May 2-3rd : A senior Iraqi delegation partook in the Global Forum of the General Council of Islamic Banks and Financial Institutions. Present at the event were Mr. Ali Alaq, the Governor of the Central Bank of Iraq, the Iraqi Private Banks League, represented by the Chairman of its Board Mr. Wadee Al Handal along with several leaders from the banking fraternity.
The General Council is an international Organization of Islamic cooperation founded in Bahrain in 2011. It strives to protect the Islamic financial industry sector. The forum was launched under the auspices “The new face of financial services, problems, opportunities and renewed challenges”. The agenda at the forum included topics such as Islamic finance, the development of the traditional financial industry sector and upgrading Islamic finance.
In the opening sessions, members representing the Islamic banks worldwide, emphasized the immense development witnessed by the Islamic banking industry over the past several years, with an expectation that Islamic banking will reach four trillion dollars in 2020.
The delegates addressed the need of Islamic banking and praised the role of Islamic banking as a tool to drive the economies of less fortunate countries and their role in reducing poverty, hence providing greater stability for those with limited income. Also reviewed was digital finance, that represents a major technological revolution, with a major impact on financial services and the threat it poses to traditional financial services.