Baghdad – IA – Wissam Al-Mulla
The Iraq is witnessing great development in the transition to electronic government »”>Union of Arab Banks confirmed today, Wednesday, that Iraq’s environment is good and encourages investment, and the country has a pivotal role in the Arab banking sector.
The Secretary-General of the Union of Arab Banks, Wissam Hassan Fattouh, said in a statement to the (INA): “The Iraqi banking sector is ancient and has a pivotal role in the region, and there are Arab investments and banks present within the Iraqi banking market.”
He added, “We were honored to meet Prime Minister Muhammad Shiaa Al-Sudani, who stressed the importance of Arab investments and Arab banks inside Iraq, and we believe that this is possible due to the good and encouraging environment that qualifies investors to enter this market and make investments.”
He pointed out that “Arab banking cooperation is important, but it is still below the level of ambition, and the Union of Arab Banks plays an effective role by giving a correct picture of banking reform and economic reform that some Arab countries, such as Lebanon and Yemen, need.”
He continued, “All Iraqi government and private banks have been members of the Union since its founding, and the sector owns 500 banks within the Arab world, 400 of which are members of the Union of Arab Banks, and some banks are not entitled to membership if the percentage of foreign investment in banks was more than the percentage of Arab investment.”
He explained that “Arab banks with full Arab capital are entitled to be members of the Union of Arab Banks, and we have members in 20 Arab countries.”
Over the past Monday and Tuesday, the conference “Challenges Facing Arab Banks in Complying with International Laws and Legislation and Meeting the Requirements of Correspondent Banks” was held in Baghdad, in the presence of a large number of Arab banking and economic officials.