Memorandum of Cooperation for the construction of an effective banking sector

1/26/2016 0:00

BAGHDAD - Hussein al-Tamimi Tgb
Cooperation began a new phase of cooperation with the Arab banks that have come to rely best technologies and provide advanced products, Iraq desperately need to create an attractive environment for foreign investment and their capital and use it to Iraq.

President of the Iraqi private banks association meek Handal said during a speech during the signing of the cooperation memorandum collected Association of the Union of Arab Banks, it is the first of its kind initiative in the history of Iraqi banks, returned them the turning point of a new stage in the history of local banks aimed at creating a sophisticated banking sector, pointing to be directed Arab Union came after he realized the importance of Iraq on the regional and international arena economy, revealing the preparation of the Forum on Economic Information in cooperation with the Iraqi Journalists Syndicate, which aims to take a leading role in the media dealt with in a professional economic events.

Capacity Development

He added that the Iraqi private banks association is working to develop the work of private banks operating in Iraq in terms of infrastructure and working methods and human capacity offshore banking relations as the Union of Arab Banks has expertise in the support and development banks in the Arab region and to facilitate the exchange of information and the dissemination of knowledge and the establishment of forums and conferences, pointing to the desire of both parties to cooperate in order to support the Iraqi banking business.

Handal said that the note included the cooperation agreed upon aimed at coordination and communication between the two parties in terms of possibilities and general trends relating to banking work in Iraq, and the exchange of specialized through the training of the Iraqi banking sector, capacity building and holding specialized conferences inside Iraq experiences, or in one of the Arab countries (that The agreement on the choice of the appropriate country to host the event) with study each case individually and will be agreed on a mechanism, all as required by each activity, as well as to contribute to the coordination and support the activities of the Union of Arab Banks.

Association of Banks

In turn called Sam Fattouh, secretary general of the Union of Arab Banks to change the Iraqi private banks association to association of private and public banks in order to devote the content of the partnership first and then join up with international banks, revealing the preparation of the investment in the coming period attended by Arab investors to see offers in Iraq .

Fattouh said that the EU is committed to its mission for training Iraqi human resources in more than one joint or banking product under the supervision of international experts, pointing to the Union's commitment to the methodology of training prepared in advance through several training courses which gives the apprentice training certificate.

Opening up to the Arab Banks

Ali Tariq Executive Director of the Association said that cooperation with the Union of Arab Banks is the gate real openness to the Arab and regional banks, which have sophisticated systems and banking technologies, pointing to the possibility of achieving cooperation between the parties to the similarity of the work environment process, confirming the feasibility of this agreement with the Union, which is older than ( 40) years and has the competencies has empowered international experience of all advanced banking systems.

He noted that the EU work on the development of banking systems in many Arab countries, and look forward to contribute to capacity building and cooperation in the field of organizing workshops in the field of banking technology and there will be a qualitative addition to the banking sector.

Tariq pointed out that attracting investments requires the presence of a strong banking sector is able to manage the money that employ in the investment process, and our ambition to create a sophisticated banking products chime and investment requirements, which represents an important part of the attractive environment.

International Arbitration

He said that the note included the agreement to hold some of the activities of the Forum or bank meetings inside Iraq, and to provide the Association as required from private banks ASEAN member information after studying the condition mentioned Union name as a reference for this information, and the exchange of invitations to conferences and events for both parties, also offers Association Support in the field of international arbitration in case of disputes or requested by the Union in matters relating to Iraq, specifically, as well as the exchange of information on technological development and the means of modern banking services.

For his part, Vice President of the Association Ali tempted: that this step comes to be Iraqi banks closer to the Arab banks, pointing out that the volume of work in Iraq, large and needs to be advanced banking services capable of dealing with large numbers, especially as the size of the great work and in all regions of Iraq and this needs to be horizontal expansion of the banking sector advanced technologies for work that meets the needs of all beneficiaries.

He pointed out that the memorandum focused on the possibility that the EU provides training, scientific and media activity in the success of the Association decided to work on it in Iraq, provided that the benefit of the two parties after examining each case individually and in agreement advance logistical and financial.