The Central Bank launches a program of pooled Islamic financing

Economy News – The Central Bank of Iraq announced, on Tuesday, the launch of a program of combined Islamic finance (SIFP) to create opportunities for partnership in financing between Islamic and traditional banks.

The Central Bank said in a statement received by “Al-Iqtisad News”, that it had “presented a monetary approach that combines the methodology of specific monetary policy and the basic conditions for establishing market economies by designing a program for Islamic syndicated finance (SIFP)”.

He added that this is “in an effort to reduce the unemployment rate and reduce the import gap by supporting projects that have a positive impact in raising the rate of growth of GDP.”

The statement stressed that the program “provides opportunities for partnership in financing between Islamic banks and traditional banks by targeting projects of strategic importance.”

He continued that the program “comes at a time when the current economic stage is witnessing a number of challenges in the production and consumption markets.”
The Central has allocated the following link (https://cbi.iq/static/uploads/up/file-158383413570107.pdf) to view the executive controls and basic principles of the consolidated Islamic finance program.

Economy-news.net

Iran’s influence in Iraq is not the same as it was before the assassination of Soleimani

Baghdad / Political thinker, Hassan Al-Alawi revealed that Iran’s influence in Iraq is not the same as it was before the assassination of Quds Force commander Qassem Soleimani.

Al-Alawi said in a press statement that “without an American-Iranian consensus, it is difficult to pass a new Iraqi Prime Minister because of the different circumstances, data and the nature of the conflict between the two parties.”

He added, “After what happened between America and Iran, especially after the killing of Qasim Soleimani, Iran no longer had a major impact (in Iraq), which withdrew over its influence in Iraq, as the Soleimani assassination incident changed many equations in Iraq and the region, and thus things became more complicated even In terms of passing a prime minister. ”

He explained that “the passing of an Iraqi prime minister is linked to external factors; not only internal.”

On the ongoing efforts to return Adel Abdul-Mahdi, Al-Alawi says that “Adel Abdul-Mahdi is not a leader; rather, he is a soldier who commands the matter of the power to which he belongs, but he is neither aggressive nor vengeful and also not bold in making decisions, while we need a bold man in making decisions.” .

Ikhnews.com

Al-Kazemi’s chances of becoming prime minister are back

Mawazine News – After the Prime Minister-designate, Muhammad Tawfiq Allawi, failed to form the interim government, the fortunes of the head of the Iraqi National Intelligence Service, Mustafa al-Kazimi, came again, to take over the presidency of the interim government.

A well-informed political source told Mawazine News that “Al-Kazemi has regained his chances of assuming the presidency of the interim government, after Muhammad Tawfiq Allawi apologized for forming the government.”

He added, “One of the main factors contributing to the rise in Al-Kazimi’s fortunes is that he does not belong to any political party, in addition to enjoying good international relations, in addition to strong relations with many political players in Iraq, especially since he was an active member of the opposition during the era of previous system”.

He stressed, “Al-Kazemi enjoys the support and support of the majority of peaceful demonstrators in the demonstration and sit-in arenas, because of his successes during the tasks he assumed, especially the presidency of the intelligence service,” pointing out that “Al-Kazemi, since he assumed responsibility in the presidency of the Iraqi National Intelligence Service, in June June 2016, he became largely the focus of attention, due to his notable success as a man with a background in journalistic and nonmilitary work. ”

He noted, “Among the successes of Al-Kazemi also, he supervised the efforts of the Iraqi intelligence on the internal and external fronts, and his administration was influential in combating ISIS and removing it from the main Iraqi lands, and he was recently in the spotlight for his role in the killing of Abu Bakr al-Baghdadi, the leader of the terrorist organization”.

Al-Kazemi was born in Baghdad in 1967 and holds a law degree and published a number of books, including a book called “Human Fears”, which was chosen in 2000 by the European Union as the best book written by a political refugee.

Al-Kazemi was in exile because of his opposition to the former regime’s president, Saddam Hussein, and from 2003 to 2010 he led the Iraq Memory Foundation, which was established to document Saddam Hussein’s crimes.

Al-Kazemi also worked as a journalist, and until 2016 he wrote extensively on the necessary reforms in Iraq, before he took over the post of the Iraqi National Intelligence Service.

Mawazin.net

The central bank demands citizens to stop dealing in banknotes

The Central Bank of Iraq called, on Thursday, merchants and citizens to avoid dealing in cash payment as much as possible to prevent the emerging corona virus.

The bank said in a statement received by Shafak News, “We coincided with what our dear country is going through, and as a result of the Central Bank of Iraq following up on international reports that warn of the ability of banknotes to be a carrier medium for viruses.”

The bank called on merchants and citizens to “deal with electronic payment tools (cards, points of sale, mobile wallets) and avoid dealing in cash for the sake of public health.”

Iraq recorded 3 deaths from coronavirus infections, two in Baghdad and one in Sulaymaniyah, out of a total of 38 recorded infections.

The injuries are distributed as follows: 14 Baghdad, 8 Sulaymaniyah, 5 Kirkuk, 4 Najaf, 2 Wasit, 2 Diyala, 1 Maysan, 1 Karbala and 1 Babel.

Alliraqnews.com

BGG ~ Listen folks…

Think about all this for just a sec…

They have had several Shia dominated government’s that were corrupt and not getting anything done for anyone but themselves… (Maliki, Abadi and Mahdi).

They were headed for another Shia dominated government with even less accountability than in the past.

1) The protesters didn’t like this guy.

2) The Kurds didn’t like him.

3) Sadr didn’t like him.

4) The Iraqi President of the Republic, Barham Salih, very nearly resigned over having to “nominate” him in the first place.

There are is a very good chance we just dodged another bullet with the developments of last Sunday.

If he wasn’t the right guy to get this done – he wasn’t the right guy.

Instead of always thinking THIS was some kind of delay…

If these protests continue and we get a real reformer in there, this could still be a huge win for us… especially with Iran getting “blacklisted” like they are.

There will be very little latitude for Iraq to continue doing business with (and selling US Dollars to) a country under such international scrutiny.

The end result? Less Iranian influence and not nearly as much need for the CBI / IQD / currency auctions. The ending of these auctions will likely usher in true currency reform in Iraq.

An agreement between the Communications Commission and the Central Bank to activate the electronic banking system

The Media and Communications Commission discussed with the Central Bank of Iraq, on Wednesday, a memorandum of understanding on the basis of which the system will develop the electronic bank and provide technical consultations within the projects of the Dom 2025 strategic initiative.

The authority stated in a statement received by Mawazine News, a copy of it, that “the authority, in the presence of the head of the executive branch Ali Nasser Al-Khuwaildi, member of the Board of Trustees Salem Mashkour, technical assistant, directors of the video and audio regulation department, the comprehensive service department and the communications regulation department, discussed with the governor of the Central Bank Ali Al-Alaq and members From the Board of Directors, the Dom 2025 strategic initiative has set among its priorities the development of the financial and banking sector and the contribution to the transition towards digital financial trading, as well as training and development programs for technical cadres with the assistance of the International Telecommunication Union.

Al-Khuwaildi said, “The commission is keen to communicate with all institutions and the central bank, foremost of which is the basic pillar of the state.” Al-Khuwaildi suggested “forming a joint team that takes it upon itself to develop a memorandum of understanding between the authority and the central bank to implement strategic technological programs that could benefit the rest of the sectors, such as agriculture, the economy, health, education, and education.”

For his part, Al-Alaq stressed that “the economic and financial aspect is the most challenging in Iraq, and the electronic banking transformation will contribute to its growth, especially with the presence of 70 private banks and hundreds of exchange companies,” expressing “welcome to the initiative of the commission to hold a memorandum of understanding for joint cooperation in implementing vital programs On the level of Iraq.”

In turn, the Board member of the Board of Trustees, Salem Mashkour, referred to “the importance of the media in disseminating electronic banking awareness and dealing with the media in a transparent manner to establish a solid banking culture in a clear way away from ambiguity”, calling the central bank to “sponsoring media campaigns aimed at spreading economic awareness and the importance of technology in developing”.

The statement pointed out that “the first items of the memorandum of understanding were also discussed, which included developing programs and applications for the banking and financial transfer system and training cadres to manage them, in addition to technological projects to support other sectors and state institutions in general. The agreement also included the establishment of projects in rural and remote areas represented in the delivery Communications services, building schools, hospitals and other service projects.

Mawazin.net

The blocs supporting Allawi reject any candidate … One option is to stay on the “voluntary absence” scenario

A political source revealed that the blocs supporting Muhammad Allawi reject any candidate for prime minister, while noting that one of the options is to stay on the “voluntary absence” scenario.

The source said that “there is difficulty out of a crisis of personal assignment to the Prime Minister and to put forward a candidate who has support and who can obtain the confidence of Parliament”, indicating that “President Barham Salih tried, through yesterday’s dialogues, to explore points of view, especially for alliances that supported Allawi, It turned out that it was heading towards rejecting any candidate proposed by the forces that were refusing to assign Allawi, in a clear personalization of the file of government formation.

He added that “one of the options is to maintain the caretaker government, that is (the scenario of voluntary absence), and to prevent the selection of any alternative candidate, meaning that the situation remains as it is until early elections are held,” noting that “that is what many political blocs oppose, finding it an option.” It is in the interest of continued corruption, the rule of arms in the country, and the weakness of the rule of law.

Yesterday, Prime Minister-designate Muhammad Allawi announced his apology for the formation of the government, while noting that “some political parties are not serious about reform and put obstacles in the way of the birth of the government.”

While the President of the Republic, Barham Salih , announced the start of his consultations to choose an alternative candidate for Allawi within 15 days, and thanked Allawi for his efforts and his position by apologizing for the assignment

Alsumaria.tv

Barzani thanks the Kurdish political forces for their position on granting confidence or not

The President of the Kurdistan Democratic Party, Masoud Barzani, on Monday thanked the Kurdish political forces, which united their ranks about granting confidence or not to the new Iraqi government, “despite their differing views.”

Barzani said, in a message he sent to the public opinion in Iraq and the Kurdistan region, which was reviewed by Alsumaria News, “I would like to express my thanks and appreciation to all the Kurdish political forces that have united their ranks and their position in terms of giving confidence or not to the new Iraqi government despite differing views,” noting “The crystallization of this unified position is a historical gain and a matter of appreciation to the people of Kurdistan.”

In parallel, the face of Barzani, “thanked the Iraqi national political forces that prevented the correct logical positions deepening and increasing crises in Iraq and slide toward disaster.” He said that “those positions in recognition of the principles of democracy, and taking into account the demands of the Iraqi components, and an amendment to the path of the political process, now stands Iraq in front of a new stage, could be the opportunity to achieve the legitimate demands of the demonstrators, securing ground appropriate comprehensive national consensus, and ensure convergence between all parties

Alsumaria.tv

Iraq power vacuum as political crisis hits PM post

Iraq’s caretaker prime minister will begin a “voluntary absence” after parliament failed to approve his designated successor’s cabinet.

Adel Abdul Mahdi said he would no longer carry out most of his official duties and urged lawmakers to call early elections in December.

On Sunday, Mohammed Allawi withdrew his nomination for the premiership.

He said political parties were not serious about implementing the reforms promised to anti-government protesters.

President Barham Saleh said he would propose another prime minister within 15 days, in line with the constitution.

It has been five months since Iraqis began taking to the streets of Baghdad and many southern cities to express their anger at endemic corruption, high unemployment, dire public services and foreign interference in the oil-rich country.

More than 450 unarmed protesters have been shot dead by security forces and unidentified gunmen during the unrest. Thousands of others have been injured.

Mr Allawi was named as prime minister-designate in February, ending two months of deadlock in parliament following the resignation of Mr Abdul Mahdi.

On Sunday night, after parliament failed for a second time in a week to hold a vote on his proposed cabinet, the former communications minister announced that he was withdrawing his nomination.

“I tried by all possible means to save Iraq from drifting to the unknown and to solve the current crisis, but during negotiations I faced many matters,” he said.

“The choice was simple and clear, which was to stand with my patient people, especially when I saw that some political groups were not serious about reform and their promises to the people,” he added, without naming any parties. “They put in place obstacles [to prevent] the formation of an independent government.”

The powerful populist Shia Muslim cleric Moqtada Sadr said Mr Allawi had taken the decision “for the love of Iraq”, and accused “corrupt” politicians of “holding the country hostage”.

But protesters in Baghdad’s Tahrir Square, who had rejected Mr Allawi as the choice of the political establishment they want to sweep away in its entirety, celebrated the announcement.

“We hope that the president will nominate an acceptable candidate whom everyone on the streets of Iraq can agree on,” one young man told Reuters news agency.

“The Iraqi street is angry. The candidate should not come through the will of parties, the corrupt parties which we want to remove,” he added.

On Monday evening, Mr Abdul Mahdi said he had decided not to quit as caretaker prime minister, which he had threatened to do.

“The most dangerous thing that we currently face is the prospect of a constitutional and administrative vacuum,” he said in a statement.

But Mr Abdul Mahdi warned that he would stop carrying out most official duties – including chairing cabinet meetings, signing documents, and meeting foreign dignitaries – to put pressure on parliament to finalize new electoral legislation, dissolve itself and call early elections.

He said he was acting in line with the due legal and constitutional provisions.

BBC.com

Iraqi PM-designate Allawi resigns due to ‘political pressure’

ERBIL, Kurdistan Region – Iraqi Prime Minister-designate Mohammed Tafwiq Allawi has submitted his resignation following his inability to secure parliamentary approval to form a cabinet, according to Iraqi state TV.

“As a sign of respect to the confidence that I was given when I was appointed to form the government, I promised that I would resign if I face any political pressure, because I had promised that I would form an independent government, devoid of political party representatives,” Allawi in a televised speech early on March 2.

Under the Iraqi constitution, he had until the 2nd to form a cabinet.

The Iraqi parliament initially conducted an emergency session on Thursday to vote on Allawi’s cabinet, but did not reach quorum and the vote was postponed to Saturday, and then rescheduled to Sunday.

“If I had ever compromised on my promises, I would have now been the prime minister, but I did not do it,” Allawi said.

“There are some political parties who are not being serious and all they think of is the own interests,” he said. “During the talks, some sides were speaking only of their own interests.”

He did not specifically target or hint at any sides.

“I am calling on the Mr. President [Barham Salih] to accept my apology that I cannot carry out the responsibility I was given,” he added.

He said he did his best to resolve the existing problems gripping Iraq, most notably corruption.

In parts of his speech, he called on the protests to continue.

“I hope the peaceful protests continue so the sacrifices you have made will not go wasted and here I am joining you. I will not compromise,” he added.

The Kurdistan Regional Government’s (KRG) delegation in Baghdad had earlier reached a deal with opposition parties to try and prevent Allawi from forming his cabinet.

Just 120 MPs turned up to last week’s session in Baghdad – shy of the 165 needed to meet quorum. Kurdish and Sunni parties seem to have deliberately avoided the session, alongside some Shiites, because they fear that Allawi intended to exclude their choice of candidates from power.

Caretaker PM Adil Abdul-Mahdi resigned in the face of widespread protests in Iraq’s southern and central provinces. The protests have raged since October 1, 2019, with Iraqis demanding the removal of the post-2003 political elite, an overhaul of the political system, and early elections.

Allawi- appointed as Abdul-Mahdi’s successor- was given a free hand by Shiite parties to choose an independent cabinet on the condition that Kurds and Sunnis grant him the same freedom. His insistence to appoint candidates himself, however, caused tensions with Kurdish representatives.

Rudaw.net