[size=36]Central Bank: Compliance and governance are important in bank management[/size]
Economy | 09:48 - 02/21/2024
[You must be registered and logged in to see this image.]
[You must be registered and logged in to see this link.]
[You must be registered and logged in to see this link.]
Mawazine News - Baghdad
The Central Bank of Iraq recognized the importance of compliance and governance elements in bank management in general, while the General Council of Islamic Banks and Financial Institutions expected greater growth for banks in the coming years.
In a statement reported by Al-Sabah newspaper, seen by Mawazine News, Deputy Governor of the Central Bank, Ammar Hamad Khalaf, stressed the importance of the issues of compliance and government, pointing out that relying on them leads to good management of financial institutions and they are elements of their success. He added that the banks have launched a governance guide that focuses on the issue of bank leaders and employees, choosing the best, and providing full support and training courses for the human resources of banks, especially Islamic ones, pointing out that the compliance element is important for the performance of banks, and the higher it is, the greater the risk is guaranteed to be reduced and the financial institutions to be sound. He pointed out that the Central Bank works on these two important terms and pays great attention to them to ensure the safety and development of financial institutions, especially Islamic ones. For his part, the Secretary-General of the General Council of Islamic Banks and Financial Institutions, Abdelilah Belatiq, pointed out in an interview with “Al-Sabah” that governance and compliance are the basis of good management of institutions in general, in addition to that they add great importance to banks, because their mission, including Islamic ones, is the fuel. The engine of the economy, noting that they develop important ideas for risk management because they work on public deposits and financing the economy, and their importance lies in the economy and financial stability.
He explained that these two elements help mitigate risks and help in greater financial stability, stressing that Iraq, through discussions with the Central Bank, has shown its great interest in the terms governance and compliance and theoretical mechanisms and their application on the ground in banks and the qualification of staff with the aim of helping them exploit the opportunities presented by these challenges.
Belatiq added that the annual surveys on the challenges facing Islamic banks, which the Council evaluates, showed that they have opportunities for greater growth, so an appropriate infrastructure must be created for their growth and mechanisms must be created to manage liquidity, legal challenges, governance, and compliance, calling for the establishment of a legal framework, technical environment, and infrastructure to help banks finance the economy. Real and promoting sustainable development in the country.
Belatiq added that the annual surveys on the challenges facing Islamic banks, which the Council evaluates, showed that they have opportunities for greater growth, so an appropriate infrastructure must be created for their growth and mechanisms must be created to manage liquidity, legal challenges, governance, and compliance, calling for the establishment of a legal framework, technical environment, and infrastructure to help banks finance the economy. Real and promoting sustainable development in the country.
[You must be registered and logged in to see this link.]
» utube 7/25/24 MM&C Iraq Dinar Update - IQD Revaluation-Key Indicators - Deposit Insurance -Arbitra
» utube 7/23/24 MM&C Iraq Dinar-Prime Minister Advisors-Saleh-Al-Nusairi-Facts bringng facts-Reforms
» MMK&C 7/21/24 Government Advisor: Adopting auditing of foreign transfers contributes
» MM&C 7/21/24 Proposed measures to address the rise of the dollar
» Iraq ranks high in income inequality among citizens
» Within months.. Al-Imar: The amount of loans disbursed amounted to about 750 billion dinars
» Parliamentary Integrity confirms the start of opening the files of former officials
» Iraq and the German Development Bank sign an amendment to the loan agreement to finance a number of
» Regional oil...between export ban and smuggling suspicions
» Economist: Faw Port is an important step towards sustainable economic development and a major gatewa
» Parliamentary Investment "Mocks" Solution to Housing Crisis in Complexes: "Joke" and Government Must
» Multi-million dollar agreement to support Iraqi agriculture
» From Chaos to Law.. The Crowd Breathes with the First Reading of “Service and Retirement”
» Oil Minister inaugurates first phase of associated water injection project in Rumaila field
» Water Resources: The reality of desertification in Iraq is better than before
» Disappearance of 50,000 Pakistani tourists in Iraq.. Government position: We will start the investig
» Iraq reveals the value of its agricultural exports: 400 thousand tons in 6 months
» Electricity directs the rapid implementation of the solar power plant project in Khanaqin
» Worth $20 billion.. Iraq is second in trade exchanges with Iran
» (56) megawatt card.. Opening of the gas power plant in Majnoon field
» Parliamentary Committee: Amending this law will address many problems
» Iraq and the German Development Bank (KFW) sign an amendment to the loan agreement to finance a numb
» Finance discusses regulating the work of government banks with international auditing firm Ernst & Y
» The Prime Minister receives the approval of the coalition of companies that won the investment oppor
» US Ambassador: We helped Iraq with $3.6 billion in the displaced file
» In two stages.. The Minister of Oil inaugurates the associated water injection project in the Rumail
» Who manipulated the budget settings? Adding 15 trillion dinars for the benefit of the people or for
» Statement of the Iraqi Communist Workers’ Party on the “Personal Status Law Amendment” Project
» The American arm has become short.. Iraq will eradicate the “SDF” from Syria
» The idea of the “Sunni region” is maturing again.. The insistence of Western politicians collides
» Iraq takes its share of negative development and faces “electronic blackmail”
» Education in Iraq: Between the lack of schools and the delay in providing supplies
» Economist lays out solutions to get rid of the dollar’s dominance: moving towards a currency baske
» The Presidency of the Republic issues a special pardon for a bank manager accused of embezzlement
» The Ministry of Agriculture reveals the volume of its exported products in numbers
» Transport reveals its latest steps towards lifting the European ban on Iraqi Airways
» "Doors are closed" in Parliament.. Will political pressures result in the election of a new presiden
» Prime Minister's Advisor: Kirkuk government formation will be decided within 20 days
» US dollar exchange rate stability in Baghdad
» Reconstruction: New applications for Housing Fund loans will be opened when liquidity is available
» The US Federal Reserve adopts a new strategy towards Iraq.. The dollar is threatened with rising to
» First government comment on the leakage of 50 thousand Pakistanis in Iraq
» Parliamentary Integrity Committee announces keeping the session hosting the Minister of Water Resour
» Parliamentarian reveals the reason for the recent talk about the Sunni region
» Secrets of the Coordination Framework meeting with the Sunni forces.. Three proposals to resolve the
» Iraqis' spending on tourism is equivalent to the electricity budget.. What is the number of traveler
» "Two Papers of the Tashah in Parliament"... Warnings against implicating the legislative institution
» Turkish Minister reveals details about the security corridor in Iraq and the development road projec
» Does it stipulate the marriage of minors? What does the paragraph amending the Personal Status Law i
» One of the motives of the "salary scale".. Iraq is ranked 87th globally in "income inequality"
» "Vigilant Guardian"... Harmonious Supervisory Cooperation to Guarantee Citizens' Deposits in Iraqi B
» Saleh: The Central Bank's dollar reserves are solid and the GDP rate is very optimistic
» Economist accuses political parties of controlling the exchange rate on the black market
» Minister calls for establishing centers for Turkish commercial agencies inside Iraq
» 98% increase in foreign remittance sales at the Central Bank of Iraq auction
» Important meeting between Al-Sudani and the "Arabs of Kirkuk" to decide on the formation of the prov
» Housing projects in the Kurdistan Region are expensive internally and suitable externally
» Slight decline in the "green paper" in Baghdad stock exchanges
» OPEC: Iraq, Russia to compensate for surplus oil production
» Economist: The Iraqi banking sector has achieved significant growth
» Does integrity interfere with the work of institutions when they conduct investigations into suspici
» Parliamentary Finance: The Central Bank agrees to increase the capital of the Real Estate Bank to ex
» The region lags behind "electronic systems".. Transactions are still paper-based and the authenticit
» Media Authority: We are working on strategic agreements with global companies to bridge cybersecurit
» Al-Sudani stresses the importance of completing the formation of the Kirkuk government and reaching
» The region lags behind "electronic systems".. Transactions are still paper-based and the authenticit
» Iraq prepares to sign strategic agreements with global companies to bridge the digital divide in the
» Exporting (10) million liters of black oil daily.. Oil: Karbala has become an oil port that supplies
» Used as a gift and used for fraud.. The Central Bank warns against the circulation of commemorative
» Judge Faeq Zidane: International cooperation is important in the field of combating terrorism
» Al-Abbasi: Framing the relationship with Washington according to the Iraqi constitution
» Within 6 months.. The European ban on the green bird will be resolved
» Thwarting the smuggling of 21 million liters of petroleum derivatives
» Record
» Production of 24 thousand electric cars annually
» The second phase of the campaign (restricting weapons to the state) begins
» Inclusion of social protection beneficiaries in internal contracts
» The Prime Minister directs the rapid completion of Baghdad entrance projects
» Minister of Labor announces launch of health insurance service for social protection beneficiaries
» Via "Baghdad Today" .. Oil Minister announces increasing social benefits to 10 million dollars
» Joint Statement by the Iraqi and US Ministries of Defense
» Al-Sudani meets with a delegation from the American engineering consulting company KBR
» Kurdistan procrastinates to obtain the "lion's share".. Discontent over the delay in localizing empl
» Withdrawal is "Out of Reach"... Analysis of the Joint Iraqi-American Statement
» Al-Sudani stresses the importance of completing the formation of the Kirkuk government and reaching
» "Black Money" Fuels Investment Stock Exchange.. Countries That Prospered with Looted Iraqi Money
» Central Bank warns against circulation of $1 million commemorative notes
» Planning for “Al-Zawraa”: The five-year plan targets different sectors and does not include traditio
» “Unfair and deepens sectarianism”.. Why did the amendment to the Personal Status Law spark anger in
» Launching an electronic application for Iraqi retirees
» The crowd responds to Halbousi: A person convicted of forgery is not qualified to appoint himself as
» Al-Fayadh: We appreciate the Iraqi Parliament’s progress with the first reading of the service and r
» Nassif: The political process needs Al-Sadr and Al-Maliki to “rule” it
» Al-Mandlawi winks at Al-Halbousi: We reject insulting those who presented thousands of martyrs
» adhere to the rules of the Islamic religion and needs to be reformulated (tweet)
» Sarwa Abdul Wahid: The rivalry between Baghdad and Erbil is just "clacks"
» Parliamentary Finance: The Central Bank of Iraq’s measures to change the exchange rate did not achie
» Al-Sudani meets with Kirkuk Arabs to decide on the provincial government