(MENAFN - Khaleej Times) The dubai chamber of commerce and industry urged iraqi banks and financial companies to expand their networks within the islamic economy through dubai which is working hard towards becoming the global capital of islamic economy during a roundtable discussion on islamic finance held in erbil kurdistan.
dubai chamber and iraqi officials during a meeting on islamic finance in erbil kurdistan. — supplied photo
the meeting which identified the main trends opportunities and challenges in the iraqi islamic finance sector 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 islamic economy.
the roundtable was attended by rashid mohammed al mansouri uae consul general in erbil; dr sadiq rashid al shammari managing director national islamic bank in kurdistan and an expert on islamic finance; 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. al mansouri highlighted the importance of the islamic economy and the scope of growth for the islamic finance sector in the kurdistan region of iraq which is offering a secure business environment.
he also stressed on dubai chamber’s role in strengthening business relations between kurdistan and the uae particularly dubai.
on his part dr al shammari informed 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 field.
al shammari also stressed the need for a legislation on islamic finance as well as a governing council connected to central bank as islamic finance was becoming more popular globally due to the fact that investments under the concept are secured against physical assets he said.
the roundtable discussion also focused on the strong network of microfinance that exists in iraq which operates solely through islamic finance as well as the non-presence of islamic insurers in iraq and an appropriate legislative framework to support the growth of islamic banking in the country.