Al-Alaq: Central has a world-class infrastructure

Al-Alaq: Central has a world-class infrastructure

07/5/2017 12:00 am



At the First Banking Technology Conference

Baghdad / Hussein Thugb

The banking technologies conference on Saturday revealed that the Iraqi Central Bank has one of the infrastructure developed to match the world's advanced economies and can employ the global communications revolution to develop all aspects of the Iraqi financial sector.

This came during the conference on banking technologies sponsored by the Central Bank of Iraq and organized by the Association of Iraqi private banks, which was attended by more than 500 specialized personalities and companies from 9 countries.

Governor of the Central Bank d. Ali Alaq said: "This conference is important to achieve development and progress in the banking sector, pointing out that a large number of banks able to go a long way in developing competencies and the use of advanced programs. He added that the Central has the infrastructure of excellence in the world able to absorb the best international systems provided by banks, and this conference is a spark to develop the reality of the banking sector and the relationship between banks and the public, calling on banks to interact with the supply of advanced technologies to promote banking.

Keep pace with development

The relations between the opportunity to enter the systems of international companies to the financial sector and demand is available on the best programs and we have the capacity to absorb, pointing out that the Central is fast and sophisticated pace in order to keep abreast of the development and use of the best technologies and allocate large amounts annually. He urged the closer relations between the public and banks that require speed, efficiency and low costs in the delivery of products and this is achieved by the adoption of advanced technologies and access to mobile banking away from queues, pointing to the need to overcome routine in the completion of transactions, and the central works to expand on the subject of financial inclusion.

Financial Advisor to the Prime Minister Dr. The appearance of Mohammed Saleh began with a descriptive sentence, "If the money represents blood, the banking system is the heart and banking technologies represent food." He said that technologies reduce routine and facilitate transactions and need to keep pace with the continuous development.

He stressed the existence of a government decision to use advanced technologies to pay the salaries of employees and described criticism of the institution, which needs to develop so as not to become a burden on the community, which needs modern means of work.

Marketing arms

President of the Association of Iraqi Private Banks Wadih Al-Hanalal said: "Our message in this conference is to emphasize cooperation and integration between banks on the one hand and between ICT companies and service providers on the other, to enable banks to extend their marketing arms to all citizens and provide their banking services on the widest possible scale.

The banks in Iraq, despite the difficulties faced by investment and development in the field of information technology and there is still a lot to be done in this area, and the step we started on this path should continue and does not stop to keep abreast with the development of technology in light of the plans of the Central Bank, The most important of which is the unique national division project in the region.

Scale of competition

In recent years, there has been a revolution in the banking industry, which was driven by the use of technology that provided greater ease and the provision of innovative products that put customer service as a measure of competition. It also increased operational efficiency through the development of the electronic banking industry.

Al-Hanal said that technology has dominated all sectors in the world, which necessitates banks to pay attention to this fact to keep pace with the development of the customer and reach out to the branches, and the provision and innovation of new means of payment, and otherwise there are other sectors can enter as a competitor to the banking market through Provide what customers require.

He pointed out that the geographical and demographic structure of Iraq imposes the urgent need to turn our banks into electronic banks that provide banking services to all segments of the citizens wherever they are to the financial coverage that we all strive to achieve.

The world around us is gradually moving towards a society free of criticism in banking. This is an important goal that reduces the costs of using cash cards and its limited disadvantages, including the difficulty of following the movement of cash. It is easy to identify electronic financial movements. The information that is reliable in the marketing of new products, and the fact that the technology benefits have risks to the banks should be carefully studied and taken with sufficient attention.

Al-Zaidi said that in all cases, Iraq is waiting for a promising economic movement, which necessitates the creation of an advanced financial sector competing with international banks that have started opening branches in Iraq after realizing the importance of Iraq in the international economic arena.

He pointed out that the international delegations that come to Iraq accompanied by the economic effort continuously and this is evidence of the positive international outlook for the national economy, which has the elements of success and this is recognized by major global companies around the world.

Systems and expertise

Executive Director of the Iraqi Private Banks Ali Tariq stressed that the presence of this number of companies and the best banking technology around the world evidence that it is determined to be in Iraq with their systems and expertise and this facilitates the process of developing the financial sector.

He pointed out that private banks have a great desire to adopt advanced systems, as competition leads to the expansion of products in quantity and quality and transfers the Iraqi financial sector to a better reality and creates a real expansion and real harmony of Iraq's economic capabilities and the volume of work that absorbs a great deal of the evolving global effort.

Tariq Bin said that this conference is complementary to the efforts of the Association, especially in the field of training, where hundreds of experiences have been prepared over the past months and training them on various important banking activities. The conference provides advanced systems that increase the trainee's abilities and make him serve a great deal in this regard.

Work environment

"The banking sector in Iraq needs more organization of its joints, and this conference came with technologies that contribute to the development of products in quantity and quality without any doubt," he said. He pointed out that the technological development should be parallel to the development of the work environment and the laws governing the mechanisms of the financial sector.

He pointed out that the presence of technical companies in Baghdad would promote the work, where will create a spirit of competition between banks, which in turn leads to a positive shift in the reality of work in this sector and is the important axis of the economic development process sought by Iraq.

Real cooperation

A member of the Baghdad Economic Forum Bassem Antoine stressed that the urgent need for a banking sector is really developed and that the organization of a conference must be a real cooperation with these companies and actually have offices in Baghdad, announcing the progress of advanced technology and be bound to train local competencies to manage properly and mastermind them, Here, there can be actual cooperation in this aspect between these companies and the Association of Iraqi Private Banks, which can facilitate the training.

Antoine stressed the need to have a sophisticated banking sector able to cooperate with the large capital needed by Iraq in the construction and reconstruction and transactions.

Development

Hisham al-Saadi representative of the company of the banking technology MSI that Iraq is a new market in this area and contains a large number of employment opportunities because there are banks and financial companies are many and can expand with the high levels of development in Iraq, and our goal of the presence near the Iraqi banks, To develop the reality of the products offered to the beneficiaries.

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