Baghdad: The Iraqi Association of Islamic Banks affirmed its support for the development of the Iraqi banking sector on Thursday.

According to National Iraqi News Agency, a delegation from the Iraqi Association of Islamic Banks visited the Trade Bank of Iraq to congratulate the bank’s chairman, Ali Abdul-Ridha Alwan, on assuming his new role as head of the board of directors. The association expressed its gratitude and appreciation to the bank’s management and highlighted that the association comprises approximately 32 banks. They praised the appointment of a bank employee to the position of chairman of the board, considering it a positive step due to Alwan’s experience and knowledge of banking operations.

Alwan affirmed the Trade Bank of Iraq’s appreciation for the cooperation and support provided by the Iraqi Association of Islamic Banks. He noted the bank’s readiness to offer various forms of support to both Islamic and non-Islamic banks, which would contribute to the banking sector’s development and strengthen its role in supporting the national economy, especially in areas like letters of guarantee and other banking services.

Alwan further explained that central directives have called for the development of Iraqi banks and the improvement of their performance to enable a transition from local operations to regional presence and activity. He emphasized a strong desire to enhance partnerships and cooperation with foreign banks and financial institutions. Alwan indicated that several Iraqi banks have already entered into partnerships with foreign banking institutions, contributing to the development of banking services, raising the efficiency of the Iraqi banking sector, and enhancing its openness to global banking practices.