More Iraqi News Monday Afternoon 12-20-21
More Iraqi News Monday Afternoon 12-20-21
TLM724 Administrator BondLady’s Corner
My Predictions For The Banking Sector In 2022
Articles Samir Al-Nusairi*
On the occasion of the end of 2021, and in view of the special and new circumstances that our beloved country is going through due to the interactions with the formation of the new government after the approval of the election results by the Federal Court and the legitimate popular demands for change and economic and financial reform and because our banks are the first basic link in the national economy, we must clarify the results by analysis and evaluation The priority for banking activity in 2021.
That it faced the challenges of an unstable work environment, the non-performing debts reaching more than (6) trillion dinars, the continued decline in the prices of shares traded in the Iraqi stock market by (80%), the decrease in liquidity of some banks to the minimum limits set by the Central Bank, and the decrease in the realized revenues and deposits of some banks and the impact Others delayed approving the 2021 budget,
which affected the investment side of development projects and the lack of clarity in financial policies, laws, tax and customs instructions. It should be noted here. To the role played by the Central Bank in 2021 to confront these challenges and to lead and organize the banking sector and reform some of its links towards helping it overcome those challenges. challenges.
Our banks affirmed their sobriety and enhanced the public’s confidence in them during 2021 and the continuation of their daily activities and work despite the administrative, logistical and technical difficulties, which made an effective contribution to the implementation of the Central Bank’s policy in achieving stability in the money market and perpetuating internal and external banking operations, which enhanced international confidence in our international banking transactions.
This is evident when comparing the state of our banks with other countries experiencing the same conditions as happened in Lebanon, Syria and Iran, for example, and this confirms that our banks are moving in the right direction.
And its procedures and development towards its establishment and under the supervision of the Central Bank, to set its plans for attracting deposits, granting credit and banking facilities, implementing the Central Bank’s financing and lending initiatives that it launched in 2021, and increasing the rate of financial inclusion by raising the number of open accounts to the equivalent of 12 million issued credit cards, while increasing the number of ATMs to 3000 Automated teller machines, the trend for real banking work, the increase in the cash credit rate, and the activation of the central bank’s lending initiatives, especially the initiative to finance small, medium and housing projects,
and the central bank’s assignment of additional funds for the initiative in 2022, especially after the rate of implementation of loans granted by one trillion exceeded more than 85% in 2021 and the expansion in providing Modern systems, programs and technologies in the field of digital transformation.
And the implementation of the Payments Department's proposal to expand the provision of banking services and reach the smallest administrative unit at the level of all governorates.
The banks’ completion of their plans for 2022 in accordance with the above visions requires them, under the supervision and control of the Central Bank, to work in quick steps, which is to move the Iraqi banking sector to a sober and developed economic sector that is committed to international regulations, rules and standards for compliance, combating money laundering, financial reporting and risk management,
and thus moving from the role of banking to a developmental role Contribute to revitalizing the economic cycle by activating and supporting the financing of small and medium projects and large development projects, through which the building of a solid national economy and sustainable development is achieved, ultimately serving the Iraqi people and their aspirations for a better life.
This requires that each bank have a plan with specific goals for 2022 in the areas of technical development and work in accordance with international standards to achieve financial inclusion, attract deposits, work on capacity-building, train and qualify human resources, achieve the goal of investing in human capital and develop the structural structure of the banking sector,
in addition to the banks paying attention By applying the financial stability criteria, which are indicators of financial safety such as the capital adequacy ratio, the liquidity ratio, the profitability ratio such as the ratio of profit and net profit to capital, the ratio of return on assets, the ratio of return on shareholders’ equity, the ratio of activity costs, financial leverage and the ratio of investment of funds in addition to the adoption of indicators for measuring performance efficiency and the creation of statistical units Studies, analysis and financial forecasting to indicate monthly, quarterly and annual deviations in the drawn plans.
This requires the government and the Central Bank to support the banks and enable them to continue banking activity, and to implement the decisions of the Council of Ministers and the Economic Affairs Committee related to revitalizing banking work, especially in the field of credit, bank financing, loans and banking facilities, and giving a key role to private banks and their involvement in making central economic decisions.
* Advisor to the Association of Iraqi Private Banks
Views 105 Date Added 12/20/2021 https://economy-news.net/content.php?id=26985
Al Rajeh Islamic Bank Receives The Award For The Best Bank In Terms Of Islamic Finance In Iraq For The Year 2021
Banks Economy News _ Baghdad Al-Rajeh Islamic Bank for Investment and Finance won the award for the best bank in terms of Islamic finance in Iraq for the year 2021, by the World Union of Arab Bankers, during the annual ceremony held by the Union in the Lebanese capital, Beirut, to distribute awards for Arab banking excellence and achievement, in the presence of a large number of personalities Prominent banking institutions of major regional and international.
The award of this award by the World Union of Arab Bankers comes for the bank's distinguished efforts for the banking services it provides to its valued customers, and for its use of modern banking techniques used by international banks. Views 200, date added 12/20/2021 https://economy-news.net/content.php?id=26991
Iraq Ranks 142 In The Prosperity Index
Political | 04:20 - 20/12/2021 Baghdad - Mawazine News, Iraq ranked 142 in the Global Prosperity Index for the year 2021 issued by the British Legatum Institute.
The Prosperity Index is an annual ranking developed by the Legatum Institute. The index is based on a variety of factors including wealth, economic growth, quality of life, health, education and personal well-being.
The purpose of the index is to highlight the strengths and weaknesses of countries to identify the economic choices that must be made to continue building inclusive societies, unlocking innovation, and enabling people to achieve prosperity.
The index measures the performance of 167 countries, based on 12 pillars in three basic areas of prosperity, including the comprehensive standards of societies, the investment environment and open economies, and the living, health and educational conditions of people.
In the Arab world, the UAE (41 globally) ranked first, followed by Qatar (46 globally), then Bahrain (56 globally), then Kuwait (58 globally), the Sultanate of Oman (67 globally), then Saudi Arabia (75 globally), while Iraq ranked 142.
At the global level, Denmark came at the top of the list of the most prosperous countries, followed by Norway and Sweden, followed by Finland and Switzerland. Ended 29 / h
https://www.mawazin.net/Details.aspx?jimare=179082
Memoranda Of Understanding Pave The Way For Economic Agreements With Syria
Monday 20 December 2021 348 Baghdad: Mustafa Al-Hashemi The Syrian-Iraqi Forum, which was held on the 12th of this month, under the auspices of the Syrian Minister of Economy and Foreign Trade, Dr. Muhammad Samer Al-Khalil, which was organized by the International Group of Businessmen and Women, in cooperation with the Federation of Chambers of Industry, the Federation of Chambers of Commerce and the Federation of Arab Contractors, announced the signing of preliminary agreements in various economic fields, divided between transport, insurance, industry, exchange of experiences, and tax and customs exemptions.
The Federation of Iraqi Businessmen Abdul Hassan Al-Ziyadi said, "The forum produced good results in the interest of the economy of both Iraq and Syria in the sectors of industry, trade and exchange of experiences, as well as developing the reality of transportation between the two countries, and other important and vital economic aspects."
Al-Ziyadi added to Al-Sabah, "The forum witnessed the signing of memoranda of understanding in preparation for reaching future agreements between an elite group of investors and Syrian and Iraqi businessmen, in important economic aspects, such as a joint cooperation agreement between the International Group of Businessmen and Women in Syria and the Iraqi Industrial Cities Authority to launch a guide Syrian industrial cities Iraqi.”
"A joint cooperation agreement was signed between the aforementioned group and the Federation of Businessmen to set up a mobile Syrian export exhibition in Erbil, in addition to establishing an Iraqi insurance company in Syria, and establishing a Syrian-Iraqi company for agricultural investment and marketing between the two countries in coordination with the Union of Agricultural Societies in Iraq," he added. To “agree to work on the proposal to activate the Syrian-Iraqi Business Council in coordination with the relevant authorities.”
Relationship".
The participants in the event presented a set of recommendations and proposals, after a joint workshop, which was attended by the Director of the Iraqi Industrial Cities Hamid Al-Issawi, and the President of the Iraqi Businessmen Union Ragheb Reda Blibel, along with the President of the Syrian Investment Authority, Madian Diab, and the Director of the Syrian Hassia Industrial Zone, Dr. Bassam Mansour. The importance of exchanging experiences and skills between the two countries and benefiting from common denominators, especially in the areas of training, professional and scientific development, and work to reduce production costs.
Transportation Fees
Al-Zayadi indicated that the recommendations included “examining facilitating the entry of Syrians with experience and competence to Iraq by guaranteeing their work in their companies, as well as ways to reduce the costs of land and sea transport in proportion to the purchasing power of the citizens of the two countries, as well as ways to find a legal formula to reduce fees and taxes imposed between the two countries, or Full or partial exemption.
A member of the Federation of Businessmen stressed the necessity of “reactivating the railway line linking Iraq and Syria, as it is the fastest, safest, and least expensive in transporting passengers and goods alike, in addition to the need to make such forums periodic and preferably multiple with interested people from Arab countries.” other.”
Database
Al-Zayadi continued, “The recommendations emphasized the need to communicate with the Chambers of Industry and Commerce and the Federation of Businessmen in both countries to find a database of companies and owners of commercial and industrial events and distribute it among the participants, with the aim of establishing links and job opportunities and exchanging experiences.”
He concluded his speech by saying, “The participants unanimously agreed on the need to work on forming work teams and follow-up to implement the outputs of the forum and issue periodic reports, including those outputs that have been implemented, in addition to diagnosing obstacles to their implementation.”
It is noteworthy that the event was preceded by a meeting, which was held at the headquarters of the Iraqi Businessmen Union, on the fifth of this month, between the union and a delegation from the International Group of Syrian Businessmen and Women, on the sidelines of the preparation for the conference and exhibition that was held in Syria for the period from 12 to 14 of this month. which was organized by the group mentioned. LINK
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