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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Iraq's financial market separates for "Economy News" the mechanism of work of the "Al-Hafiz Al-Amin"

rocky
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Iraq's financial market separates for "Economy News" the mechanism of work of the "Al-Hafiz Al-Amin" Empty Iraq's financial market separates for "Economy News" the mechanism of work of the "Al-Hafiz Al-Amin"

Post by rocky Wed 05 Oct 2022, 5:07 am

Iraq's financial market separates for "Economy News" the mechanism of work of the "Al-Hafiz Al-Amin" bank and its tasks

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Economy News-Baghdad
The Executive Director of the Iraq Stock Exchange, Taha Abdel Salam, dismissed the main tasks of establishing the "Al-Hafiz Al-Amin" Bank, and its role in supporting investment and dealing in the field of trading and banking in Iraq.
Abdel Salam told Al-Iqtisad News that “emerging stock markets are interested in enhancing their investment role, protecting the rights of securities dealers, reducing the risks associated with investing in securities, diversifying investment tools and encouraging investment in the long term, and this is achieved through mechanisms that enhance the investment process and encourage it, which is considered the most important Al-Hafiz Al-Amin activity.
He added, "The Iraq Stock Exchange encourages national banks to practice the activity of the custodian after completing the technical and legal requirements in accordance with the latest experiences prevailing in the Arab financial markets."
And he indicated that "the Custodian Custodian is a legal person licensed by the Securities Commission and the Iraq Stock Exchange to practice the activity of safe custody of securities, subject to prior approval from the Central Bank of Iraq."
He explained that "the tasks of safe keeping are:
Opening a securities account for each investor and keeping the securities
Notifying the investor of all decisions and actions taken by joint stock companies related to the rights associated with his securities,
- Notifying the investor of all transactions and transfers made on his account within a working day,
Providing the investor with a detailed monthly account statement that shows all the transactions and transfers that took place in his account
- A statement of his current balance of securities or cash, delivery of the securities to the selling broker, and receipt of the securities from the buying broker.
- Keeping, managing and transferring securities from the investor’s account with him to the investor’s account with the broker, and vice versa, and paying the obligations resulting from trading them on behalf of their investors.
- Future activities approved by the Securities Commission adopt the principles of encouraging and attracting investment in securities.
He stressed that "the custodian exercises a procedural and supervisory activity for the benefit of the investor who contracts with him. That is because the role of the broker is separate from the activity of the custodian, as it falls on (the broker to verify through the custodian of the existence of securities prepared for sale and the absence of any legal impediments preventing the execution of an order). The sale, in return for the broker paying the price of the sold securities to the custodian, according to what is agreed upon between the two parties in favor of the investor and the shareholder.
He pointed out that "the Securities Commission and the Iraq Stock Exchange granted the custody license to four Iraqi banks: Elaf Islamic Bank, International Development Bank, National Bank of Iraq and Iraqi Islamic Bank. These banks will start their activities after completing the advanced technical training that is being prepared now." ".
He pointed out that "it is too early to know the role that the four custodians will play to activate trading in the Iraqi stock market in the near future. But in the medium and long term, it will work to enhance confidence in investing in securities, attract international investments, and develop investments in new joint stock companies in Iraq."


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Added 10/05/2022 - 10:15 AM
Update 10/05/2022 - 12:49 PM


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