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486715
Mon, 04/02/2018 - 16:45
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https://www.oananews.org//node/486715
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Bahrain, Iraq bank associations sign MoU

Manama, Apr. 2 (BNA): Collaboration and idea exchanges between Bahrain and Iraq on the development of both countries’ investments and other related issues of mutual interest were strengthened following the signing of Memorandum of Understanding (MoU) between Bahrain Association of Banks (BAB) and Iraq Private Banks League (IPBL).
Dr. Waheed Al Qassim, CEO of BAB, and Wadeea Al Handal, chairman of IPBL, representing their respective associations, signed the MoU. Chairman of BAB Adnan Yousef attended the signing ceremony that took place in Al Baraka group headquarters in Bahrain.
The signing of this agreement aims to collaborate and exchange ideas between Bahrain and Iraq regarding training and conducting more meetings between Iraqi and Bahraini banks thus to extend their cooperation.
Both parties have also agreed to explore exchange programs and researches as well as representing each other in conferences and events and exchanging technological development data and modern banking services.
Al Qassim stressed that this MoU represents a natural step forward in facilitating closer ties between Bahrain and Iraq thus to raise trade balance which doesn’t exceed 100 million dollars. He stressed the keenness of the association to apply MoU’s agreements and to get a closer collaboration between both parties.
"BAB is witnessing Iraqi banking sector’s developments where Central Bank of Iraq is to form a committee to bridge relations with Arab and foreign banks, issuing banks classification and enhancing Iraq’s commitment to meet international standards to combat money laundering and risk management, insurance and international accounting," he said.
Al Handal stressed the keenness of IPBL to apply MoU articles, highlighting the importance of this collaboration to share best and globally developed practices on the latest Islamic financial trends of Bahrain where Islamic banks in Iraq are 23 banks.
Al Handal called to set up Bahraini banking and financial institutions visit to Iraq, which will allow for an exchange of best practices and expert knowledge as well as for a common forward-thinking of trends and developments in many areas including energy, health and education.
He said that Iraqi banks adopt best practices in governance and performance , which makes them worthy of partnership with Bahraini counterparts. A sharing of views and experiences between BAB and IPBL can be only beneficial for both parties.