Milliomday News 9/23/14 Part 1
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.Millionday: Hussein al-Tamimi Tgb
occupied Islamic finance a global assessment by international financial institutions in supplying the service projects and productivity Almistoqan domestic and international, has also been able Islamic banks to achieve breakthroughs in the field of products banking far exceeded the commercial banks despite the recent founding,
In line with the general framework of the Government's program 2014 - 2018 has embarked on Islamic banks to go to the organization of work through the formation of the Assembly of West Virginia expansion plan and communicate with international banks specialized
and reform-minded to build the country and be aimed at the development of banking products and development, as well as expansion in support of small and medium enterprises in all provinces, in turn, to the development of most of the economies of the developed world and contributed to the composition of economic blocs impressive.
Millionday: NOTE -- THIS IS THE MOVE TO ALIGN THE BANKS TO THE INTERNATIONAL BANKING SYSTEM
Millionday: Society to organize the work -Shammari said in an interview for the "morning" that the government program ensures an attractive environment enables the private sector to fulfill its hinge finance and banking, pointing out that this is encouraged based on Islamic banking in the country to the bloc to form the Association organizes its work and ensure communication With the global spread of Islamic banks in 57 countries, has attracted large amounts of capital.
He added that the graph of the Islamic banking rises continuously to the fact that their investment portfolios are protected assets are real and thus be safer, pointing out that they offer products social serve communities, shareholders and employees, including, also aims to address the problem of mass unemployment on a large scale.
Millionday: NOTE -- THIS OF COURSE WILL ALSO EFFECT THE MARKET AND THEY ARE ALIGNING ELECTRONICALLY WITH ALL THE BANKS THEY HAVE IN ALL 57 COUNTRIES AND THE BANKS THEY ARE IN BUSINESS WITH
.Millionday: feasibility studies and said Shammari that projects funded by the Islamic banks linked to feasibility studies economic sober to be able to achieve sustainable development, especially that of more than 600 banks worldwide branches scattered in most cities with assets of more than 3 trillion dollars achieved an annual growth rate exceeding 30 percent of the market share of the banking business, noting that the operations of Islamic finance has become a focus of attention of many of the peoples of the world. international communication among the competition in the field of Islamic banking at its peak between the United Kingdom and the United Arab Emirates to attract capital and investment through these windows, which were taken to expand the horizontal large in the world
.Millionday: NOTE -- REMEMBER THAT IRAQ HAS ANNOUNCED THEY ARE USING ISLAMIC BANKING SYSTEM
Millionday: pointed Shammari said targets Association of Islamic banks designed to communicate with banking products and international action to supply them to our banks, local,
which began to spread in all provinces across the mechanisms of cooperation and partnership, pointing out that the plan of Islamic banks Local aims to be present in all the cities and provide banking services developed for all beneficiaries.
successful experiences He pointed out that international experiences in the field of microfinance from Islamic banks have achieved great success, which requires work to move to the country,
especially that Iraqi society has considerable experience in the field of activation of small and medium enterprises, where the rise of investment portfolios of all banks to provide loans for establishment in Most of the provinces in line with the goals of expanding the circle of banking services Islamist.
.Millionday: NOTE -- THIS IS OBVIOUSLY HUGE AND THE DEVELOPMENT OF THE BANKING SYSTEM
.Millionday: said Shammari said portfolio lending for Islamic banks to stimulate the students' diligent in universities and owners of small factories and crafts food up to 25 billion dinars within the program in achieving responsibility.
wide spread while noting banking expert Saad Furman to The Islamic banking found widely welcomed by all Islamic societies and non-Islamic after the great success that has been achieved during the past period, pointing out that despite the recent experience in Iraq, but her career is
Millionday: moving towards the right path, where you find the plans aim to spread in all cities
.Millionday: NOTE -- THEY ARE SAYING THAT THEY ARE PLANNING ON GIVING LOANS AS WELL -- SUPPORTED THROUGH THE ISLAMIC BANKING SYSTEM GLOBAL ---
Millionday: development and wide He said this success stems from the interaction between the service provided by the beneficiaries of this sector, especially that the Iraqi economy is on the verge stage of development and wide in all production and service sectors,
which requires the presence of banking products safe progress to the international and local companies that will come with heads of their money into the country
Millionday: said Furman: that all members of the Assembly are going to stand at the limitations faced by the work of Islamic banking, including the absence of a law regulating its work, and it depends instructed the central bank to manage its affairs,
pointing out that the coming period will witness the quest and claim passage of the law, expressing optimism that the establishment of the Special Assembly Islamic banks which will contribute to the strengthening of banks orientations toward the enactment of its own.
.Millionday: SO THEY ARE SAYING HERE THAT CBI NEEDS TO BE PREPARED BECAUSE IRAQ IS MOVING TO ITS DEVELOPMENT ECONOMICALLY WITH THEIR BANKING REFORM
Millionday: WHOOOPOW -- HUGE AND GREAT NEWS
paul-o: MD, early on you mentioned, "THEY HAVE IN ALL 57 COUNTRIES". What 57 countries?
graylnjo: How does the CBI need to be prepared???
.Millionday: HERE IS THE BEST EXPLANATION OF HOW TO PREPARE >> said Furman: that all members of the Assembly are going to stand at the limitations faced by the work of Islamic banking,
including the absence of a law regulating its work, and it depends instructed the central bank to manage its affairs, pointing out that the coming period will witness the quest and claim passage of the law,
Millionday: HAVE ALL LAWS IN PLACE FOR THE CHANGE TO THE COUNTRY`S DEVELOPMENT
Millionday: THEY HAVE BEEN INSTRUCTED --- LOVE THAT
Millionday: THIS IS VERY VERY IMPORTANT NEWS –
IT IS MADE VERY CLEAR HERE THAT THE BANKING REFORM IS MOVING FORWARD AND THEY WILL BE LINKED TO ALL THE COUNTRIES THAT THE ISLAMIC BANKS ARE LINKED TO OR IN --- 57 ---
SO THEY NEED ALL DATA ENTRY AND LAWS FOR COMPLETE DEVELOPMENT ECONOMICALLY --- BANKING
.Millionday: OBVIOUSLY THERE ARE ALSO OTHER INTERNATIONAL BANKS IN THE COUNTRY AND LICENSED
.Millionday: BRB WITH MORE
.Millionday: NOTE ---- THIS IS GOING TO SHOW US THAT THEY ARE ALSO MOVING TO A FREE MARKET ECONOMY
urged a legal adviser in the project administrative reform Iraqi to abandon giving approvals business through licensing, and instead ensure the safety of goods at the border or through the provision of documents before shipping.
adviser Adel al-Lami, noted in his speech for the "morning" to The broad scope of the licenses required imposes costs strenuous for businesses and consumers Iraqis annually,
leading to contribute to the loss of wealth, and slow down the business process, and reduce the competitiveness of Iraq in regional markets, besides happens delay and confusion in many types of business transactions, causing a loss to the economy Iraqi.
.Millionday: NOTE -- IN OTHER WORDS THEY DONT WANT TO TIE EVERYTHING UP WAITING ON LICENSING AND USE THE BORDER CONTROL TO DOCUMENT EXPORTS-- THIS IS TALKING ABOUT BUSINESS LICENSING
therefore said al-Lami, the most important ways to improve the process, including the BI certificate of origin and import licenses are now required by the Ministry of Commerce and all goods, except goods most dangerous, as well as a survey of the export license of the Ministry of Commerce,
in addition to setting the agenda for the review of controls and inspections applicable on the border to be placed in a manner consistent with international best practices.
.Millionday: SO THEY ARE GOING TO BE INTERNATIONALLY COMPLIANT BUT ARE TRYING TO CUT AS MANY CORNERS AS POSSIBLE WHILE STILL ACHIEVING QUALITY --- CUSTOMS
Millionday: OK BRB WITH MORE
awesomedtl: was there a time line for this to happen
Millionday: NO THEY JUST STATED THEY WERE IN THE PROCESS NOW
Millionday: THIS IS THE PHASE WE ARE IN
Millionday: I WILL NEVER USE THAT WORD AGAIN AFTER THIS
Millionday: HERE WE GO
Millionday: From the requirements of the advancement of the Iraqi economy, the creation of an attractive investment environment and enhance the confidence of foreign investors and domestic out, so it escalated calls to review and reevaluate the Investment Law No. 13 of 2006,
and the issuance of checks and instructions for each paragraph of the law to ensure proper implementation and marketing investment properly.
economic expert Adel Abou loaf between investment law is the cornerstone first in the building and create an attractive investment environment, bu
Millionday: NOTICE ONCE AGAIN ---THE ADVANCEMENT OF THE IRAQI ECONOMY
.Millionday: it needs to a period of time to review and reconsider PROCEDURE, considering that the investment is an effective tool to address the government deficit and reform the national economy and speed to cover the country's needs of funding and pumping money short for Zmn.abo loaf stressed the "morning" that one of the studies and the Ministry of Planning and Development Cooperation,
pointed to the need for more than 200 billion dollars for the reconstruction of Iraq to return to the state prior to the economic blockade, plus more than 300 billion dollars to modernize the infrastructure crumbling economy,
.Millionday: NOTE -- THE REBUILD ALONE IS GOING TO COST BILLIONS --
Millionday: so it finds it necessary to issue instructions and controls for each paragraph of the law to ensure proper implementation and attention to the mechanism and marketing investment,
and companies marketing investment and other companies chock for investment bodies to ensure good performance and create an attractive investment environment and the adoption of the principle of participation in investment with the Iraqis .
oagher the House of Representatives in 2006 investment law, which aims to "push forward the process of economic development,
social development and bring technical and scientific expertise and human resources development and the creation of job opportunities for Iraqis to encourage investment and support the process of establishing investment projects in Iraq and expanded and developed at different levels of economic and granting privileges and exemptions for these projects . "
.Millionday: NOTE -- THEY ARE ASKING THE INVESTORS TO COME IN FOR THE DEVELOPMENT OF IRAQ -- THE MOVE NOW IS TO READ EVERY PARAGRAPH OF THE INVESTMENT LAW SO THAT NO BARRIERS EXIST
Millionday: NOTE -- READ EVERY WORD -- THIS IS EVERYTHING THEY NEED TO MOVE TO DEVELOPMENT -- HUGE HUGE
.Millionday: said Abu loaf that the investment law requires systems for the application and interpretation as they (the regulations) need mechanisms and controls to be implemented,
and can refer to some of them, including loans and need to issue a special system which illustrates the type of loan and what are the limits and according to the type of projects,
to be backed by establishing a special fund to invest, in addition to the need to formulate a system the movement of money and how to enter and exit,
and put the laws to the method of funding and modernization of the Central Bank Law and the Law on banks and finance to suit and enrich the experience of investment.
Millionday: NOTE -- THEY ARE ASKING FOR THE RULES OF IMPLEMENTATION SO EVERYONE IS ON THE SAME PAGE FOR THE ECONOMIC AND BANKING AND ALL REFORMS--- ACCORDING TO INVESTMENTS
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