2024-02-20T09:30:52+00:00
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/ The Central Bank of Iraq announced today, Tuesday, that the number of Islamic banks in Iraq has exceeded 30 banks, while the Iraqi Banks Association indicated that it is working under the supervision and instructions of the Central Bank to develop and advance the banking sector despite the economic challenges and difficulties that Iraq is suffering from.
Deputy Governor of the Central Bank of Iraq, Ammar Hamad, said during a speech on governance and compliance in Islamic financial institutions, which was attended by Agency, that “Islamic banks have begun to grow very significantly in the world as well as in Iraq. There are more than 30 Islamic banks in Iraq, and there is an opportunity for an increasing market boom for Islamic banks.”
He added that “governance in banks is considered a basic starting language towards financial institutions, and since last year Iraq has been interested in the issue of international standards and laws issued by the Central Bank of Iraq,” indicating that “banks have witnessed great openness to avoid international or local sanctions from the Central Bank of Iraq.”
For his part, the Chairman of the General Council for Islamic Banks and Financial Institutions, Abdel-Ilah Belatiq, said during his speech at the conference, which was attended by Shafak News Agency, that “the Council is an international organization that represents Islamic banks around the world and currently includes 140 Islamic financial institutions in 37 countries in the world.”
He added, “The Council’s role is pivotal in supporting Islamic financial banking across the world and keeping track of developments in the global financial sector,” indicating that “one of the most important goals the Council is working on is the role of Islamic banks and keeping pace with the latest developments and digital transformations.”
In turn, the Vice President of the Iraqi Banks Association, Samir Al-Nusairi, said in a speech attended by Agency, “Iraqi banks have proven their ability and national positions during the past period in facing economic challenges and maintaining communication and commitment to the instructions of the Central Bank of Iraq, which focused on economic initiatives, regulating trade, and moving from a cash economy to a digital economy according to international and banking standards.”
He added, “The Iraqi Banks Association is working under the supervision and instructions of the Central Bank to develop the banking sector and financing projects and create an appropriate environment despite the economic challenges and difficulties that Iraq is dealing with.”