Baghdad: The Iraqi League of Islamic Banks affirmed its support for the development of the Iraqi banking sector on Thursday while praising the experience of the Chairman of the Trade Bank of Iraq in the banking field.
According to Iraqi News Agency, a statement issued by the association indicated that “a delegation from the Iraqi League of Islamic Banks visited the Trade Bank of Iraq and congratulated the bank’s Chairman, Ali Abdul-Ridha Alwan, on assuming his duties as Chairman of the Board of Directors, wishing him success in his new role.”
The delegation expressed its thanks and appreciation to the bank’s management, stressing that the League includes about 32 banks. They also praised the appointment of one of the bank’s employees as chairman of the board, indicating that the arrival of a person from within the institution to this position represents a positive step, given Al-Alwan’s experience and knowledge of the details of banking work and his being one of the institution’s own.
For his part, Alwan affirmed the Iraqi Trade Bank’s appreciation for the cooperation and support provided by the Iraqi League of Islamic Banks, noting the bank’s readiness to provide various forms of support to Islamic and non-Islamic banks in a way that contributes to the development of the banking sector and enhances its role in supporting the national economy, particularly in the field of letters of guarantee and other banking services.
“Alwan indicated that central directives have called for the development of Iraqi banks and the improvement of their performance to enable them to move from local operations to a regional presence,” according to the statement. He added, “There is a strong desire to enhance partnerships and cooperation with foreign banks and financial institutions, as many Iraqi banks have already entered into partnerships with foreign banking institutions, which contributes to developing banking services, raising the efficiency of the Iraqi banking sector, and enhancing its openness to global banking practices.”