By John Lee.

The Islamic Financial Services Board (IFSB) is organising a Facilitating the Implementation of the IFSB Standards (FIS) Workshop in Baghdad, Iraq on 1 – 3 April 2019.

This Workshop is hosted by the Central Bank of Iraq (CBL).

The 3-day Workshop will focus on the following IFSB Standards:

  • IFSB-15: Revised Capital Adequacy Standard for Institutions Offering Islamic Financial Services (IIFS);
  • GN-3:Guidance Note on the Practice of Smoothing the Profit Payout to Investment Account Holders;
  • GN-4:Guidance Note in Connection with the IFSB Capital Adequacy Standard: The Determination of Alpha in the Capital Adequacy Ratio for IIFS; and
  • GN-6:Guidance Note on Quantitative Measures for Liquidity Risk Management

Overall, the Workshop aims to:

  1. Enhance the participants’ understanding of the respective Standards and Guiding Principles;
  2. Assist the participants in the practical application of issues addressed in the particular standards through case studies, hands-on exercises and other interactive tools; and
  3. Promote the sharing of experiences among the participants on the implementation of respective IFSB Standards and Guiding Principles.

The FIS Workshops are a part of the IFSB’s support to its members based on the Strategic Key Result Area 2 (SKRA 2) on the Facilitating the Implementation of Prudential Standards and Capacity Development under the IFSB’s Strategic Performance Plan (SPP) 2016-2018”, to assist member organisations in adopting and implementing the IFSB Standards.

For enquires on IFSB workshops and membership services, please contact the IFSB Secretariat at ifsb_sec@ifsb.org.

(Source: IFSB)


Source: Iraq News

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Iraq – Financing a Modern Economy

IBBC Spring Conference 2019

Iraq – Financing a Modern Economy 

10 April, The Mansion House, London

The Iraq Britain Business Council (IBBC) invites you to attend its Ninth Annual Conference at the Mansion House on the 10th of April. This year’s conference is organised in partnership with the Central Bank of Iraq and the Iraqi Private Banking League.

With a strong focus on the Iraqi banking sector, two sessions of the conference will be devoted to financial sector issues. Other areas will focus on building human capital in the public and private sector and on oil & gas.

Christophe Michels, Managing Director of IBBC states:

“The security situation in Iraq is now much improved, with a new Government in place that has a clear mandate from the people to improve governance and to provide important basic utilities. IBBC is the Iraqi Governments private sector partner of choice for developing the private sector in Iraq. We firmly believe that only private enterprise can meet the challenges facing Iraq by developing a modern economy”.

H.E. Dr Fuad Hussein, Deputy Prime Minister and Minister of Finance will lead a high level delegation alongside Dr Mehdi Al Alak, Secretary General of the Council of Ministers, officials from the Central Bank of Iraq, a delegation from the Iraq Private Banks League and the Governors of Erbil, Sulamania and Karbala. A large delegation of Iraqi Businessmen from all governorates of the country will also be in attendance.

Round-table discussions will take place with Iraqi officials, including the Iraqi Governors, where delegates can engage in concentrated debates on country specific issues. As well as specific round-tables on Tech in Iraq and Women’s Group.

Dr Mehdi Al Alak, Secretary General of the Council of Ministers will present a paper on ‘Private Sector Development and Investment in Iraq‘. Delegates will receive an exclusive insight into the Government’s planned measures and strategies to realise this ambition. There will also be special presentations by the Central Bank of Iraq and Basra Gas Company.

Dr Renad Mansour, Research Fellow at Chatham House and the preeminent voice on Iraq in the UK is publishing a briefing paper specifically for the IBBC conference, discussing the short to medium term economic and political outlook for Iraq.

Baroness Nicholson of Winterbourne, President of IBBC and the Prime Minister’s Trade Envoy to Iraq, Azerbaijan, Turkmenistan & Kazakhstan will open the conference, alongside The Lord Mayor Locum Tenens, H.E. Dr Fuad Hussein, Deputy Prime Minister, Minister of Finance, Jon Wilks CMG, Her Majesty’s Ambassador to Iraq and Louis Taylor, Chief Executive of UK Export Finance (UKEF).

Conference Sessions & Speakers 

The Banking Sector in Iraq

Chair: Gavin Wishart, Shire Oak International

Panellists: Dr Mazen Sabeh Ahmed, Central Bank of Iraq; Mohammed Delaimy, Standard Chartered Bank; UK Export Finance (UKEF); Ali Tariq Mostaf, Iraq Private Banking League; Richard Wilkins, JP Morgan

Stock Marker & Investment Opportunities

Chair: John Kemkers, Eversheds Sutherland (tbc)

Panellists: Shwan Ibrahim Taham, Iraqi Stock Exchange; Dr Alaa Abdel Hussein Al Saadi, Iraqi Securities Commission; London Stock Exchange (tbc)

Oil & Gas

Chair: Prof. Frank Gunter, Lehigh University

Panellists: Dr Mark Wharton, Shell; Lawrence Coleman BP; Bob Dastmalchi, Chevron

Capacity Building in Iraq

Chair: Ambassador Stuart Jones, Bechtel

Panellists: Dr Renad Mansour, Chatham House; Prof. Mohammed Al-Uzri, University of Leicester; Samer Al Mafraji, AMS Iraq

Dr Mai Yamani will be presenting the closing remarks for this important event.

Join IBBC, its members and the international business and finance community for a full agenda of expert speakers, UK & Iraqi politicians and many networking and business development opportunities.

You can register and purchase tickets via the IBBC website: https://www.iraqbritainbusiness.org/event/spring-conference-at-the-mansion-house

The conference is being generously supported and sponsored by Shell, Rolls-Royce, Standard Chartered Bank and Eversheds Sutherland.

For more information email london@webuildiraq.org or telephone 020 7222 7100.

(Source: IBBC)


Source: Iraq News

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By Ali Mamouri for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.

Iranian President Hassan Rouhani arrived in Baghdad on March 11 amid his government’s efforts to expand ties with Iraq to reduce the impact of US sanction on Iran’s economy.

Prior to departing Tehran, Rouhani remarked, “[Iran’s ties with Iraq] cannot be compared to Iraq’s relations with an occupying country like America, which is hated in the region.” The visit is Rouhani’s first one to Baghdad since taking office in 2013.

The Iranian leader’s three days in Iraq will include his signing a series of agreements on energy, transport, agriculture, industry and health as well as meetings with Iraqi officials. In preparation, Iranian Foreign Minister Mohammad Javad Zarif arrived in Baghdad the day before Rouhani.

Iran aims to boost annual trade with its neighbor from $12 billion to $20 billion to help offset US sanctions, which are strangling its economy.

Click here to read the full story.


Source: Iraq News

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Iran-Iraq Banking Problems “Settled”

The Secretary of Iran-Iraq Chamber of Commerce said the obstacles to banking interaction between the two neighbors have been settled and the bilateral trade exchange is fairly normal.

In comments at a televised program on Sunday night, Hamid Hosseini said the problems with banking relations between Iran and Iraq have been resolved and the process of exports to Iraq as well as trade exchange with the Arab country has become stable and much better than before.

Iranian exporters’ concerns about trade with Iraq under a currency agreement have been addressed, the official noted, expressing hope that the process of steady trade exchange with Iraq would continue in the coming Iranian year.

Hosseini pointed to a 32-strong delegation of Iranian private sector’s business people accompanying President Hassan Rouhani in an ongoing trip to Iraq, saying the presidential visit will produce perfect results for the private sector.

A large number of technical and engineering projects worth 7 to 8 billion dollars which Iranian private sector companies were carrying out in Iraq have remained unfinished since the rise of the Daesh (ISIL) terrorist group in 2014, the official said, hoping that Rouhani’s trip would help address the issue.

Heading a high-ranking delegation, Rouhani left Iran for Iraq at the official invitation of Baghdad.

It is Rouhani’s first official visit to Iraq during his tenure.

In February, governors of the central banks of Iran and Iraq signed an agreement to develop a payment mechanism aimed at facilitating banking ties between the two neighboring countries.

Speaking at a joint press conference with Iraqi President Barham Salih in Tehran in November, Rouhani said the value of trade and economic interaction between Tehran and Baghdad stands at around $12 billion, adding that the two neighbors have the potential for a $20-billion trade target.

(Source: Tasnim, under Creative Commons licence)


Source: Iraq News

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