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IFC Organizes an Explanatory Conference on Governance in Baghdad


yota691
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Bank building across Iraq

  

 Market


Economy News Baghdad

Bank of Iraq's data showed Monday its second-quarter profit rose 23.1 percent year-on-year.

According to a statement issued by the bourse, "the economy News", "the profits of the bank during the second quarter of this year amounted to about 2.02 billion dinars, compared to profits of 1.64 billion dinars in the second quarter of last year."

"At the level of the first half of 2018, the bank's profits rose by 1.67 percent to KD 4.8 billion, compared to KD 4.72 billion in the first half of last year," he said.

He pointed out that "the total expenditure during the first half of this year to 3.82 billion dinars, compared to expenses of 4.08 billion dinars during the same period last year."


Views 138   Date Added 07/16/2018

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  • yota691 changed the title to Zain Islamic Bank supports expansion of financial coverage
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21/07/2018

(Independent) .. Deputy Director of the Bank of Iraq Rehn Islamic Raghad Alusi stressed the importance of expanding financial coverage throughout the country. 
Alusi said that the next phase requires the dissemination of the culture of advanced financial transactions, and be a bank account for each person can benefit from the various financial products provided by the banking sector in Iraq. 
And praised the actions of the Central Bank of Iraq in this area, and the positive role of the Week Financial Inclusion, which organized during the last period, the bank team positive interaction of the public with banking products and then presented during the week. 
Al-Alusi confirmed the support of Zain Islamic Bank of Iraq, strongly all the actions of the Central Bank in this direction.

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  • yota691 changed the title to Zain Iraq Bank urges payment development
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Zain Iraq Bank urges payment development

05/08/2018

 

 

 

"The adoption of advanced systems in our financial sector requires human resources capable of dealing with these technologies, and here comes the role of the specialized institutions in achieving the integration between the technology and the necessary expertise," said deputy director of Zain Islamic Bank of Iraq Raghd Nabil Alousi. 
Al-Alusi said that the development of the reality of work in the banks in Iraq is imperative because the country is ahead of the stage of work and building a major require sophisticated banking services that provide the requirements of domestic, international and regional investment companies. 
She pointed out that some specialized institutions have worked over the past year to train more than 2000 employees on various advanced systems, which enabled the availability of expertise in the most important sections to complete the banking work properly.
She pointed out the importance of access to advanced technology in financial services and payment of dues of employees, especially salaries and became a reality and technology has become a major role in the transition from a monetary society to electronic transactions.

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  • yota691 changed the title to Zain Islamic Iraq urges to keep pace with advanced money technology
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Zain Islamic Iraq urges to keep pace with advanced money technology

26/08/2018

 

 

 

 

(Independent) .. The Deputy Director of the Bank of Zain Islamic Iraq stressed the importance of keeping pace with the developments witnessed by the financial sector with its Islamic chapter.

The Islamic finance and banking industry is one of the fastest growing banking sectors, with growth exceeding the growth rate of the traditional banking sector. The Islamic financial and banking industry is expected to develop a great deal, especially in terms of creating new products to reach a wider customer base. 
"Islamic banks have an essential role to play in social development, to make a qualitative leap in the banking world and to stimulate and stimulate economies in accordance with Islamic law." 
Islamic banking has made significant progress in terms of growth in the number of institutions, customers and assets since its inception
The number of institutions providing Islamic services in the world rose from 955 in 2013 to 1,113 by the end of 2014, operating in 75 countries. According to Thomson Reuters, it is divided between all Islamic institutions and traditional institutions offering Islamic financial services through Specialized windows. 
According to the Global Competitiveness Report for Islamic Banks in 2016, the number of customers of Islamic banks around the world has reached 100 million. However, 75.12% of the potential customer base for Islamic finance is still untapped and the sector still has a large capacity that can accommodate more customers.

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Central Bank: We aim to create a solid banking sector

   
 

 
 


02/9/2018 12:00 am 

Adopt participatory and evaluation control  

Baghdad / Hussein Thugb
New trends adopted by the Central Bank to change the banking reality and make it move to a better stage of the banks contribute to the realization of social benefits and contributions to the actual economic development through the implementation of service and productive projects in more than a detailed economic. 

Director General of Banking and Credit at the Central Bank Ihsan Al-Shamran confirmed "the Central Bank's accession to the organization (Aliyevi) on the issuance of standards of Islamic banking, came at the request of the organization, which wanted to join the Central Bank, after the expansion of Islamic banking in the country and exceeded 20 banks, This organization in the state of Bahrain and another in Malaysia. " And the central bank is pushing the banking sector towards a real service to the national economy, especially as the function of banks to raise funds from those who have financial abundance and employment towards the benefit of the national economy and parties involved in the process. 




He stressed that "the new central bank's directions include the development of the rules of control. Here I mean the participatory supervision of the supervision of support, taking by hand and guidance to create a solid banking sector capable of supporting the national economy and employing funds in the tracks that support the process of 
sustainable development  ."  The government adviser said Shamran: " The positive step of the central bank to support active economic sectors across the 6 trillion dinars initiative, including 5 trillion dinars , agricultural, industrial and housing banks specialized and« 2 »trillion dinars for private banks , " noting , "It 's a big shift in the central work The government adviser, and this initiative enable the protection of the state at the time of financial hardship and indirect instruments. Social Responsibility


He pointed out that "the social initiatives launched by the Central Bank, with the participation of the banking system after the local banks began to realize social responsibility for them," it is not surprising that "around the world there is a social responsibility rests with the banks as they contribute to projects that belong to the community and also contribute To the benefit of most of its categories, where a percentage of the profits allocated to 
 community initiatives . The actual needs and explained that "the prime minister formed a committee to manage the lending initiative to 6 trillion dinars, and the central bank part of the committee that looks at the actual needs and the real joints that require directing money towards them and benefit the national economy," noting that "the central bank encourages projects to support Which drives the market through this initiative. " Support the economy


He pointed out that "amounts of the initiative start less than 50 million dinars and up to 20 billion Iraqi dinars, and this is a positive indicator of the Central Bank in support of the economy and society." He stressed that "the central bank's assessment of participatory assessment leading with banks, to precede the imbalance in performance and evaluation of work, and we have committees specialized in the selection of bank leaders to show the importance of looking at the horizon of the farthest results." Under the guardianship of banks that put under the tutelage, Shamran said: "The status of troubled banks under the tutelage comes from the possibility of returning to life and revive it, to protect the funds of depositors and reputation banking, which led us to adopt measures to help revive it, 2016 Nearly 8 banks are very troubled and then plans by the Central Bank saved 6 banks and resumed activity.

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Good evening Yota691, and all of DV.  Thank you for posting this article, Yota, along with all the other ones - as well as your respective comments over the yesrs  I've learned a lot from your efforts....

 

10 YEARS LATER - I like the positive words and emphasis in your statement. I have always tried tried to take an optimistic approach to this investment  (and life in general...)..which is sometimes challenging to do; not because of the IQD, itself, but rather because of  the people managing it.  The latter viewpoint is similar to that which humans had on the greatest racehorse to ever walk the Earth: Secretariat - who would've probably won every race he participated in were it not for human influence.

 

Not to get off-track (no pun intended....)) 

 

 

The best thing of rhis,article is juat aa good as the words it contains....I certaibly hope this tuens into a,memorable week -and positicely so - for all of us patient investors, along with ev eryone in need....

Go RV! !!

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  • yota691 changed the title to Zain Islamic Iraq calls for expansion of banking services
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Zain Islamic Iraq calls for expansion of banking services

03/09/2018

 

 

 

(Independent) .. The assistant director of the director of Zain Islamic Bank of Iraq Raghd Nabil Alusi banking sector to provide a variety of banking services, and does not depend on a specific aspect, pointing out that the expansion of banking products the basis of the development of the Iraqi financial sector. 
Al-Alusi pointed out that the Islamic banks came in new products that harmonize with the wishes of a wide range of beneficiaries and companies, especially that the products for which they were established have characteristics that meet the wishes of a wide range of citizens such as Alastisna and Murabaha. These products must return to life. Revive industrial and agricultural production and other economic joints, indicating that most of the Islamic banks, including Zain Iraq Aslani walking in this direction.
The Governor of the Central Bank of Iraq d. Ali Alalak said: The central support for the efforts of Iraqi banks, in order to activate its role and provide the best products through the adoption of advanced technologies, especially some Islamic banks. 
In turn, the legal adviser to the bank Eman Alousi stressed that the expansion of electronic banking leads to the development of the financial sector and reduce all forms of corruption that accompany financial transactions and can benefit from successful global experiences in this important chapter. 
And urged the need to abide by the legal procedures that accompany banking operations, especially in the loan granting and the law is more stringent in securing the rights of banks to be able to create a cycle of loan allocations and include the largest number of beneficiaries.

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The World Bank delegation starts its meetings with the Association of Iraqi Private Banks

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The World Bank delegation held a meeting with the Association of Iraqi Private Banks to review the latest developments in the banking sector in Iraq.
 
Date Added 10/24/2018
The correspondent of "Economy News", said that "the delegation of the World Bank held a meeting on Wednesday morning with the Association of Iraqi private banks to discuss the latest developments in the banking sector of Iraq."
He added that "the meeting discussed ways to promote the banking sector and raise the proportion of financial coverage in Iraq," adding that " the subsequent meetings will be with the Bank of the Lebanese return and theTurkish bank Ish and Zain Cash and Asia money ."
The percentage of financial coverage in Iraq during the past four years to 22.6% because of the procedures of banks to increase its services to the public through contracting with international financial companies.

 

Edited by Mary B
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A part of the meeting of the World Bank delegation with the Association of Iraqi Private Banks
  


 Banks


Economy News Baghdad

The World Bank delegation held a meeting with the Association of Iraqi Private Banks to review the latest developments in the banking sector in Iraq.

The correspondent of "Economy News", said that "the delegation of the World Bank held a meeting on Wednesday morning with the Association of Iraqi private banks to discuss the latest developments in the banking sector of Iraq."

He added that "the meeting discussed ways to promote the banking sector and raise the proportion of financial coverage in Iraq," adding that " the subsequent meetings will be with the Bank of the Lebanese return and theTurkish bank Ish and Zain Cash and Asia money ."

The percentage of financial coverage in Iraq during the past four years to 22.6% because of the procedures of banks to increase its services to the public through contracting with international financial companies.


 

Views 38   Date Added 10/24/2018
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  • yota691 changed the title to The World Bank delegation starts its meetings with the Association of Iraqi Private Banks

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Number of readings: 595 24-10-2018 12:26 PM
 
 

24-10-2018 12:26 PM 

 

In order to discuss the latest developments in the Iraqi banking sector, the delegation of the World Bank, on Wednesday, a meeting with the Association of Iraqi private banks. 

A source said that 'the delegation of the World Bank held a meeting with the Association of Iraqi private banks to discuss the latest developments in the banking sector of Iraq'. 

He added that 'the meeting discussed ways to promote the banking sector and raise the proportion of financial coverage in Iraq,' noting that 'the subsequent meetings will be with the Bank of Lebanon and the Turkish bank and Turkish companies and Zain Cash and Asia hawala'. 

It is noteworthy that the proportion of financial coverage in Iraq has increased during the past four years to 22.6% because of the procedures of banks to increase its services to the public through contracting with international financial companies.

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Central: We managed to adjust the inflation rate and reduced it to 1%

 

Wednesday, October 24,




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said the central bank, Wednesday, he was able to adjust the rate of inflation and reduced to less than 1%, stressing that it comes the existence of a strong financial reserves exceed $ 60 billion. 

The bank said in a statement it received Alsumaria News a copy of it that "looks forward to continue to play its pivotal role in building the state to improve the financial and economic conditions in Iraq," noting that "the continuation comes supported by the existence of strong financial reserves exceeding 60 billion US dollars as a result of fiscal and monetary policies that Followed by the Central Bank over the past years to stabilize the public financial situation. "




He added that he "continued to manage the reserves of the state sufficiently to meet international standards on the one hand, and to strengthen the financial capabilities of the state by at least 16 trillion dinars in the form of discounted transfers," stressing that "the monetary policy of the Bank will continue its effective role in maintaining exchange rates and reduce the gap between the official price And market prices under highly complex internal and external conditions. " 

The bank said it "managed to control the inflation rate and reach to low levels less than 1% to maintain the overall level of prices and attract investment," pointing out that "this policy is to ensure the integrity of the financial system and the advancement of the Iraqi economy."

The Central Bank of Iraq was established as an independent bank under its law of 6 March 2004 as an independent body responsible for maintaining price stability and implementing monetary policy. It supervises 10 commercial banks, 26 private banks and 16 Islamic banks, as well as 19 foreign banks. 6 financial institutions and 31 financial transfer companies.




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World Bank predicts surplus in 2018 budget by 1.2%
 
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World Bank logo
  

 money and business

Economy News Baghdad

The World Bank forecast fiscal year 2018 surplus of 1.2% of GDP due to rising oil prices .

"In 2018, the total fiscal balance is expected to reach a surplus of 1.2 percent of GDP due to higher oil prices, " the World Bank said in a report on economic developments in Iraq .

"The Iraqi government will have available space in public finance to finance the reconstruction, provided the continuation of the process of controlling the conditions of public finances," noting that the gross output will rise by 1.9% due to improved security situation and high oil prices .

"Non-oil growth saw a rise of 5.2 percent in 2018, boosted by growth in agriculture, industry and services," the report said, noting inflation in 2017 fell by 0.1 percent, but rising demand pushed inflation up 1.7 percent in July this year. .

"The growth rate and the budget surplus will reduce the ratio of public debt to GDP from 67.3 percent in 2016 to about 55 percent," he said, pointing to "the acceleration of GDP to 6.2 percent in 2019 supported by high oil prices ."

The World Bank warned in its report from the dependence of the Iraqi economy on oil revenues, calling for the need to diversify sources of revenue.


Views 8   Date Added 24/10/2018

http://economy-news.net/content.php?id=14094

 
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1 hour ago, alreis said:

Just thinking out loud here, more buying power for the people and more value for the Dinar for international investment might get there economy hauling butt even faster and promote more diversification.

 

RV maybe an option???

You see that, I see that, we all see that, but I some times wonder i they do???

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 Banks


Economy News _ Baghdad

The International Finance Corporation (IFC), the World Bank, announced Wednesday that it will organize a corporate governance conference on November 8, 2018.

"The conference will focus on governance, institutions and banks, and will be based on the grand hall of Al-Rasheed Hotel," an official source told Al-Iqtisad News. "On the sidelines of the conference, an office of the Iraqi Institute of Directors will be opened in Baghdad."

"The governance program aims to set a time limit for chairmen and board members and replace them with a known period, in accordance with the principle of separating the administration from the ownership that governance aims at."

The delegation of the International Finance Corporation / World Bank, which is currently visiting Iraq, has met with the Association of Iraqi Private Banks and a number of related economic organizations. The meeting dealt with the subject of governance of institutions and banks, which will be presented in detail during the opening ceremony.


Views 46   Date Added 10/31/2018

 
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IFC Organizes an Explanatory Conference on Governance in Baghdad

  

10864.jpg

 

 Banks

Economy News _ Baghdad

The International Finance Corporation (IFC), the World Bank, announced Wednesday that it will organize a corporate governance conference on November 8, 2018.

"The conference will focus on governance, institutions and banks, and will be based on the grand hall of Al-Rasheed Hotel," an official source told Al-Iqtisad News. "On the sidelines of the conference, an office of the Iraqi Institute of Directors will be opened in Baghdad."

"The governance program aims to set a time limit for chairmen and board members and replace them with a known period, in accordance with the principle of separating the administration from the ownership that governance aims at."

The delegation of the International Finance Corporation / World Bank, which is currently visiting Iraq, has met with the Association of Iraqi Private Banks and a number of related economic organizations. The meeting dealt with the subject of governance of institutions and banks, which will be presented in detail during the opening ceremony.

 

Views 84   Date Added 10/31/2018

http://economy-news.net/content.php?id=14153

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  • yota691 changed the title to IFC Organizes an Explanatory Conference on Governance in Baghdad

Zain Iraq becomes profitable in the third quarter

Zain Iraq becomes profitable in the third quarter
ATM machine
 06 November 2018 12:53 PM
 

 

Mubasher: Zain Islamic Iraq Investment & Finance Bank ( BZII ), listed on the Iraqi Stock Exchange, has become profitable in the third quarter of 2018, on an annualized basis.

The bank's financial results showed a quarterly profit of 537.51 million dinars ($ 446.13 thousand) against a loss of 202.78 million dinars ($ 168.3 thousand) in the third quarter of 2017.

Banking expenses declined during the third quarter by 15.79% to KD 160.96 million, compared to KD 191.13 million in the third quarter of last year.

At the 9-month level, the bank's financial results showed a 23.71% decrease in its profits to KD 428.15 million, compared to KD 561.25 million in 9 months of 2017.

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