The Association of Iraqi Private Banks participates in the conciliation meeting between the states of Qatar and Iraq

part of the audiencebanks

Economy News – Baghdad

Today, Tuesday, the conciliation meeting between the State of Qatar and Iraq was held in the capital, Baghdad, in the presence of the Deputy Governor of the Central Bank, Dr. Ammar Hamad, Vice President of the Association of Private Banks Tamkeen Abdul Sarhan, Deputy Executive Director of the Association Ahmed Al-Hashemi, in addition to the Minister of Environment Jassem Al-Falahi and Qatari Ambassador Khalid bin Hamad Al Sulaiti and a number of Qatari companies.

Deputy Executive Director Ahmed Al-Hashemi said in his speech during the meeting, “We look forward to strengthening cooperation and economic partnership between the two countries,” noting that the Iraqi banking sector, under the supervision of the Central Bank, is making great strides in growth and services during the current period, if today there are more than 70 private banks spread in It implements international laws and instructions and provides services to most citizens, so there are currently more than 5 million active bank accounts.”

He stressed that the opening of bank accounts is growing by 44% annually, and bank deposits amounted to about 85 trillion dinars, or 57 billion dollars, and the volume of lending rose to 50 trillion dinars, as banks worked to enhance economic stability despite the great challenges facing the Iraqi economy due to the outbreak of the Corona virus and the decline in oil revenues. On which the budget depends by 93%. .

He added that the steps of development, in cooperation with the Central Bank and the Association of Banks, contributed to improving the performance of most banks and was the subject of good governance and management, as well as training and qualification of human resources. direct structural and contributed to achieving sustainable development 

In turn, Minister of Environment Jassem Al-Falahi said, in his speech during the meeting, “I extend my sincere thanks and gratitude for this generous invitation to attend the opening ceremony of the Qatari-Iraqi consensus meetings. I welcome you and on behalf of Prime Minister Mustafa Al-Kazemi to our brothers from Qatar in their second country, and we appreciate the efforts and insistence on work and communication despite The effects of the Corona pandemic and its negative repercussions on all areas of life, especially in the economic aspects.

He added, “Based on Arab and Galilean brotherhood and the common interests between the two countries, we gather here today to strengthen economic, cultural and industrial cooperation between the two brotherly countries.”

Al-Falahi valued “the role of the sisterly State of Qatar in the region, which seeks to achieve the goals of sustainable development.”

In addition, the Qatari ambassador to Iraq, Khalid bin Hamad Al-Sulaiti, said on the sidelines of his participation in the meeting, which was attended by “Al-Iqtisad News”, “Today we translate the State of Qatar’s keenness on the future and stability of the sisterly Republic of Iraq, and we actually comply and say to His Highness, the Emir of the State of Qatar, Sheikh Tamim bin Hamad Al Thani, of the necessity of Iraq’s restoration of its leading position and the consolidation of its national sovereignty by building state institutions and supporting the pillars of security and stability, in which the economy is a central pillar.

He added: “In addition to writing, culture and the arts, humanity in this Arab land has known trade since the dawn of history,” noting that “today we are inspired by this history to galvanize our enthusiasm and build new trade and economic horizons that link our promising present to the future.”

Al-Sulaiti indicated that “we hope that these bilateral meetings will be the beginning of a series of new commercial steps through which the State of Qatar will be able to support the Iraqi brothers in various strategic areas.”

And the ambassador added, “Since I have been the ambassador of the State of Qatar in the Republic of Iraq, I have not known of this good country and the hospitable people except for all the best and keenness on advancing their country to the ranks of the major countries.”

He concluded his speech by saying: “We appreciate the efforts of everyone who were keen to organize and make this bilateral economic initiative a success between the two countries.”


Deputy Secretary-General of the Council of Ministers discusses with the World Bank the indicator of improving the business environment

Economie| 10:44 – 07/09/2021


Baghdad – Mawazine News

Deputy Secretary-General of the Council of Ministers, Farhad Nematullah Hussein, discussed with representatives of the World Bank in Iraq indicators of improving the business environment.
A statement by the General Secretariat of the Council of Ministers received by Mawazine News stated that “the Deputy Secretary-General of the Council of Ministers, Farhad Nematullah Hussein, chaired the second periodic meeting of the Diwaniyah Order Committee (52 for the year 2021), which is concerned with following up on reforms and addressing indicators for evaluating the business environment in Iraq that were reported by the World Bank. In his annual report, by improving the regulatory environment for the private sector and its workers, as one of the basic items in achieving economic growth and motivating young people to engage in the local labor market and shift towards the private sector.
The representative of the World Bank indicated, according to the statement, that “the Bank is a key partner in supporting Iraq’s aspirations to improve the business environment and implement strategic plans and programs to achieve economic growth, in implementation of Iraq’s commitment to the terms of the white paper approved by the government earlier in this regard.”
He added, “The meeting, which was held in the building of the General Secretariat of the Council of Ministers, dealt with the annual assessment prepared by the World Bank on doing business according to the axes (obtaining credit, settling price cases, enforcing government contracts, and protecting investors with the lowest percentage).”
It is reported that the matter committee Al-Diwani (52 for the year 2021) includes in its membership representatives of the relevant authorities from the Supreme Judicial Council and the State, and the ministries (Foreign Affairs, Commerce, Higher Education and Scientific Research, as well as the Central Bank of Iraq).

Moody’s expects to issue $200 billion in Islamic bonds in 2021

Moody's expects to issue $200 billion in Islamic bonds in 2021

Moody’s credit rating agency September 07, 2021 3:58 PM

Mubasher: Moody’s credit rating agency attributed the decline in sukuk issuance in the Gulf Cooperation Council countries in the first half of 2021 to high oil prices, noting that sukuk issuance activity will maintain its long-term growth trend.null

And it added in a report published today, Tuesday, that despite the strong performance during the first six months of the year, sukuk issuance activity will be strengthened in 2021 after the record growth it achieved in 2020.

 Moody’s indicated that new market entrants and low penetration will support growth in the long term.

Acting Vice President and Senior Analyst Ashraf Madani said sukuk issuance will stabilize or decrease somewhat this year, as higher oil prices reduce the sovereign financing needs of the Gulf Cooperation Council countries.

He expected the total short- and long-term sukuk issuances to reach between $190 billion and $200 billion in 2021, after hitting a record level of $205 billion in 2020.

The agency’s vice president and author of the report revealed that improving economic conditions and higher financing needs will support sukuk issuance activity in Southeast Asia, and Indonesia will continue to lead global sukuk issuance through issuances primarily in local currency.

The agency believes that the sukuk market will maintain its long-term growth trend, supported by new market entrants, low penetration and new innovative Islamic products such as green and sustainable sukuk .

Al-Kazemi confirms that he has reached full readiness to hold the elections

political| 06:44 – 07/09/2021


Baghdad – Mawazine News
, Prime Minister Mustafa Al-Kazemi confirmed that he has reached full readiness to hold the parliamentary elections next October.
During the cabinet session held today, Al-Kazemi stressed the importance of integrative work between state institutions; In order to achieve the desired goals and push the wheel of development forward, in a way that contributes to the upgrading of the country and its repercussions on the lives of citizens.
He indicated that “full readiness has been reached with regard to holding the elections next October, after the government fulfilled its obligations and completed all the requirements of the technical and security electoral process,” calling on political forces and social activities to push towards urging citizens to participate broadly in the elections. NS

A government advisor talks about the benefits of the sovereign wealth fund

political| 07:30 – 07/09/2021


Baghdad – Mawazine News
, Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, confirmed, on Tuesday, that the establishment of a sovereign wealth fund will maximize crude oil export revenues instead of consuming them in unproductive budgets.
Saleh told the official news agency, “Sovereign wealth funds have been established and built in the world for at least six decades and are built on the fact that the returns from the resources of the producing and exporting countries of raw materials as financial surpluses have become an important part of the capital wealth that can be invested, maximized and continuously increasing instead of consuming it with large operating budgets. Mostly unproductive annual budgets.
He added, “
And Saleh added, “Accordingly, and in order to serve the current capital assets resulting from the revenues of raw materials, including oil wealth, the majority of the world’s oil-producing countries in particular have established sovereign investment funds from their surpluses from oil revenues and employed them as capital in various investment assets, whether financial or real. and generating income for the capital to grow as a growing wealth for the benefit of the people.”
And he indicated that “the multiplied returns in the form of income will accumulate within the investment of the resources of these sovereign funds in the form of an expanding capital wealth, for the sovereign fund is an investment fund by its nature, and thus the sovereign fund goes to a lofty goal, which is to maximize the nation’s depleted resources for the benefit of sustainable development goals through the continuation of economic prosperity between generations.” .
Saleh concluded that “the current generation should provide supplies for sustainable welfare for the next generation and according to the best investment practices for the assets that will be included in the sovereign investment portfolio and within the framework of the sovereign wealth fund itself, and the Sovereign Wealth Fund is often managed by the executive authority as a direct sovereign and in cooperation between the two financial authorities The country’s monetary policy is monitored, and the performance of the sovereign fund is monitored by the legislators in the House of Representatives within the rules and regulations of the country’s legislative oversight. Ended 29/R77

Deputy Governor of the Central Bank speaks to Shafaq News Agency about housing loans and their benefits

economybreakingCentral Bank of Iraqhousing loans 2021-09-07 10:27A-AA+

Shafaq News/ The Deputy Governor of the Central Bank of Iraq, Ihsan al-Yasiri, confirmed today, Tuesday, the launch of loans worth 5 trillion dinars to address the housing crisis in Iraq, while noting that the disbursement of soft loans to citizens is without interest. 

Al-Yasiri told Shafaq News Agency, “The Central Bank launched an initiative of five trillion dinars earlier to support and address the housing crisis in Iraq,” noting that “the housing initiative is through the real estate bank to purchase housing units in the complexes or outside it, while the housing fund initiative is to finance construction requests.” housing units by citizens. 

He added that “the housing initiative is one of the most successful initiatives that will contribute to addressing housing in Iraq,” noting that “the housing initiative is through the Real Estate Bank and the Housing Fund without interest, and what is taken from citizens is just a simple commission and the payment period for a long period of up to 20 years.” 

The Deputy Governor of the Central Bank pointed out that “there are other initiatives by the bank for the industrial and commercial sector.”

Al-Kazemi inaugurates the Martyrs’ Monument: We will not sleep with our eyes until the last terrorist is eliminated

political| 02:01 – 07/09/2021


Baghdad – Mawazine News,
Prime Minister and Commander in Chief of the Armed Forces, Mustafa Al-Kazemi, inaugurated the memorial to the martyrs of the Counter-Terrorism Service.
Al-Kazemi said during his inauguration of the memorial: “We are inaugurating this pure Iraqi artwork (the Martyrs’ Monument), in remembrance, memorial and loyalty to the memory of the heroic martyrs of the Counter-Terrorism Service and in gratitude for their epics.”
He added, “We record our pride as Iraqis in each of the names of the heroic martyrs, without their sacrifices, we would not have stood here.”
He continued: “Our martyrs are the pride of Iraq, and from this place, and in front of their manuscript names, we promise them that their sacrifices will not be in vain, and that their families and children are in our custody.”
He added: “
Al-Kazemi continued: “A few hours ago, your heroic colleagues in the Counter-Terrorism Service managed to kill an entire terrorist detachment in Kirkuk that tried to attack your pieces,” stressing: “We will not close our eyes, and we will not sleep until the last terrorist in Iraq is eliminated.”
He concluded by saying: “With the words of the blessed Surat Al-Fatihah, in order to have mercy on these pure souls, we say to the Iraqis: Rest assured, for you have among your sons soldiers who are loyal, whose souls are granted concessions without you, and for the sake of Iraq.” Ended 29/A43

Iraqi-Qatari Economic Forum in Baghdad

Babylon HotelReconstruction and building

Economy News – Baghdad 

Today, the Iraqi-Qatari Companies Forum is being held in Baghdad, with the high participation of the two countries. 

A source told Al-Iqtisad News, “Today, the Iraqi-Qatari Companies Forum is being held in Baghdad at the Babel Hotel, which includes major manufacturers in Qatar in addition to high-level personalities from Iraq.” 

He added that the forum aims to develop economic and trade relations between the two countries. 

The Emir of Qatar, Sheikh Tamim bin Hamad Al-Thani, visited Iraq last month, to participate in the Baghdad Conference on Partnership and Cooperation.

Harb: A legal article that ended the controversy over the most numerous parliamentary bloc that makes up the government



Baghdad / Al-Mawrid News

The legal expert, Tariq Harb, confirmed today, Tuesday, that Article 45 of the House of Representatives Elections Law No. 9 of 2020, which is applicable to the current elections, has ended the controversy over determining the most numerous parliamentary bloc  assigned by the President of the Republic to form the new government.

Harb said, it is as follows:-

1- This article prevented the transition and authorized the coalition, as the transition means an increase in the number of members of one of the blocs so that the number of its members exceeds the number of members of  the most numerous bloc according to the electoral lists received from the Supreme Court when the electoral results are approved, as happened in the 2010 elections, if Iyad Allawi’s bloc was 91 members, which is more numerous than the Maliki bloc, which was 89 members, but the failure to prevent the door to move between the deputies led to the transfer of more than twenty deputies to the Maliki bloc, so that it became more numerous than the Allawi bloc, so al-Maliki was assigned to form the government and this case, i.e. the transition, was prohibited by Article 45 of the law The current elections, therefore, will not happen in the case that happened in 2010 because it prevented the transfer of representatives, and therefore the blocs remain prepared as they were received after approval by the Supreme Court without any increase or decrease under the dome of Parliament through the transition.

2- The aforementioned Article (45) corresponds to Article (76) of the Constitution, as it specified the most numerous parliamentary bloc, which the President of the Republic must assign its candidate to form the government. Only one bloc is more numerous  after the ratification  and under the dome of Parliament as long as it prevented the transfer of deputies and thus the blocs remain prepared as they appeared in the electoral results and were ratified by the Supreme Court.

3- The aforementioned Article (45) prevented the transition and opened the door to the coalition, and this is correct. The transition means an increase in the number of the bloc’s members, but the coalition does not lead to an increase, and we also need the coalition to complete the required number of members, i.e. the majority of half to vote in favor of the parliamentary bloc’s most numerous candidate.

Harb indicated that the following example illustrates the situation:

For example, if the Sairoon bloc obtained (100) deputies according to the lists approved by the court, the number of Sairoon members cannot become more than (100), because Article (45) prevented the deputies from moving, but this article did not prevent the coalition with deputies or other blocs, in our example Sairoon needs to form a coalition with  (65) deputies in order to vote with him  to form the government, given that this number is more than half of the parliament’s members. Or an interpretation of the clarity of the aforementioned Article (45) and does not require an opinion or judgment from the Supreme Court, because it is easy to know the most numerous bloc.

Harb concluded by saying that, to complete the benefit, we shall quote the text of Article (45) of the House of Representatives Elections Law No. 9 of 2020: – It is not permissible for any deputy, party, or bloc registered within an open list that won the elections to move to a coalition, party, bloc, or other list until after Forming the government immediately after the elections, without prejudice to the right of open or individual lists before the elections are held from the coalition with other lists after the elections.

A high-ranking EU official arrives in Erbil

KurdistanErbilbreakingAccesssenior european official 2021-09-07 06:17A-AA+

Shafaq News/ The representative of the European Union for Foreign Affairs and Security Policy Josep Borrell arrived today, Tuesday, in Erbil, the capital of Kurdistan Region.

Shafaq News Agency correspondent said that the official of the Department of Foreign Relations in the region, Sven Dizi, and a number of government officials received Borrell and his accompanying delegation at Erbil International Airport.

He added that the European Union envoy will meet the President of Kurdistan Region, Nechirvan Barzani, and then he will meet with Kurdish leader Massoud Barzani, and the President of the Regional Government, Masrour Barzani.

On Monday, Borrell arrived in Baghdad and met with Iraqi Foreign Minister Fouad Hussein.

The two sides held a press conference in which they stressed, among other things, the importance of activating the cooperation and partnership agreement between Iraq and the European Union and its sub-committees, and the importance of developing relations with the European Union in various fields.