Economie| 12:33 – 09/20/2022
Baghdad – Mawazine News
The Iraq Stock Exchange announced, today, Tuesday, the creation of an electronic portfolio to organize trading and encourage investment.
A statement to the market stated, “Based on the work plans of the Securities Commission and the Iraq Stock Exchange – for the year 2022, the Iraq Stock Exchange and Elaf Islamic Bank signed a license contract (Al-Hafiz Al-Amin) after the bank completed the requirements of the instructions of the Custodian, the most important of which is obtaining the approval of the Central Bank of Iraq and obtaining the approval of the Securities Commission. The Ministry of Finance and the Board of Governors of the Iraq Stock Exchange, preparing the headquarters and staff of the Custodian of the Two Holy Mosques, passing training, and creating a back office system to manage the tasks set forth in the instructions from the outputs of market and bank systems.”
The statement explained, “The tasks of (the Custodian) include contracting with investors wishing to receive the following services: opening an account for securities for each investor, keeping the securities, notifying the investor of all decisions and actions taken by joint stock companies related to the rights associated with his securities, and notifying the investor of all The operations and transfers that took place on his account within a working day, in accordance with the notification method agreed upon between them, and providing the investor with a detailed monthly account statement showing all the transactions and transfers that took place in his account, with a statement of his current balance of securities or cash.
He added, “This step is considered positive, as it works to attract Iraqi, Arab and foreign investors from outside Iraq, organize the mechanisms of capital movement in accordance with the mechanisms and rules of the banking system, organize the affairs of Iraqi and foreign investors who desire the type of services provided by the trustworthy custodian that is recognized in the Arab and international financial markets, and organize the The relationship with foreign banks in directing the funds prepared for investment in the shares of Iraqi joint stock companies,” noting that “there will be licenses for other Iraqi banks very soon to expand the required structure for the base of services required – for the trustworthy custodian – for the same goals and tasks that it performs – set out in the instructions above.” Ended 29/N33