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Dubai chamber discussed potential of Iraq’s Islamic finance sector

Dubai chamber discussed potential of Iraq’s Islamic finance sector
Dubai Chamber of Commerce and Industry has suggested Iraqi banks to expand their networks through Dubai. Dubai is undoubtedly becoming the world capital of Islamic economy.
The motto of the meeting was to find out the opportunities, trends and challenges in Iraqi Islamic finance sector. It also focused on Dubai’s extensive experience in the area of Islamic finance, and how Iraqi companies can benefit from the emirate’s lead role in promoting the overall Islamic economy.
The roundtable was attended by H.E. Rashid Mohammed Al Mansouri, Consul General, UAE Consulate General in Erbil, Dr. Sadiq Rashid Al Shammari, Managing Director, National Islamic Bank in Kurdistan and an Expert on Islamic Finance, Mr. Amanj Yarwaessi, Manager, Dubai Chamber Representative Office in Kurdistan, representatives of leading banks, consultancy companies, and other stakeholders, who discussed ways to raise awareness of Islamic finance in the country.
H.E. Rashid Mohammed Al Mansouri, UAE Consul General in Erbil, has tried to enlighten the vitality of the Islamic economy and the opportunities for growth of Islamic finance sector in the region of Kurdistan, Iraq. He also mentioned that the role of Dubai Chamber is to strengthen the business relations between UAE and Kurdistan.
On his part, Dr. Sadiq Rashid Al Shammari, Managing Director, National Islamic Bank, reported that although Islamic finance is more popular than conventional banking in Iraq but there was still a need to raise awareness and training for personnel.
In the same roundtable discussion, microfinance sector of Iraq has also been come under the lime light.
The Forum helped businesses explore investment opportunities, and policy-makers and thinkers to discuss the ways to benefit from the growth of Islamic economy, as well as the subsequent demand for Islamic products.
On Dubai Chamber’s organizing of the roundtable in Kurdistan region, Hassan Al Hashemi, Vice President, International Relations, Dubai Chamber, pointed out that the idea behind the roundtable is to inform the Kurdistan business community about the initiatives and trade promotion activities of the Chamber in light of Dubai’s status as an excellent re-export hub offering world-class logistical and infrastructural services, an integrated regulatory system, lucrative investment opportunities and a cultural diversity to traders from Iraq wanting to reach major consumer markets in the region and the world.
Al Hashemi further stressed that H.H. Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice-President and Prime Minister and Ruler of Dubai’s initiative to make the emirate the Capital of Islamic Economy forms the basis upon which Dubai is exerting its efforts in this area.
He lauded the role of Dubai Chamber’s representative office in Erbil which he said promotes UAE investment opportunities for Iraqi companies looking to set up businesses in Dubai while also looking for expansion of their trading activities in the region while highlighting the potential of the Iraqi market and its surrounding areas in various economic sectors for Dubai businesses.
Al Hashemi called upon Iraqi businesses to participate in the 10th session of the World Islamic Economy Forum (WIEF) organized by Dubai Chamber this November in the emirate. Hosted for the first time in the region, the forum is expected to be attended by over 2,500 delegates from across the world.
This meeting was the first of its kind to be organized by Dubai Chamber after the opening of its representative office in Erbil this year, and will be followed by a series of workshops and seminars that will help promote bilateral cooperation between the two countries.
Updated 31 May 2014 | Soruce: Al Bawaba | By S.Seal
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