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Governor of the Central Bank of Lebanon and the Governor of the Central Bank of Iraq inaugurate the work of "banking Iraq Forum" in Beirut safety: we will organize the private sector debt and we call electronic platform
9/16/2015
Antrzah- Lebanon's Central Bank Governor Riad Salameh revealed that "in the process of mainstream version of the regulation of the private sector debt with the participation of the Banking Control Commission to deal with the challenges of the stage", declaring "the introduction of new incentives to the basket for the year 2016 billion-dollar may rise to 1.5 billion," also referred to the "near the start of an electronic platform for trading stocks and contracts." "It will be the Banque du Liban initiatives to encourage confidence in the existence of stable benefits in spite of the expected release of" Standard & Poor's "Lebanon's rating from stable to negative."
The Governor of the Central Bank of Iraq on the Keywords referring to the proposal of the Rafidain and Rasheed privatization of the two possessing 80 percent of the total Iraqi banking sector, and announced that "Iraq and by virtue of the size of these two banks, intends to attract contributions from foreign banks, and this is very important."
It opened the "Forum Iraq banking" work today in Beirut in the presence of a large number of Lebanese and Iraqi bankers and business leaders, heads of companies, international organizations and banking experts and the media, in the presence of about 400 participants from Arab and foreign countries.
And it regulates the forum "Economy and Business Group" and the Central Bank of Iraq, in collaboration with the Central Bank of Lebanon and the Association of Iraqi private banks and the Association of Banks in Lebanon. And continue the work of the forum over two days in the "Phoenicia Intercontinental", followed by specialized workshops Hotel.
Safety: safety and delivered a speech at the occasion, stressed in its debut at the "decline in growth on a global level and its impact on funding outside of Europe and the United States." He stressed "the importance of a regional grouping of banks relationships, and the need to use local currencies." He said that the Central Bank of Lebanon to consider the importance of dealing with Iraq, especially the Iraqi Central Bank to coordinate risk and to achieve transparency and the fight against money laundering and exchange of experiences and activating the payment systems in local currencies between the two countries.
He stressed that "the Lebanese pound stable and traded lower than the prices at the intervention of the Central Bank of Lebanon," and focused on the record for the reserves of the Central Bank, he said, "will be the Banque du Liban initiatives to encourage confidence in the existence of stable benefits in spite of the expected release of" Standard & Poor's "Lebanon's rating from stable to negative. " He pointed out that "deposits rose 7 percent annual rate, while the solvency by 12 percent higher," expected to solvency rate between 2015 and 2018 have increased by 15 percent, "This is necessary to maintain the trust and the natural dealing with global banking."
Salameh said: I will not testify in 2015 parallel to the growth of 2014, and growth will be close to zero. So we introduced a package of incentives will include a $ Advances billion and up to $ 1.5 billion in 2016 and will be an interest rate at one percent limits. It includes lending banks for the sectors of housing, small and medium enterprises, and projects of alternative energy, and the environment, and university education, and others, note that the number of debtors increased between 1993 and 2015, from 70 thousand to 700 thousand, and this act is useful for the banking sector and economic growth. He pointed out that "the housing sector has a special for being a locomotive of growth of the importance of, and the resulting credit packages so far more than 100 thousand residential loan financing."
So safety declared that "the Central Bank of Lebanon issued a circular to regulate the debt with the private sector in a responsible manner and with the participation of the Banking Control Commission in order to overcome the challenges of the stage, and we look forward positively to the 331 circular issued by the Central Bank of Lebanon to support the knowledge-based economy. The Financial Markets Authority will launch an electronic trading platform, We will give one license to the private sector to manage the platform where they will be trading stocks, bonds and commodities, including gold, currency speculation and sell successful emerging institutions. Being electronic platform will be in touch with world markets, and our goal access to Lebanese expatriates and others. "
Finally he goes to Lebanon in difficult conditions, but the Lebanese have not given up, and will not give up.
Keywords: Keywords As he said: Due to the depth of the relationship between Iraq and Lebanon, held the second forum of the Iraqi banking - in the Lebanese capital, Beirut, and come in a priority this relationship increase and deepen cooperation between the banking and financial sectors in both countries. Among the objectives of this forum to discuss the economic landscape and banking, and means to address the challenges, and provide future opportunities, as well as a survey of both the Central Bank and the Central Bank of Iraq with their respective monetary policy strategy, aimed at achieving economic, financial and banking development through activating and developing the contribution of the banking and financial sector and branches of foreign banks to the development of the economy of the two countries.
He added: Iraq, Lebanon and completely Mhaian Kraidan in the Arab region for the transfer of the banking industry and development. The two countries also realize that responsibility on them to identify strengths and weaknesses in the process of the financial and banking sector, especially Lebanese banks that have opened branches in Iraq and are on the increase. Central banks are no longer the last resort it has become the first and last refuge. We must invest this position to take the economic role of banks for economic development. We recognize that the private sector is the real starting point for achieving continuous and sustainable development, and this fact needs to absorb a great effort and resistance to change, especially when some countries used to centralized totalitarian regimes as in Iraq. And thus it becomes change this environment and culture on the various procedures evolve in order to achieve able to attract the private sector work environment, and this is what we believe in and we will invest every opportunity in the Iraqi Central Bank to emphasize this fact in order to open the door and field and framework for the work of the private sector. We want to create an atmosphere of confidence in the banks, and this was expressed by the Bank of Lebanon Governor Riad Salameh, and without strengthen that trust can not be the promotion of the private sector. Therefore we tried to start from this important point and our work As a member of the Economic Committee of the Council of Ministers to promote cooperation with the private sector to improve relations between the institutions and private banks. And broken constraints: State restrictions on private banks and we take this process to its fullest extent. We have other actions emphasizes the role given to the private sector. And the financial crisis will help Iraq achieve real growth in the future and this is available in Iraq through the human and other resources.
He said: Perhaps the most important step is the proposal to the Cabinet to convert the most important banks in Iraq: Bank of "good" bank and "Two Rivers" to banks as companies special contribution. The Iraq and by virtue of the size of these two banks intended to attract contributions from foreign banks, and this is very important. Perhaps the crucial element is important to restructure the banking sector helps to create a competitive role for the sector. We are working on the privatization properly and with the encouragement of the Minister of Finance and the Office of Financial Supervision and the support of the World Bank. We solve the problems existing in the stage there to have a chance to do a big step, but the largest in Iraq and in the region step.
He added: CBI completed all integration and interconnection of national PBX with several points of the technical requirements (TBI Bank, Bank of the UNESCO, funds company, Middle East Bank) is ready for the actual launch of waiting for the termination of the supplementary Alemrahalh for tests to be local e-payment cards through it and are settled through the RTGS system. The Bank is in the final stages of licensing two companies to pay by mobile phone, and these two companies on standby to provide services in the whole of Iraq to get a license, as the Bank is working with banks and specialized companies to launch a collection of government operations electronically. On the other hand, and in order to keep abreast of developments in the field of banking communications, the bank plans carried out in collaboration with the Ministry of Communications to create a network linking the main branches of banks with the central bank and its branches, and is working techniques of the "Cable" light to be a substitute for the current wireless network, which opens up new horizons in data transfer confidentiality, reliability and high availability is very high.
Bitter melon: The word of the President of the Iraqi private banks association meek Handal, said: tiger now in Iraq under difficult circumstances, part of which is due to economic hardship as a result of falling oil prices, what was born a budget deficit weighed on the government and put it in the envelope did not encounter like any of the Governments Previous. Iraq also passes in the political and security conditions are not the lightest on the people and the government of economic hardship. The conditions that I mentioned and put everyone, including the Iraqi banking sector, in an atmosphere of tough challenges and stimulate the Association of Iraqi private banks to improve their performance to perform and what it can contribute to it in light of this crisis. Association took it upon themselves and since the beginning of this year, help and support the Iraqi Central Bank to maintain a stable exchange rate. Association also played a prominent role through its participation in the national team of experts headed by her finance team who presented a package of policies adopted by the Government for the development of the financial sector and financial sector performance.
Tarabay: then president of the Association of Banks in Lebanon, President of the World Union of Arab Bankers Head of "Credit Libanais bank group," Dr. Joseph Tarabay occur, he said: "I repeat to welcome our guests Distinguished from brotherly Iraq. You Thlon in our country Welcome to the friends, not only as colleagues profession, cherish Bmnaaqbithm and professionalism. We who Aktweina fire long wars and woes, suffer the most pain to hit and infects your country from terrorism, and caused by the killing and destruction and the displacement and destruction. So at the time of dire need you in which to complete construction of the state and its institutions and continue the reconstruction and the advancement and make up for what you missed by the wars as well.
Fact, the entire region in the heart of a dark tunnel. The cost owed painful at all levels, including national economies. The loss accumulate and superior to the capabilities of the census and the combination. No real growth and no development possible, but I got a sharp worsening of the economic and social crises of the list originally. This year the scene that shade our countries and our economies, affects judgment in all aspects of work and production. But more disturbing, this accelerated the transition towards a new geopolitical map, I began to impose its implications existential and structural changes and shifts societal, demographic and economic parallel.
So, in parallel participatory in worries and concerns, common events are gaining added value in this difficult phase Arabic. They corridor Model to install the pillars of positive participatory, and particularly in terms of cooperation and enhance exchanges development, and strive seriously to support joint Arab action systems, the restructuring of the elements of integration that were part of the pressure and the consequences and interactions hubs, due to the amazing developments in recent years.
This bilateral forum of great importance for Iraq and Lebanon and the banking sector and its institutions in both countries. This is evidenced and supported by remarkable participation at the highest levels of leadership and decision in the monetary authorities and banking institutions. We encourage take place periodically, and we look forward with you to strengthen the structure as a platform for communication and direct dialogue and exchange of experiences and problems and put forward a proposal processors, leading to open all areas of banking and financial cooperation. It is perhaps a harbinger of good and enlarge the size of the ambitions and hopes, qualitative steps that provide them successively authorities concerned in brotherly Iraq in terms of the banking structure to develop a legal and Amlanaa, especially those related to banking system and the law of electronic signature and the redefinition of capital required for banking units expatriate. This as well as the orientation of the tightening measures in the fight against money laundering and the financing of terrorism, and the establishment of the Deposit Insurance Corporation, and develop appropriate controls for letters of guarantee, and the establishment of units and the central query of risk, and instructions for the Islamic Bachirvh, and the law of the Islamic instruments.
This significant progress in efforts by the Iraqi financial and monetary authorities. It represents, as well as strategies for development, and a conscious response to the requirements of the development of the national banking system and review the working units in the market and demonstrating concerns. This is what motivates us more as officials from the banking units of the Lebanese currently exist in the Iraqi market or in licensing the process, to reaffirm our deep concern to the success of our role in the development of the Iraqi economy, which can not be advanced without a successful banking sector, which is the basis for the economy crane in every social and political stability.
This program is full of vitality forum topics that will convey the true picture of the economic situation and banking in Iraq, and determine the best progress and future cooperation frameworks. As we attach great importance to bilateral meetings planned by the governor of the Iraqi Central Bank held with executives of Lebanese banks operating in Iraq. With the advance appreciation of the efforts of the governor, and when he would arrive to him the confluence of the conclusions and recommendations, I am pleased to emphasize on behalf of Banks in Lebanon Association, which I chaired the board of directors, we put our expertise and our potential disposal of the Central Bank of Iraq and the banks, and thus contributing to the completion of the infrastructure is equipped for the development of the banking system in accordance with international specifications Tospa and the prospects for its business and its products in the Iraqi national economy.
Along with training, counseling and empowerment of Iraqi banks officials of look closely at the business systems and processes and daily agenda and the basic distribution units, sections and segregation of duties and responsibilities and the technologies used, and other things that benefit them in the development of operating units, systems and business. I care about, in this context, identify some of the critical areas that can achieve a common and rewarding and \ or save time and money on the brotherly Iraqi banks benefit, including:
• Lebanese banks have a remarkable experience in the brokerage operations and management issues in international markets.
• Lebanese banks have developed an integrated and vital systems in the context of the overall banking. And diversification of bundles of services and products in the areas of retail banking Retail, custom corporate banking Corporate, Investment Banking and Investment.
• holds Lebanese banks with advanced international standards and positions within the scope of electronic banking. And the issuance and management of bank cards of all types. The deployment and operation of the latest ATM.
• fought for Lebanon's early investment banking experience, and sold unto us in determining Alaloyat and caveats.
• banks continue to adopt best practices in the framework of governance, segregation of duties and responsibilities.
• Lebanese banks are spread in 33 countries around the world. True that invested by Iraqi banks as outlets to satisfy their customers in these markets requests.
• Lebanese banks have important experience in the establishment and management of financial investment funds, are employed Akttabadtha in vital sectors of the economy.
• enjoying banks systems and equipment of the latest in the world of banking technology. He has a human cadres with high competencies and expertise and global.
• Lebanon has extended vital experience in the field of combating illicit funds. In addition to the law and the applicable provisions of the Central Bank, banks and internal oversight units and human resources, which holds these responsibilities according to the highest international standards developed.
• The banking system financing public and private sectors efficiently and professionally recognized by international financial institutions.
• The Lebanese banking sector runs the local assets of more than $ 180 billion currently, which is comparable to about 3.5 times the gross domestic product. He maintains his brilliance and good growth investor acquired from the superior flexibility in the management of emergency to deal with the events, and accumulated from the experiences proven to absorb the consequences of repeated instances of disruption of internal stability and external influences.
Our banks have been proactive in responding to the openness of brotherly Iraq to private banks and open up the market for banks expatriate. Banking and Ouhdatna operating in Iraq currently track the total for the largest banks operating in Lebanon, and mission of the Iraqi economy and service activities to the extent permitted by the regulations in force, taking into account the rules of the market and the level of risk. Anything to do with our banks have no interest in passing offense or facilitate financial transactions with the Central Bank. It is important to stress that our banks committed to the adoption of maximum measures and measures to prevent the passage of any suspicious process, applied in this context, internal control systems and too severe. What we are focused on always without hesitation or weakness, is the safety of the banking sector and its operations on the one hand, and continue to adhere to international best banking standards to work on the one hand parallel. This achieves a strategic interest for the banks, and devotes excellence in the region and beyond in terms of safety and confidence. And apply our banks firmly directives and circulars of the Central Bank and the Banking Control Commission and the Special Investigation Commission that comply with international standards.
The Lebanese banking sector plays a pivotal role and faces a strong and successful political, economic and security challenges
That Lebanon is going through, and what was to be achieved this success without the legislative stability, and successful strategies of the Central Bank of Lebanon in maintaining the basic economic freedoms, especially the freedom of the pieces and the freedom of conversion, as well as the efficiency of the departments of banks. The ongoing Lebanese banking experience successfully since the middle of last century, deserves to be given the opportunity to succeed on the land of brotherly Iraq. "
Abu Zaki: The CEO of "Economics and Business" Raouf Abu Zaki began opening speech session, and which he said is based Mmeltqana today on the success of the first conference, which was held last year under the title "the Iraqi banking forum - Lebanese" and integrates with him in his themes and in the number and level of participation and of the approximately 150-year-old chairman and chief Iraqi banks in addition to about 250 bank Lebanese and Arab and representatives of global technology companies. And the convening of this meeting in Beirut is the embodiment of the Lebanese banking expansion in Iraq, but the level of cooperation between the Central Bank of Iraq and his Lebanese counterpart on a number of fields, especially in the field of training and coordination among regulators. This also reflects the high level of the Bank of Lebanon, which has become a school in the area of monetary policy and economic stimulus.
He added: The banking relations between Lebanon and Iraq Vkadimh Covenant, a renewed presence of Iraqi banks are currently in Lebanon and the presence of nine Lebanese banks operating in Iraq, in addition to the tenth Bank completed steps in, so that it is in Iraq, about 24 branches of banks Lebanese are divided between Baghdad and Erbil and Basra and Sulaymaniyah.
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9/16/2015
Antrzah- Lebanon's Central Bank Governor Riad Salameh revealed that "in the process of mainstream version of the regulation of the private sector debt with the participation of the Banking Control Commission to deal with the challenges of the stage", declaring "the introduction of new incentives to the basket for the year 2016 billion-dollar may rise to 1.5 billion," also referred to the "near the start of an electronic platform for trading stocks and contracts." "It will be the Banque du Liban initiatives to encourage confidence in the existence of stable benefits in spite of the expected release of" Standard & Poor's "Lebanon's rating from stable to negative."
The Governor of the Central Bank of Iraq on the Keywords referring to the proposal of the Rafidain and Rasheed privatization of the two possessing 80 percent of the total Iraqi banking sector, and announced that "Iraq and by virtue of the size of these two banks, intends to attract contributions from foreign banks, and this is very important."
It opened the "Forum Iraq banking" work today in Beirut in the presence of a large number of Lebanese and Iraqi bankers and business leaders, heads of companies, international organizations and banking experts and the media, in the presence of about 400 participants from Arab and foreign countries.
And it regulates the forum "Economy and Business Group" and the Central Bank of Iraq, in collaboration with the Central Bank of Lebanon and the Association of Iraqi private banks and the Association of Banks in Lebanon. And continue the work of the forum over two days in the "Phoenicia Intercontinental", followed by specialized workshops Hotel.
Safety: safety and delivered a speech at the occasion, stressed in its debut at the "decline in growth on a global level and its impact on funding outside of Europe and the United States." He stressed "the importance of a regional grouping of banks relationships, and the need to use local currencies." He said that the Central Bank of Lebanon to consider the importance of dealing with Iraq, especially the Iraqi Central Bank to coordinate risk and to achieve transparency and the fight against money laundering and exchange of experiences and activating the payment systems in local currencies between the two countries.
He stressed that "the Lebanese pound stable and traded lower than the prices at the intervention of the Central Bank of Lebanon," and focused on the record for the reserves of the Central Bank, he said, "will be the Banque du Liban initiatives to encourage confidence in the existence of stable benefits in spite of the expected release of" Standard & Poor's "Lebanon's rating from stable to negative. " He pointed out that "deposits rose 7 percent annual rate, while the solvency by 12 percent higher," expected to solvency rate between 2015 and 2018 have increased by 15 percent, "This is necessary to maintain the trust and the natural dealing with global banking."
Salameh said: I will not testify in 2015 parallel to the growth of 2014, and growth will be close to zero. So we introduced a package of incentives will include a $ Advances billion and up to $ 1.5 billion in 2016 and will be an interest rate at one percent limits. It includes lending banks for the sectors of housing, small and medium enterprises, and projects of alternative energy, and the environment, and university education, and others, note that the number of debtors increased between 1993 and 2015, from 70 thousand to 700 thousand, and this act is useful for the banking sector and economic growth. He pointed out that "the housing sector has a special for being a locomotive of growth of the importance of, and the resulting credit packages so far more than 100 thousand residential loan financing."
So safety declared that "the Central Bank of Lebanon issued a circular to regulate the debt with the private sector in a responsible manner and with the participation of the Banking Control Commission in order to overcome the challenges of the stage, and we look forward positively to the 331 circular issued by the Central Bank of Lebanon to support the knowledge-based economy. The Financial Markets Authority will launch an electronic trading platform, We will give one license to the private sector to manage the platform where they will be trading stocks, bonds and commodities, including gold, currency speculation and sell successful emerging institutions. Being electronic platform will be in touch with world markets, and our goal access to Lebanese expatriates and others. "
Finally he goes to Lebanon in difficult conditions, but the Lebanese have not given up, and will not give up.
Keywords: Keywords As he said: Due to the depth of the relationship between Iraq and Lebanon, held the second forum of the Iraqi banking - in the Lebanese capital, Beirut, and come in a priority this relationship increase and deepen cooperation between the banking and financial sectors in both countries. Among the objectives of this forum to discuss the economic landscape and banking, and means to address the challenges, and provide future opportunities, as well as a survey of both the Central Bank and the Central Bank of Iraq with their respective monetary policy strategy, aimed at achieving economic, financial and banking development through activating and developing the contribution of the banking and financial sector and branches of foreign banks to the development of the economy of the two countries.
He added: Iraq, Lebanon and completely Mhaian Kraidan in the Arab region for the transfer of the banking industry and development. The two countries also realize that responsibility on them to identify strengths and weaknesses in the process of the financial and banking sector, especially Lebanese banks that have opened branches in Iraq and are on the increase. Central banks are no longer the last resort it has become the first and last refuge. We must invest this position to take the economic role of banks for economic development. We recognize that the private sector is the real starting point for achieving continuous and sustainable development, and this fact needs to absorb a great effort and resistance to change, especially when some countries used to centralized totalitarian regimes as in Iraq. And thus it becomes change this environment and culture on the various procedures evolve in order to achieve able to attract the private sector work environment, and this is what we believe in and we will invest every opportunity in the Iraqi Central Bank to emphasize this fact in order to open the door and field and framework for the work of the private sector. We want to create an atmosphere of confidence in the banks, and this was expressed by the Bank of Lebanon Governor Riad Salameh, and without strengthen that trust can not be the promotion of the private sector. Therefore we tried to start from this important point and our work As a member of the Economic Committee of the Council of Ministers to promote cooperation with the private sector to improve relations between the institutions and private banks. And broken constraints: State restrictions on private banks and we take this process to its fullest extent. We have other actions emphasizes the role given to the private sector. And the financial crisis will help Iraq achieve real growth in the future and this is available in Iraq through the human and other resources.
He said: Perhaps the most important step is the proposal to the Cabinet to convert the most important banks in Iraq: Bank of "good" bank and "Two Rivers" to banks as companies special contribution. The Iraq and by virtue of the size of these two banks intended to attract contributions from foreign banks, and this is very important. Perhaps the crucial element is important to restructure the banking sector helps to create a competitive role for the sector. We are working on the privatization properly and with the encouragement of the Minister of Finance and the Office of Financial Supervision and the support of the World Bank. We solve the problems existing in the stage there to have a chance to do a big step, but the largest in Iraq and in the region step.
He added: CBI completed all integration and interconnection of national PBX with several points of the technical requirements (TBI Bank, Bank of the UNESCO, funds company, Middle East Bank) is ready for the actual launch of waiting for the termination of the supplementary Alemrahalh for tests to be local e-payment cards through it and are settled through the RTGS system. The Bank is in the final stages of licensing two companies to pay by mobile phone, and these two companies on standby to provide services in the whole of Iraq to get a license, as the Bank is working with banks and specialized companies to launch a collection of government operations electronically. On the other hand, and in order to keep abreast of developments in the field of banking communications, the bank plans carried out in collaboration with the Ministry of Communications to create a network linking the main branches of banks with the central bank and its branches, and is working techniques of the "Cable" light to be a substitute for the current wireless network, which opens up new horizons in data transfer confidentiality, reliability and high availability is very high.
Bitter melon: The word of the President of the Iraqi private banks association meek Handal, said: tiger now in Iraq under difficult circumstances, part of which is due to economic hardship as a result of falling oil prices, what was born a budget deficit weighed on the government and put it in the envelope did not encounter like any of the Governments Previous. Iraq also passes in the political and security conditions are not the lightest on the people and the government of economic hardship. The conditions that I mentioned and put everyone, including the Iraqi banking sector, in an atmosphere of tough challenges and stimulate the Association of Iraqi private banks to improve their performance to perform and what it can contribute to it in light of this crisis. Association took it upon themselves and since the beginning of this year, help and support the Iraqi Central Bank to maintain a stable exchange rate. Association also played a prominent role through its participation in the national team of experts headed by her finance team who presented a package of policies adopted by the Government for the development of the financial sector and financial sector performance.
Tarabay: then president of the Association of Banks in Lebanon, President of the World Union of Arab Bankers Head of "Credit Libanais bank group," Dr. Joseph Tarabay occur, he said: "I repeat to welcome our guests Distinguished from brotherly Iraq. You Thlon in our country Welcome to the friends, not only as colleagues profession, cherish Bmnaaqbithm and professionalism. We who Aktweina fire long wars and woes, suffer the most pain to hit and infects your country from terrorism, and caused by the killing and destruction and the displacement and destruction. So at the time of dire need you in which to complete construction of the state and its institutions and continue the reconstruction and the advancement and make up for what you missed by the wars as well.
Fact, the entire region in the heart of a dark tunnel. The cost owed painful at all levels, including national economies. The loss accumulate and superior to the capabilities of the census and the combination. No real growth and no development possible, but I got a sharp worsening of the economic and social crises of the list originally. This year the scene that shade our countries and our economies, affects judgment in all aspects of work and production. But more disturbing, this accelerated the transition towards a new geopolitical map, I began to impose its implications existential and structural changes and shifts societal, demographic and economic parallel.
So, in parallel participatory in worries and concerns, common events are gaining added value in this difficult phase Arabic. They corridor Model to install the pillars of positive participatory, and particularly in terms of cooperation and enhance exchanges development, and strive seriously to support joint Arab action systems, the restructuring of the elements of integration that were part of the pressure and the consequences and interactions hubs, due to the amazing developments in recent years.
This bilateral forum of great importance for Iraq and Lebanon and the banking sector and its institutions in both countries. This is evidenced and supported by remarkable participation at the highest levels of leadership and decision in the monetary authorities and banking institutions. We encourage take place periodically, and we look forward with you to strengthen the structure as a platform for communication and direct dialogue and exchange of experiences and problems and put forward a proposal processors, leading to open all areas of banking and financial cooperation. It is perhaps a harbinger of good and enlarge the size of the ambitions and hopes, qualitative steps that provide them successively authorities concerned in brotherly Iraq in terms of the banking structure to develop a legal and Amlanaa, especially those related to banking system and the law of electronic signature and the redefinition of capital required for banking units expatriate. This as well as the orientation of the tightening measures in the fight against money laundering and the financing of terrorism, and the establishment of the Deposit Insurance Corporation, and develop appropriate controls for letters of guarantee, and the establishment of units and the central query of risk, and instructions for the Islamic Bachirvh, and the law of the Islamic instruments.
This significant progress in efforts by the Iraqi financial and monetary authorities. It represents, as well as strategies for development, and a conscious response to the requirements of the development of the national banking system and review the working units in the market and demonstrating concerns. This is what motivates us more as officials from the banking units of the Lebanese currently exist in the Iraqi market or in licensing the process, to reaffirm our deep concern to the success of our role in the development of the Iraqi economy, which can not be advanced without a successful banking sector, which is the basis for the economy crane in every social and political stability.
This program is full of vitality forum topics that will convey the true picture of the economic situation and banking in Iraq, and determine the best progress and future cooperation frameworks. As we attach great importance to bilateral meetings planned by the governor of the Iraqi Central Bank held with executives of Lebanese banks operating in Iraq. With the advance appreciation of the efforts of the governor, and when he would arrive to him the confluence of the conclusions and recommendations, I am pleased to emphasize on behalf of Banks in Lebanon Association, which I chaired the board of directors, we put our expertise and our potential disposal of the Central Bank of Iraq and the banks, and thus contributing to the completion of the infrastructure is equipped for the development of the banking system in accordance with international specifications Tospa and the prospects for its business and its products in the Iraqi national economy.
Along with training, counseling and empowerment of Iraqi banks officials of look closely at the business systems and processes and daily agenda and the basic distribution units, sections and segregation of duties and responsibilities and the technologies used, and other things that benefit them in the development of operating units, systems and business. I care about, in this context, identify some of the critical areas that can achieve a common and rewarding and \ or save time and money on the brotherly Iraqi banks benefit, including:
• Lebanese banks have a remarkable experience in the brokerage operations and management issues in international markets.
• Lebanese banks have developed an integrated and vital systems in the context of the overall banking. And diversification of bundles of services and products in the areas of retail banking Retail, custom corporate banking Corporate, Investment Banking and Investment.
• holds Lebanese banks with advanced international standards and positions within the scope of electronic banking. And the issuance and management of bank cards of all types. The deployment and operation of the latest ATM.
• fought for Lebanon's early investment banking experience, and sold unto us in determining Alaloyat and caveats.
• banks continue to adopt best practices in the framework of governance, segregation of duties and responsibilities.
• Lebanese banks are spread in 33 countries around the world. True that invested by Iraqi banks as outlets to satisfy their customers in these markets requests.
• Lebanese banks have important experience in the establishment and management of financial investment funds, are employed Akttabadtha in vital sectors of the economy.
• enjoying banks systems and equipment of the latest in the world of banking technology. He has a human cadres with high competencies and expertise and global.
• Lebanon has extended vital experience in the field of combating illicit funds. In addition to the law and the applicable provisions of the Central Bank, banks and internal oversight units and human resources, which holds these responsibilities according to the highest international standards developed.
• The banking system financing public and private sectors efficiently and professionally recognized by international financial institutions.
• The Lebanese banking sector runs the local assets of more than $ 180 billion currently, which is comparable to about 3.5 times the gross domestic product. He maintains his brilliance and good growth investor acquired from the superior flexibility in the management of emergency to deal with the events, and accumulated from the experiences proven to absorb the consequences of repeated instances of disruption of internal stability and external influences.
Our banks have been proactive in responding to the openness of brotherly Iraq to private banks and open up the market for banks expatriate. Banking and Ouhdatna operating in Iraq currently track the total for the largest banks operating in Lebanon, and mission of the Iraqi economy and service activities to the extent permitted by the regulations in force, taking into account the rules of the market and the level of risk. Anything to do with our banks have no interest in passing offense or facilitate financial transactions with the Central Bank. It is important to stress that our banks committed to the adoption of maximum measures and measures to prevent the passage of any suspicious process, applied in this context, internal control systems and too severe. What we are focused on always without hesitation or weakness, is the safety of the banking sector and its operations on the one hand, and continue to adhere to international best banking standards to work on the one hand parallel. This achieves a strategic interest for the banks, and devotes excellence in the region and beyond in terms of safety and confidence. And apply our banks firmly directives and circulars of the Central Bank and the Banking Control Commission and the Special Investigation Commission that comply with international standards.
The Lebanese banking sector plays a pivotal role and faces a strong and successful political, economic and security challenges
That Lebanon is going through, and what was to be achieved this success without the legislative stability, and successful strategies of the Central Bank of Lebanon in maintaining the basic economic freedoms, especially the freedom of the pieces and the freedom of conversion, as well as the efficiency of the departments of banks. The ongoing Lebanese banking experience successfully since the middle of last century, deserves to be given the opportunity to succeed on the land of brotherly Iraq. "
Abu Zaki: The CEO of "Economics and Business" Raouf Abu Zaki began opening speech session, and which he said is based Mmeltqana today on the success of the first conference, which was held last year under the title "the Iraqi banking forum - Lebanese" and integrates with him in his themes and in the number and level of participation and of the approximately 150-year-old chairman and chief Iraqi banks in addition to about 250 bank Lebanese and Arab and representatives of global technology companies. And the convening of this meeting in Beirut is the embodiment of the Lebanese banking expansion in Iraq, but the level of cooperation between the Central Bank of Iraq and his Lebanese counterpart on a number of fields, especially in the field of training and coordination among regulators. This also reflects the high level of the Bank of Lebanon, which has become a school in the area of monetary policy and economic stimulus.
He added: The banking relations between Lebanon and Iraq Vkadimh Covenant, a renewed presence of Iraqi banks are currently in Lebanon and the presence of nine Lebanese banks operating in Iraq, in addition to the tenth Bank completed steps in, so that it is in Iraq, about 24 branches of banks Lebanese are divided between Baghdad and Erbil and Basra and Sulaymaniyah.
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