CBI: Growing importance of Islamic finance in Iraq

INA - BAGHDAD

The Central Bank of Iraq - CBI stressed on Tuesday, the increasing importance of Islamic finance in Iraq.

“CBI hosted a technical workshop on governance and compliance in Islamic banks and financial institutions, which was organized by the General Council of Islamic Banks and Financial Institutions," according to a statement by CBI, received by the Iraqi News Agency - INA.
 
The workshop was attended by representatives of banks, Islamic financial institutions, regulatory bodies, supervisory authorities, and international organizations.

They discussed "governance and compliance in banks and Islamic financial institutions, supervisory methodologies for continuity and development after crises, challenges of governance and compliance in Islamic finance, as well as risk management practices."

"During the workshop, the work program was carefully designed to integrate theoretical frameworks with practical applications in the field of governance, compliance, and risk management to ensure maximum benefit for participants," included in the statement.

CBI Deputy Governor, Ammar Hamad Khalaf, stressed that “the success of the workshop emphasizes the growing importance of Islamic finance in Iraq, and hosting this workshop reflects our fruitful cooperation with the General Council to encourage best practices for governance and compliance within Islamic financial institutions in Iraq.”

In turn, the Secretary-General of the General Council, Abdul-Ilah Belatiq, said, “Through this distinguished initiative, we reflect the joint commitment between the General Council and CBI in developing the principles of governance and compliance in the Islamic financial industry, looking forward to more cooperation and constructive work to strengthen and develop the Islamic financial industry in the region."