The central bank urges banks to hedge risk

The central bank urges banks to hedge risk



05/8/2017 12:00 am

With the aim of restoring confidence between banks and customers
Baghdad / morning
The Central Bank of Iraq and the management of the National Islamic Bank discussed ways of developing work and mechanisms of product development to serve development work and participation in investment.
In support of the Islamic Bank of the Social Benefits chapter, a proposal was presented during the annual meeting representing a percentage of the profits to support the economy of displaced and poor families and eligible groups.
The Chairman of the Board of Directors Issam Al-Azri said: The development of human resources and the advancement of expertise contribute effectively to the development of all banking operations and led to an acceptable return and win the confidence of customers. This is an important detail and achieved a profit rate estimated at 21 billion and 335 million dinars.

Training of staff
in turn talked to the Director of the bank. Abbas Fadhel that the plan to expand work is continuing and running in parallel with a plan to develop human resources, which is implemented through several external trends, contracting with a specialized company that trains workers in phases in the Jordanian capital Amman and other internal courses in the Association of Banks On money laundering and terrorism financing, stressing that the bank continues this approach, which develops banking work in Iraq.
He pointed out that the security situation has negatively impacted the reality of work during the past years, indicating that any improvement in the security situation is reflected positively on the labor movement, pointing out that the protection of the local product contribute to the activation of production and move the reality of the stock market where the value of shares will be declining .

Banking products
One of the representatives of the Central Bank has pointed out that the central monitoring of the mechanisms of banking work contribute greatly to the development of banking products, pointing out that the instructions of the Central Bank in favor of banking work, stressing the importance of a hedge against the risks that may face the work of the banking sector to maintain customer deposits .

The social benefits of
financial affairs and board member Ali Abbas Abdul Hussein proposed to allocate 1 percent of the profits to the detailed social benefits, which are estimated at more than 200 million dinars, distributed to the beneficiaries to the groups of society, especially displaced families, which have been greatly affected by the terrorist operations.
He pointed out that the expansion of Islamic banks witnessed by Iraq should serve the national economy, especially that a large segment of citizens prefer to deal with Islamic banks, pointing to the importance of expanding work in Islamic investment portfolios

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