will be in exchange for my eye and the amount of gold, In line with Islamic principles. Investors and customers will be able to maintain their assets and properties safely and easily, with all financial and commercial transactions being completed quickly.
One of the major challenges facing developments in the Islamic digital economies and in the Arab countries is the digital divide between reality and expectations according to the needs of individuals and institutions compared with developed countries. The threat of privacy and cybercrime is one of the challenges, Information Technology This digital and information economy must be protected to ensure the confidentiality, integrity and availability of data around the clock. 
The latest challenge is to organize this virtual world and to set its foundations and legislations to achieve its desired goals while keeping pace with the rapid changes witnessed in such areas.
We reach a conclusion to reach the digital world We need continuous development by increasing investment in information and communication technology by upgrading infrastructure, increasing the number of computers and their uses in transactions and jobs, increasing the number of subscribers in the international information network, adapting and using the ready and detailed software in the management of economic activities Commercial, productive, financial, marketing, human resource management and educational and training activities.

Economic Studies Unit

Center for Research and Strategic Studies

[Synopsis]

8 minutes ago, yota691 said:

determination of the value of 1 dinar within the Islamic electronic platform, which will be titled "I - dinar" one gram of gold

 

Today, one (1) "I-dinar" worth one (1) gram of gold is:

 

1,284.80 USD/Troy OZ / (31.10 gram/Troy OZ) = 41.31 USD/ gram OR 41.31 USD/"I-dinar"

 

Interesting.

 

Go Moola Nova!

[screwball]

4 hours ago, Synopsis said:

 

Today, one (1) "I-dinar" worth one (1) gram of gold is:

 

1,284.80 USD/Troy OZ / (31.10 gram/Troy OZ) = 41.31 USD/ gram OR 41.31 USD/"I-dinar"

 

Interesting.

 

Go Moola Nova!

It is interesting because when both Iran and Iraq have spoken to true value it refers to their currency being weighted against gold!

[yota691]

Advanced technology enhances the capabilities of banks and supports the national economy

Tuesday 14 May 2019 39

 

Baghdad / Hussein Thugb 

 

The Director General of the Islamic Bank of the two rivers of the Ministry of Finance, Mohammed Samir Abbas, "The policy of promoting the payment of electronic payment in the country, the trend to achieve significant economic gains in the forefront of enhancing confidence between the banking system and the citizen, which in turn will move the mass of cash condensed in homes to the device Banker ".

 

He said in an interview to (morning) that "the transfer of cash mass in homes, which exceed 80 percent of the total currency, according to statistics, strengthen the capabilities of the domestic market and do the role of the Iraqi banking system, showing channels of funding for real investment projects of different, especially in the banking sector Which is in tune with the wishes of society 

the local".

 

Labor market

He pointed out that "the existence of payment cards in the citizen and ease of dealing and security and confidence, leading to the lack of families to keep money in the houses, which leads to the activation of the capital cycle in multiple directions of productivity and service according to the requirements of the labor market.

Abbas said that "the bank recognizes the future role of banks on the arena of the national economy, which made us work according to the plans prepared by specialized committees follow the reality and requirements of performance, and begin to evaluate the work and facilitate the procedures on the beneficiary," pointing out that "this mechanism strengthened convergence of references And the branches of the bank and the line of the citizen service chart rises, especially after the administration found the need to increase the repayment period for what is offered to the citizen through Islamic windows 

Of the bank ".

 

International companies

"We are looking forward to the adoption of the comprehensive banking system and we are working to invite the specialized international companies to implement this program, especially as we are fully aware of the size of the great competition awaiting the banking market in Iraq with the expansion of the banking system and the presence of branches of regional banks International, and in any case, it is healthy and serves the sector and comes with the new sector witnessed by the money around

the world".

 

improve the performance

"In light of the need to build advanced systems, the Bank has embarked on adopting the Human Resources Development Plan, which is the cornerstone for improving performance within the Bank and its branches. The employees are involved in courses both inside and outside the country, in order to enable them to adapt to the evolving developments. 

the world".

"The bank has four branches in need to increase its cadres to comply with the plans prepared by the administration, and to expand the volume of services provided to the citizen. The next few years will issue a master card issued by the Islamic Bank of Nahrain, as well as part of the system of localization of salaries.

 

New Products

Abbas pointed out that "the bank introduced three new products, which were Murabaha travel, education and marriage, which are exclusive products in the bank and are all similar to small and medium enterprises," noting that "the rate of delay in payment is almost none, and this encourages the expansion of work and the development of new products "He said.

It is noteworthy that the Islamic Bank of the two rivers founded in 2012 and obtained the approval of the Central Bank of Iraq and joined by the Islamic windows in the bank Rafidain and Rashid.

[6ly410]

On 5/14/2019 at 7:34 PM, yota691 said:

Advanced technology enhances the capabilities of banks and supports the national economy

Tuesday 14 May 2019 39

 

Baghdad / Hussein Thugb 

 

The Director General of the Islamic Bank of the two rivers of the Ministry of Finance, Mohammed Samir Abbas, "The policy of promoting the payment of electronic payment in the country, the trend to achieve significant economic gains in the forefront of enhancing confidence between the banking system and the citizen, which in turn will move the mass of cash condensed in homes to the device Banker ".

 

He said in an interview to (morning) that "the transfer of cash mass in homes, which exceed 80 percent of the total currency, according to statistics, strengthen the capabilities of the domestic market and do the role of the Iraqi banking system, showing channels of funding for real investment projects of different, especially in the banking sector Which is in tune with the wishes of society 

the local".

 

Labor market

He pointed out that "the existence of payment cards in the citizen and ease of dealing and security and confidence, leading to the lack of families to keep money in the houses, which leads to the activation of the capital cycle in multiple directions of productivity and service according to the requirements of the labor market.

Abbas said that "the bank recognizes the future role of banks on the arena of the national economy, which made us work according to the plans prepared by specialized committees follow the reality and requirements of performance, and begin to evaluate the work and facilitate the procedures on the beneficiary," pointing out that "this mechanism strengthened convergence of references And the branches of the bank and the line of the citizen service chart rises, especially after the administration found the need to increase the repayment period for what is offered to the citizen through Islamic windows 

Of the bank ".

 

International companies

"We are looking forward to the adoption of the comprehensive banking system and we are working to invite the specialized international companies to implement this program, especially as we are fully aware of the size of the great competition awaiting the banking market in Iraq with the expansion of the banking system and the presence of branches of regional banks International, and in any case, it is healthy and serves the sector and comes with the new sector witnessed by the money around

the world".

 

improve the performance

"In light of the need to build advanced systems, the Bank has embarked on adopting the Human Resources Development Plan, which is the cornerstone for improving performance within the Bank and its branches. The employees are involved in courses both inside and outside the country, in order to enable them to adapt to the evolving developments. 

the world".

"The bank has four branches in need to increase its cadres to comply with the plans prepared by the administration, and to expand the volume of services provided to the citizen. The next few years will issue a master card issued by the Islamic Bank of Nahrain, as well as part of the system of localization of salaries.

 

New Products

Abbas pointed out that "the bank introduced three new products, which were Murabaha travel, education and marriage, which are exclusive products in the bank and are all similar to small and medium enterprises," noting that "the rate of delay in payment is almost none, and this encourages the expansion of work and the development of new products "He said.

It is noteworthy that the Islamic Bank of the two rivers founded in 2012 and obtained the approval of the Central Bank of Iraq and joined by the Islamic windows in the bank Rafidain and Rashid.

 

[yota691]

Consolidated Islamic Finance Program

Monday May 27, 36

 

Samir Nusairi

 

In line with the plans of the Central Bank to move the Iraqi banking sector from the role of banking to the developmental role and the contribution of banks to participate in the revitalization of the economic cycle and support the financing of strategic and large development projects through which the construction of a solid national economy and sustainable development that ultimately serve the Iraqi people and aspirations for a better life. 

The Central Bank launched the Islamic Finance Program in order to create a regular partnership between traditional and Islamic banks on the one hand and between the public and private sectors of the other entities under the umbrella of Standard No. 24 issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). The program will start with three projects to rehabilitate and build And the development of chemical fertilizer plants in Baiji and Abi Al-Khasib and the rehabilitation and development of glass plants in Ramadi and rehabilitation project and the operation of the White Cement plant in

 Falluja.

This program comes after the success of the Central Bank of achieving monetary stability during the war with terrorism and the transition of the Iraqi economy to the economy of peace is the economy of sustainable development and will move banks from the role of banking to the developmental role, because banks must have a clear role and basis in economic development and have Contribution to the gross domestic product in difficult economic conditions and in the conditions of détente. This can not be achieved without the use of the funds of citizens and government in the banking system and their investment together in the financing of large projects and have a clear impact and reflected on the provision of services And fundamental to society. The entry of the banking sector into this national effort will inevitably lead to achieving the objectives

 next:

1. The rise in the contribution of the private sector to GDP. As planned in the private sector development strategy. 

2 - Effective contribution to the implementation of the strategy of developing the private sector for the years (2030-2014) to operate 50 percent of unemployed workers and assimilation in the completion of these projects and reduce the unemployment rate to acceptable limits during the three years 

Coming.                                                

3. The implementation of the government program in the fourth axis (strengthening the economy), which defines the role of government in the involvement of the private sector sector in the decision-making sector and give a key role in the field of financing and investment for the banking sector, and that the bank financing for development,

 Development.                              

4 - Reinstating confidence in the banking sector in the participation of banks in financing and participation in investment in the implementation of strategic projects in accordance with Islamic law and the law of Islamic banks (43) for the year 2015, which provides basic services to citizens in all areas of sustainable development in agriculture, industry, transport, education and construction 

And tourism.

The achievement of the above objectives requires that the Central Bank organize the process of the participation of banks among them under his supervision and direct control and can organize the process of participation of banks in sustainable development on a continuous basis and within the strategic plan to identify major infrastructure projects, a fundamental goal in the strategy of the Central Bank one of the objectives of strengthening the economy in the curriculum

 Governmental organizations.

[yota691]

The Islamic Bank of Iraq adopts the IMAL system

 

Banks Economy News Baghdad: The Islamic Bank of Iraq's Islamic Investment and Finance Bank, known as the Bank of Iraq's Secretary of State, signed with Bath Solutions on the core Islamic banking platform of the iMal system, which it selected from a range of systems to manage its digital banking operations in Iraq. Meet market requirements and provide a global banking experience for its clients. Mr. Kamal Suhail Abdullah, Chief Executive Officer, Bank of Iraq, said: "We selected the IMAL system for being able to help us comply with Islamic law, to adapt easily to the dynamic and complex Iraqi banking sector and to meet the financial needs of our clients in a safe manner. We are confident that this system will enable us to respond to regulatory and emerging compliance requirements in this sector with unparalleled speed. " Chairman of the Board of Directors and Chief Executive Officer of Bath Solutions Mohammed Al Khatib said, "The Bank of Iraq is seeking to be a leader in this sector thanks to its regional development and future perspective. Is characterized by high scalability, stability, flexibility and low risk. Views 77   Date Added 06/16/2019

[ChuckFinley]

On 5/9/2019 at 10:15 PM, Synopsis said:

 

Today, one (1) "I-dinar" worth one (1) gram of gold is:

 

1,284.80 USD/Troy OZ / (31.10 gram/Troy OZ) = 41.31 USD/ gram OR 41.31 USD/"I-dinar"

 

Interesting.

 

Go Moola Nova!

I have been watching this for some time too. I am in crypto but would love to invest in a gold back or resource backed crypto, 

[Laid Back]

IMAL is a new generation of comprehensive enterprise and yet modular Islamic banking and investment system addressing the in-depth business functionality and the state-of-the-art technology in a single, highly integrated front, middle and back office system. It is a user-friendly, integrated, modularized suite reflecting an extensive range of business practices.

The solution provides full support to various functions within the organization including: Corporate & Retail Banking, Investment Banking, Financing, Treasury & Brokerage, Settlement, Risk Management, Funds & Portfolios, Trade Finance, Facility Management, CIF, Profit Calculation, Accounting & MIS, Private & Personal Banking, Fixed Assets, Personnel & Payroll, Assets & Liabilities Management, Shareholders Registration and Regulatory Reporting.

 

The banking system continues moving forward.

 

Go CBI

Go Banking system 

Go transparency 

Go RV

Go $1:1

 

[Synopsis]

10 hours ago, ChuckFinley said:

I have been watching this for some time too. I am in crypto but would love to invest in a gold back or resource backed crypto, 

 

 Great Input, ChuckFinley, AND The Very Best Of Your Up Coming Week To You!!! 

 

THIS, among some other developments, are directionally further indications of crypto (blockchain, etc.) tractability for a wider customer base in an ever increasing array of applications.

 

Go Moola Nova!

[ChuckFinley]

Thanks Synopsis, I post in crypto referencing gold back crypto. Let's see where it goes. 

[Mary B]

The Central Bank of Iraq begins the establishment of a Takaful insurance company for Islamic banks

 

 23 June 2019

The Central Bank of Iraq announced the start of the establishment of the insurance company Takaful Islamic banks in cooperation with the Board of Insurance with a capital of (15) billion dinars with the participation of all Islamic banks.

The Central Bank issued the company's Takaful controls according to the standards of the Islamic Financial Services Board (IFSB) and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). The Takaful Insurance Company represents the second strategic objective of the comprehensive strategic plan of this bank in developing the Islamic banking industry and transactions. (2016-2020).

"This move will pave the way for its recent move towards Islamic capital markets through the issuance of the Investment Sukuk Act to complement the Islamic economy in Iraq," the central bank said.

It is noteworthy that this company is subject to the Regulation of Insurance Acts No. 10 of 2005 and the Islamic Banks Law No. (43) for the year 2015.

 

http://wattaennews.net/archives/38223

[yota691]

International Islamic Bank announces the launch of the Travel Card service

 

Part of the festivity

Banks Economy News _ Baghdad The International Islamic Bank launched a new service under the name of travel cards (Travel Card) in the presence of the Governor of the Central Bank of Iraq Ali Alaq and the Association of Iraqi private banks, at the headquarters of the bank. The Governor of the Central Bank, Ali Al-Alak, said in a speech during the ceremony and attended by "Economy News" that "the International Bank surprises us from time to time through the introduction of new banking products to keep abreast of developments in the banking business in all parts of the world," noting today the world is witnessing the so-called revolution The fourth revolution (digital revolution), which is changing the face of the world now in another direction and the banking sector is the first in this revolution, providing speed, accuracy, service and means of analysis and control at work. He added that the Central Bank is focusing today on the replacement of electronic tools to carry out all banking operations and to keep banks from dealing with the customer with a lot of costs and effort previously. He pointed out that "the radical solution to end the talk of corruption within the institutions of the state is the introduction of modern technologies and make them manage operations and remove the citizen from the employee to eliminate the phenomenon of bribery and extortion and other negative aspects." For its part, the Managing Director of the International Islamic Bank Suha Al-Kafai said that the bank launched a specific strategy for four years from the date 2016 2020 coincided with the strategy of the Central Bank in modernizing the banking system and today we announce that we have implemented all our plans for this period to build an Iraqi bank The methodology of scientific development using modern electronic systems to save time, effort and money to beneficiaries of this bank. Al-Kafa'i explained that today we celebrate the release of the travel card (JD, USD) and the Internet Bank, which is the first of the electronic systems, so that the citizen and the owners of companies and foreign investor can enter his bank account wherever he is in any country and use his account with payment and transfer services, Or a personal computer. " She pointed out that "most of the international companies looking for banking services in Iraq equivalent to the owners in the countries of the world have all the protections required from the risks expected to encourage them to enter and invest in the country and today we tell them we provide these services and provide a solid financial environment organization seeks to contribute to the reconstruction of Iraq Seriously and practically. " Views 15   Date Added 25/07/2019

[DWS112]

2 hours ago, yota691 said:

today we celebrate the release of the travel card (JD, USD) and the Internet Bank

International Islamic Bank

[yota691]

Keywords: We work to benefit from the digital revolution

Friday 26 July 2019 61

 

Baghdad / Hussein Thugb 

The International Islamic Bank organized the e-ticket launch conference in the presence of the Governor of the Central Bank of Iraq and specialists on money in the public and private sectors, during which the Governor of the Central Bank stressed that Iraq is working on benefiting from the digital revolution and employing its products to develop the payment sector and transfer it to the electronic payment stage in full.

The conference, which was organized yesterday, focused on the importance of "we have a banking system that works with advanced technologies and offers products that are described as easy and safe and meet the need of the beneficiary. The launch of travel cards represents an important step and developed in Iraq for the first time.

The governor of the Central Bank d. "The world is witnessing a digital revolution and the banking sector is fundamental in this revolution, because it provides speed, accuracy, service, means of analysis and control, and all concerned with this banking system, especially fast systems are required and operations are managed in real time."

 

Sophisticated processes

He added that "the image of the banking sector during the coming period will be different and the completion of operations will be easier and the adoption of advanced operations without effort, until the stage that the service is managed over the telephone, and this is the focus of the Central Bank of Iraq."

Al-Aalak pointed out that "this bank always surprises us with the adoption of the new systems developed by the global banking sector and e-travel cards one of these important systems." He stressed that "the central puts in its future accounts to be transactions in a complete electronic form without the need for cash," pointing to the importance of quality in this area and here comes the role of banks and central.

 

Effective contribution

Director General of Payments at the Central Bank, Souha Abdelkarim, said: "By viewing the electronic travel cards, we are on the picking site 

The fruits of the efforts of the Central Bank, where the launch of this service part of our plans, especially as they are acceptable inside and outside the country and part of the government program. And commended the efforts of the International Islamic Bank and confirmed that it will have an active contribution to the program of financial inclusion, and the reality of payments is developing rapidly worldwide, and we are working to support our banks as required.

 

Volume of lending

Managing Director of the International Islamic Bank 

Suha Al-Kafai provided an explanation of the Bank's activities and its efforts in supporting projects that are of interest to young people and the successes 

"Nearly 600 small and medium-sized projects have been financed and the volume of lending has reached 12 billion dinars over the course of a year and under the supervision of the Central Bank, to announce the possibility of lending one billion dinars under 

Genuine safeguards and proven recovery mechanisms to save money. "

 

Service Pack

The establishment of Daman Company was established 

"The bank is working to provide a package of services in the industrial city, and more detailed in the form that facilitates economic performance within this city, which raises a lot of burdens on the investor." "The completion of the CBS system, which facilitates the provision of credit information for all services and with transparency," Al-Kafaiy said.