Related articles ~ Iraq's Finance Minister: Economy, Dinar, Chapter 7, Iraq was on the verge of great economic revival would make it a destination for global investments and .. May 2011 ~ Iraq to bring banks to the masses – by mobile ... and..CBI ~ Central Bank announces the "national key" to facilitate the payment system and instruments in Iraq ...
Monday 12/19/2011
Central Bank launches ATM project
Announced the Central Bank of Iraq that began implementing a project divided the national, which aims to provide ATM service to citizens through the installation devices in different regions.
The deputy governor of the Central Bank of the appearance of Mohammed Jawad, according to (Rn) that "the central bank agreed to implement divided the national project, which allows users in both government and private banks disposing of their money through credit card and dissemination of devices in the exchange markets, train stations, airports and public places."
Saleh added that "the government and private banks will be covered expenses the company implementing the project and the process of buying the equipment and its installation," pointing out that "the central bank will oversee the supervision anniversary of the project divided the national."
The Council of Ministers in March / March, new mechanisms to facilitate the opening of documentary credits of less than $4 million through the revitalization of the role of private banks, which aims to stimulate trade in the country.
The Iraqi government is still limited in its financial transactions on the government banks relied upon by 85%.
The total capital of Iraqi private banks billion and $ 600 million currently, except What branches owned by Arab and foreign banks operating in the country.
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Snip ~ "In the period from (18 to 19) of the month of November of this year, the systems department development plan, the financial one section of the Central Bank conference Nqashiya in Istanbul to study the draft National key to facilitate dealings in credit cards and electronic cash Alale for the development of electronic banking system in Iraq"
Saturday 12/17/2011
Central Bank announces the "national key" to facilitate the payment system and instruments in Iraq
Baghdad, Central Bank of Iraq for starting a key national who cares about the introduction of modern technologies in the banking system by facilitating the work of the payments and instruments in Iraq.
The deputy governor of the Central Bank of the appearance of Mohammed Saleh in a statement to the Agency (news) on Saturday: that the central bank is working hard to the introduction of modern technologies in the Iraqi banking system through the use of electronic devices to facilitate the work of payments and instruments between
Iraqi banks within a project called key national levels.
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And in favor: This project is an electronic device inventor called "Qassim national" works to facilitate the withdrawal of money quickly The brief for people who have credit in Iraqi banks of any bank they want within this device instead of going to the bank, which filed it be trusted, for the purpose of facilitating the payments system and the exchange of instruments between banks in Iraq, in addition to the introduction of technology phones in knowledge of the bank account and credit transfer Using your mobile in collaboration with telecommunications companies in Iraq.
He added that the device Qassim national managed by a company that specializes in this work for wages and conditions and monitored by the Central Bank of Iraq to see their performance and the extent of its capabilities and efficiency in the process of providing financial services to the citizen.
Saleh pointed out : that there is a local and international companies expressed their desire to manage this device will be announced soon for an international tender to enter the largest number of companies to choose the company efficient, which will manage the device, and continued after it is determined the company would be the formation of the national top consists of: representatives from the Central Bank and Ministry of Finance as well as banks and telecommunications companies to monitor and organize the work of this device for fear of disagreements in the process of drawing and performance.
The deputy governor of central bank monetary policy in Iraq continues, in the process of introduction of modern banking technologies and works invisibly with the help of international organizations and international institutions for the success of the plans for the development of the banking sector in Iraq, those of the U.S. Development and the World Bank and all other international organizations in countries friendly to Iraq.
In the period from (18 to 19) of the month of November of this year, the systems department development plan, the financial one section of the Central Bank conference Nqashiya in Istanbul to study the draft National key to facilitate dealings in credit cards and electronic cash Alale for the development of electronic banking system in Iraq.
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Friday 16/12/2011
Director of the Association of private banks: next year will see significant growth of the Iraqi banks
Baghdad, most likely director of the Association of private banks Abdul Aziz Hassoun that year (2012) will see the growth and development of major Iraqi banks in the light of the development plans set for them.
He said Hassoun told the reporter Agency (news) Friday: that the Iraqi banks government and private made great efforts at the present time to develop its work according to the banking systems of modern and sophisticated technology, the fact that the world is now talking Baltknlogia all fields.
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He pointed out: The private banks began to develop itself to enter modern systems in their work and started hanging from the entities of the financial and increase their capital, This indicates that next year will be the year the activity and a quantum leap in the work of Iraqi banks.
The manager called the Association of private banks to: the need for equality between Iraqi banks (public and private) and the tightening-up and control the work of banks and funds owned by the fact that the data indicate that there is a surplus large financial banks to Off and untapped.
It is noteworthy that at the end of the year (2010), the number of banks operating in Iraq have arrived in (43) banks, including (7) state banks with total capital of First her about (6036) billion Iraqi dinars, as well as for (36) private banks with a total capital up to (202) trillion dinars.link
Friday, 16-12-11
Director of the Industrial Bank of Iraq: from financial sector item VII granted freedom to deal with global banks
Baghdad, Industrial Bank Director General stressed, Mohammed Abdel Wahab on the need to ensure freedom from restrictions item VII which yrskh Iraq under it.
He said Abdel Wahab (News Agency news) Friday: secure exit from financial sector item VII granted more freedom in dealing with the World Bank, as well as reduces costs to all industrialists, shortening the steps the mediators and the attendant additional cost, and dealing with global banks have directly and more credible.
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Abdul Wahab said: the problem of the banks and the banking sector is the seventh item paragraphs selections present deal with local banks, where confiscated funds traded internationally, indicating the possibility of adopting all global banking systems in General, our banks are involved in developmental courses in associate all alakhtsasat to increase the efficiency of banking executives, and stand on the latest findings of the global banking sector and its work and its dealings.
The Industrial Bank to provide loans to a large number of industrial projects with a view to activating production in most local industries.
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Sunday 11-12-2011
Association of private banks: large global banks wished to hold partnership with Iraqi banks
Baghdad, Director of the Association of private banks revealed Abdul alazizahson on a negotiation between large global banks and financial Iraqis for holding awalasthwaz shares to Iraqi banks.
Hassoun said in a statement to a reporter (News Agency news) Sunday: began large banks in the world dealing with Iraqi banks and exchanges in financial instruments and other operations, noting that global banks after the year (2004) began to come to Iraq to open branches, but ansadmt with complex routines.
Hassoun said: there are many global banks have shown willingness and desire to engage in partnerships with Iraqi banks or cornering him, saying: to negotiate with Iraqi financial ... for the purpose of obtaining approval to enter the Iraqi market.
He noted: the world banks come to Iraq to take market share for foreign transactions and not necessarily to provide funding for Iraqi projects, Director of the Association of private banks continued to the Iraqi scene is cluttered not allow attracting global banks to the fact that the institution the Bank's kberaddia nearly (39) Government and private banks.
State at the end of the year (2010), the number of banks operating in Iraq arrived (43) banks, including State banks (7) total headers Awale HA towards (6093), as well as Iraqi billion dinar (36) private banks with total capital amounts to (202) trillion dinars.link
Snip ~ *Iraq under the table of Chapter VII of the Charter of the United Nations was still an obstacle in front, though the exchange banks to provide all banking services to customers of citizens within and outside of Iraq from the remittances of internal and external and letters of credit and letters of guarantee and development processes, etc., It is also moving in its activity, according to the operations of the Central Bank to deal in the fight against inflation
05/12/2011
Calls to activate the role of private banks in economic development
Baghdad, rising chorus for the need to work to promote mechanisms of action of private banks in the country, for its prominent role in the process of economic boom, through the services provided to the production and service sectors, at the time called economic experts that exclusive private banks on the basis of solid, and offer advanced services and quick to the public beneficiaries.
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economist Qasim Khazraji told (morning): The contribution of private sector banks in the economic and social development is very important, especially in the phase shift which we live today, pointing to the importance of supporting the private and public sectors of these banks to continue and grow in their activities and the development of its business for the better Sectors Economic started to grow gradually and catching the world towards Iraq has been growing remarkably, which imposes the need to access banks for what he has reached international banks.
He said, when private banks expectations of investment major development only The article (28) of the Banking Act currently prevent these aspirations has asked banks modified has to understand the central bank that, but did not get modified to the day, indicating that these banks was founded to work with a capital-funded Iraqi private sector and contributed to the capital without the burden of the State, so the private sector banks have worked to invest funds of the private sector in the creation of these banks are using their money and their potential in the service of society and national economy, and there must be encouraged and bringing it to the ranks of international banks, especially since it is characterized by the spread over a wide area of the provinces Iraq to provide its services to all sectors where they exist in different orientations commercial, industrial, agricultural and construction sector, services and others.
He pointed out that the private banks a prominent role in the operation of other institutions such as insurance companies and the stock market and has a distinct role in the transfer of shares in the Iraqi market for securities and the feet of investors to buy shares, one of the major investments in front of the citizen, and this service investment by the private sector investor Iraqi and foreign, as they are required to have greater freedom to develop its business, although it started years ago to work for the purchase of banking systems and comprehensive use of accounts and electronic linking its branches network communications via satellite and the of the calculated to the security situation use the sites outside of Iraq to put his accounts in the sites honest and linked with its branches and its public administration operating in Iraq and imposed here that are homogenous with the public sector.
He Khazraji saying that the financial sector banking civil works funds of the Iraqi private sector and have an active role in the fight against unemployment and run workforce of graduates with specialties business, financial, legal and graduates of technical disciplines in the accounts and systems programming and disciplinary engineering to work within its staff and has a role in the operation of local employment, adding that some banks recycles ATMs ((ATM and contracts with international companies to ATM service and management operations withdrawal of these services all over the world, and payments for their purchases using the cards, MasterCard and Visa Card and put it in reach of its customers which is accomplishing an important and newly measured years of existence, this banking institution in the country, and drew attention to enable them to build relationships with many banks and Arab world to work as reporters have
Although the circumstances of economic sanctions against the former and the continued existence of Iraq under the table of Chapter VII of the Charter of the United Nations was still an obstacle in front, though the exchange banks to provide all banking services to customers of citizens within and outside of Iraq from the remittances of internal and external and letters of credit and letters of guarantee and development processes, etc., It is also moving in its activity, according to the operations of the Central Bank to deal in the fight against inflation.
He pointed out the need for the expansion of banks use depositors' funds in the operations re-investment and the granting of loans, advances and overdrafts in trade accounts and discount bills of exchange and open letters of credit and the issuance of letters of guarantee internal and external financing the purchase of private cars and productivity, housing, and has thus contributed to the economic activities of the various sectors within Iraq.
also must work to create cadres of banking intern and sophisticated wider than it is through their participation in the sessions banking inside and outside Iraq, noting that many of these banks worked on the investment their funds to buy bonds, government debt of the various an effective contribution to support the publication of the Ministry of Finance and Central Bank of Iraq from remittances Alkhoznipp.
and called for a unified study supported by economic policy and raise some of the barriers from the private sector to exercise active role in the construction and reconstruction and overall development.link
Also .. IRAQ AND UN -TUESDAY, DECEMBER 6TH @ 10:00 AM-11 AM ~ UN AND IRAQ ~ UN SECURITY COUNCIL MEETING WITH IRAQ ... Saturday 12/03/2011
Economist: remove Iraq from Chapter VII of movement will activate the banking and economic development
Baghdad, called economic expert Qasim Khazraji, the Iraqi government to the need to move towards international economic forces to work to remove Iraq from Chapter VII of the raised big on the development of the local economy.
said Khazraji reporter (agency news) on Saturday: the limitations of Section VII with Many of the negative aspects of the Iraqi economy and development, noting: they limit the financial transactions between banks in Iraq, whether governmental or private and international banks.
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He STAFF: The seventh item on the volume of treated Iraqi banks at home exclusively, indicating: that the local private sector, he can not import technologies and equipment developed through local banks, because they can not open the funds in international banks, he said, is that most of the banks states Jawaralohlih them and with potential limited financial position to deal with Bock large, global, in time you find our financial sector Baidaan the global average.
The seventh item put signal to all the international banks that they had no deal with the financial sector of Iraq, and thus entered the field of domestic banks spiral international isolation.
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December 2, 2011
Researcher calls for private banks to develop marketing mechanisms
Called for an economic researcher of private banks to adopt the modern mechanisms for marketing their services.
The researcher said the banking Farouk Ramadan's / agency Baghdadiya News / that ..."the private banks search for new ways to market banking services, pointing out that the banking awareness to the public is still limited since Vkaddo trust banks government and private alike.
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And Ramadan that some private banks are using advanced technologies as the private banks before the government electronic service, but Almkhlh in the poor turnout.The Ramadan said that the private banks to develop awareness of the banking and banking culture that must start from the children and encourage them to save.
He pointed to the lack of awareness of banking includes government departments and senior staff who Ihtfdon without depositing their money in banks, just like some of the big capitalists, he said.
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Sunday, Nov 27, 2011Bankers flock to Iraq despite dangers
In Iraq commerce is forced to co-exist with extreme violence. When al-Qaeda-linked militants attacked a church in Baghdad's affluent Karada district last year, resulting in scores of deaths, the Iraq Stock ExchangeIraq Stock Exchange opposite the church still opened its doors the next day.
The number of bombings and attacks has fallen sharply from the peak in 2006-2007 but Iraq still seethes with barely contained sectarian tensions and intermittent bouts of violence.
However, that is not deterring investment bankers hungry for potentially lucrative mandates. Over the past year, a trickle of visits from intrepid bankers has turned into a steady stream of senior executives from some of the world's largest financial institutions.
"The international banks can smell the opportunities," says Shwan Taha, an Iraqi who formerly worked for the family office of hedge fund manager George Soros, and returned to Iraq in 2007 to set up Rabee Securities, now one of the country's largest brokerages. "More and more bankers are flying in, and more will continue to come."
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The head of a major private security company says he has seen a noticeable increase in visits by investment bankers in the past four to five months.
"We'll provide access to secure accommodation and personal security details, including close protection," he says. "The biggest single threat to those kind of people is really kidnap - that's obviously a fairly nasty outcome."
Yet the lure of Iraq is obvious. The country sits on about a 10th of the world's known oil reserves, and has managed to ramp up production to about 2.7m barrels of oil a day. The International Energy Agency estimates that Iraq will be the biggest contributor to global oil supply growth between 2010 and 2035.
In addition, Iraq's economy is expected to expand rapidly on the back of heavy government investment in rebuilding the country.
It is primarily these rebuilding efforts that are enticing bankers. Some estimate that the total bill for sorely needed investments in oil and gas infrastructure, electricity, healthcare, sewage and roads will end up being more than $500bn in the coming decades.
The tiny but growing Iraq Stock Market (ISXISX) is also attracting some attention. It was opened for foreign investment in 2007, and in 2009 moved to daily trading and introduced OMX's electronic trading system. The total market capitalisation of the 85 listed companies is still a minuscule $3.5bn but the market has risen by about a third this year.
The planned listing of Iraq's three phone companies could almost double the market's size if they go through as proposed.
"We would like the ISX to become an integral part of the growth of Iraq," says Taha Ahmed al-Rubaye, the exchange's chief executive. "For that we are encouraging more companies to list and also educating the public and businesses on the benefits of capital markets."
Yet despite all its promise, bankers concede that Iraq is fraught with potential pitfalls.
Security is the largest concern. Baghdad remains riddled by checkpoints, monstrous concrete barriers and barbed wire. "It's a lot better than it was but security is still a major problem," concedes a senior American banker.
Iraq's convoluted, dysfunctional politics is another obstacle. While an Iraq Securities Commission has been established to regulate the capital markets, the law that spells out those regulations is still awaiting its turn in parliament - much like the long-delayed petroleum law that has stymied the development of Iraq's oil industry.
Banks also run the risk of falling foul of Iraq's murky politicking, vividly highlighted by a scandal at the Trade Bank of Iraq, set up and assisted by a JPMorgan-led group of banks.
Hussein al-Uzri, the bank's founder and chairman, was this summer forced to flee the country after the authorities accused Trade Bank of financial irregularities. Mr Uzri said the allegations were fabricated, and Sir Claude Hankes, an independent adviser to the bank, sent a damning open letter accusing prime minister Nouri al-Maliki of widespread "political corruption".
One senior investment banker says his institution is staying out of Iraq due to the "reputational risks" that can result from operating in the country.
Nonetheless, for many international banks contending with a bleak outlook in more traditional markets, Iraq's potential is simply "too big to ignore", says one senior banker.
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Monday 12/19/2011
