Iraqi News Highlights and Points to Ponder Tuesday AM 1-23-24

Iraq Recovers Huge Sums Of Money From The UAE

January 22, 2024  Baghdad/Al-Masala Al-Hadath: The Federal Integrity Commission announced, on Monday, the recovery of the first batch of funds owed by a convict from the United Arab Emirates.

The authority stated in a statement that “the efforts of the Recovery Department resulted in the recovery of a first payment of the amount that the convict deposited in a bank in the Emirates,” indicating that “in 2005, the Iraqi Central Criminal Court issued a pre-trial ruling of (8) years’ imprisonment against the convict who committed “For robbing government banks after the events of 4/9/2003, it also ruled to confiscate an amount of (500,000) thousand dollars that he deposited in a bank in the UAE.”

She added, “The recovered amount was transferred from the Emirates to the Rafidain Bank account through a debt collection company,” noting “the role of the Iraqi embassy in Abu Dhabi in following up on the transfer of the amount.”

She pointed out that “the case file against the convict was sent to the Ministry of Foreign Affairs from the Supreme Judicial Council - Head of Public Prosecution, and it was sent to the UAE judicial authorities.”

She continued, “The follow-up procedures resulted in the issuance of a ruling by the Emirati judiciary obligating the convict to pay an amount of (960,100) thousand dollars to Rafidain Bank, followed by the affected party, confirming that the authority will continue to follow up on the recovery of the entire amount owed by the convict.”   https://almasalah.com/archives/80339

Transportation Sets The Date For The Opening Of The First Commercial Exchange Square In Baghdad

Economy | 11:01 - 01/23/2024  Mawazine News - Baghdad   Today, Tuesday, the Minister of Transport, Razzaq Muhaibes Al-Saadawi, set the date for the opening of the first commercial exchange square, and while he indicated that it will be advanced, he stressed that these squares will be provided with electronic gates, offices, and services.

Al-Saadawi said, “The number of commercial exchange squares reached 4 squares, one square in the Baghdad belt at the entrance to Yusufiyah, with an area of ​​400 dunums. The completion rate of the first phase reached 80 percent, and it is hoped to be opened during the current year,” noting that “the second square is at the entrance to Kut and the third is at the entrance to Diyala.” The fourth is at the entrance to Salah al-Din.”

He added, "These squares help relieve traffic congestion and prevent trucks from entering the capital, Baghdad, in order to maintain the infrastructure and provide great job opportunities."

He pointed out that "the squares will be equipped with electronic gates, offices, and services," stressing that they are "advanced and different from the old squares."

https://www.mawazin.net/Details.aspx?jimare=240885

Dollar Exchange Rates On Tuesday Morning In Baghdad And Seven Governorates

Economy |Baghdad today – Baghdad   Today, Tuesday (January 23, 2024), the exchange rates of the dollar against the dinar recorded a slight decline in the local markets in Baghdad and the governorates.

The "Baghdad Today" correspondent said, "The dollar exchange rates today, in the capital, Baghdad, reached 151,150 dinars for every 100 dollars."

While the exchange rates in other governorates were according to the list listed below:

$100 = 151,200 Basra   $100 = 151,100 Erbil    $100 = 151,200 Kirkuk    $100 = 151,100 Sulaymaniyah

$100 = 151,000 Dohuk      $100 = 151,200 Najaf       $100 = 151,150 Mosul     LINK

Iraqi Stock Exchanges...Exchange Rates Stand At The Barrier Of 151 Thousand Per Hundred Dollars

Money  and business   Economy News – Baghdad  Al-Iqtisad News publishes the dollar exchange rates on Iraqi stock exchanges during Tuesday’s trading.

The exchange rates of the dollar, on the Al-Kifah Stock Exchange, in the capital, Baghdad, reached 151,300 dinars per 100 dollars, while on the Basra Stock Exchange, it recorded a slight increase, reaching 151,350 dinars.

As for the governorates of the Kurdistan region, prices were slightly lower than the rest of the governorates, as they varied around 151 thousand dinars for every 100 dollars.

Views 89 01/23/2024 - https://economy-news.net/content.php?id=39731

Specialists: Islamic Sukuk Are An Alternative To Financial Instruments

Economical  01/23/2024    Baghdad: Hussein Thaghab   Interest is growing in adopting Islamic sukuks as part of Iraq's strategic policy, as they are an important alternative to other financial instruments that depend on interest, and which can finance the deficit suffered by the federal general budget.

During the first annual conference, the Center for Banking Studies at the Central Bank of Iraq considered Islamic bonds part of Iraq's strategic policy.

He stressed the acceleration of the legislation of the “Islamic Sukuk Law in Iraq.” The participants also stressed the need to pay attention to developing appropriate legislation in order to make it successful in Iraq, and to make a media and promotional effort to spread the culture of investment in Islamic Sukuks among banks and financial institutions before the law is enacted.

Islamic banking specialist Professor Dr. Sadiq Rashid Al-Shammari pointed out that the advantages of sukuks are several, the most important of which is financing large projects that no single entity has the capacity to finance.

They are an investment channel for absorbing financial surpluses that their owners wish to invest and recover easily. They also contribute to managing liquidity in cases of deficit and surplus. If the bank has surplus liquidity, invest.

What he has in buying sukuks, and if he needs liquidity, he sells them with ease in the secondary market or the stock exchange, in addition to the fair distribution of wealth, because it links investment to reality and the real economy and enables all investors to benefit from the project’s profits in a fair way, as wealth is distributed on a large scale without Be a country among the rich, diversify your portfolio investments and spread your risks.

Investment sukuks mean that they are a document issued in the name of their owner or holder in denominations of equal value to prove the right of their owner to the financial rights and obligations they represent, and that they represent a common share in the ownership of assets designated for investment, whether objects, benefits, services, or a mixture thereof, and moral rights, debts, and money, and they do not represent debt. Issued to the bearer.

He added that the sukuk, especially the sukuk of leased assets, are characterized by being an off-budget financing instrument, as the leased assets are owned by the sukuk holders during the term of the sukuk, and the obligation of the sukuk holder is limited to paying the rent to the sukuk holders, which is a revenue expense.

On the contrary, in the case of borrowing to finance the purchase of some assets, this leads to... To increase the value of liabilities because they are capital expenditures, this type of sukuk also has zakat and tax advantages.

He pointed out that Islamic sukuks can attract customers by providing high-quality services and providing the necessary financing for them to activate their commercial, investment, industrial and agricultural operations.

They also provide sufficient liquidity available to dealing investors, which is the desired goal of creating trust and achieving security, that is, achieving actual cooperation between those with financial surpluses.

And project owners who use these surpluses and not transfer the risk to one party or the other by creating advanced products capable of competing with the products offered by traditional banks, provided that they do not conflict with the rule of Sharia.

The Director General of the Center for Banking Studies at the Central Bank of Iraq, Dr. Bassem Abdul Hadi Hassan, highlighted the importance of submitting the draft Islamic Sukuk Law to the House of Representatives, so he is keen to discuss the role of Islamic finance and the Sukuk market in particular as a vital financial tool that contributes significantly to development.

Economic.

He added that the Central Bank of Iraq has a major role in this process by proposing the Islamic Sukuk Law and providing technical and practical assistance to the relevant authorities in the Islamic banking sector, and therefore it has become useful to learn about international experiences in this field, especially Arab ones.    https://alsabaah.iq/90893-.html

 Provoking Points To Ponder on Adversity:

There is nothing the body suffers which the soul may not profit by.  - George Meredith

 Often God has to shut a door in our face, so that He can subsequently open the door through which He wants us to go.  - Catharine Marshall

God will not look you over for medals, degrees or diplomas, but for scars.  - Anonymous

He who serves God with what costs him nothing, will do very little service, you may depend on it.  - Susan Warner

There are three modes of bearing the ills of life: by indifference, by philosophy, and by religion.  - Charles Caleb Colton

Sorrow has its reward. It never leaves us where it found us.  - ary Baker Eddy

The same reason makes a man a religious enthusiast that makes a man an enthusiast in any other way: an uncomfortable mind in an uncomfortable body.  - William Hazlitt

Adversity introduces a man to himself.  - Anonymous

Constant success shows us but one side of the world; adversity brings out the reverse of the picture.  - Walter Colton

Prosperity is a great teacher; adversity is a greater. Possession pampers the mind; privation trains and strengthens it.  - William Hazlitt

Sweet are the uses of adversity; Which, like the toad, ugly and venomous, Wears yet a precious jewel in his head.  - William Shakespeare

There is no education like adversity.  - Benjamin Disraeli 

 Famous Quotes and Authors, Famous Quotations for all Occasions-

 http://famousquotesandauthors.com/topics/adversity_quotes.html