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IRAQ:
The Dubai Chamber of Commerce and Industry (Dubai Chamber) and
representatives from the country’s business community have recently
conducted a roundtable discussion to identify opportunities in Iraq’s
Islamic finance sector.
Dubai Chamber called upon Iraqi banks and financial institutions to
expand their networks through Dubai’s Islamic economy initiatives. Hassan
Al Hashemi, the vice-president of international relations at the Dubai
Chamber, highlighted the resources and trade promotion activities of the
chamber in light of the emirate's status as a re-export hub offering
world-class logistical and infrastructural services, an integrated
regulatory system, vast investment opportunities as well as a cultural
diversity for Iraqi traders seeking to reach major consumer markets in
the region and the rest of the world.
Dr Sadiq Rashid Al Shammari, the managing director of National Islamic
Bank, opined that despite Islamic finance being widely used in the
country, there is still a need to raise awareness and build human
resources for the industry. He also pointed out that the government needs
to enact legislation on Islamic banking and finance to support the growth
of the sector. The establishment of central bank-related governing
council is also of pertinence due to the increasing preference of Islamic
investments globally.
Among the areas of opportunities that were identified during the
discussion include: the dearth of Takaful operators in the country; and
the existing strong network of microfinance in Iraq that operates solely
through Islamic finance. The dialogue also focused on Dubai's extensive
experience in the area of Islamic finance, and how Iraqi companies can
benefit from the emirate's role in promoting the overall Islamic economy.
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