Page 19 - of Khadrun’, and that Mark said about the lineage of Jesus son of ‎Mary that he was 'The word of God which He placed in the human ‎body, so it became human’, and that Luke said, 'Jesus son of Mary ‎and his mother were humans of flesh and blood, so the Ho

Investor Guide to Iraq 2021

Banking Sector

Reinforcing and fostering the banking sector and the financial institutions

Developing regulation in the banking sector

Iraqi Central Bank has always been keen to have principles of corporate governance established and applied in order to keep pace
with the international developments and apply the best practices in the banking sector through inserting structural, legislative and
monitoring developments that aim at minimizing possible risks since investors are trending towards dealing with banks that use
intact governance structures.
- Governance aims at defining the nature of relationship between the bank board of directors and executive administration in a
way that leads to protecting the depositors, stock holders and benefits owners’ money in addition to focusing on disclosure and
transparency, and out of this principle a corporate governance guide has been published by the CBI based on relevant Iraqi laws
and international standards issued by international establishments and institutions like (IFC, OECD, Basil committee for banking
monitory, AAOIFI, IFSB) to help banks reinforce the general frameworks for governance and wise management.
The CBI, in its implementation for the strategic plan and through its keenness to continue abiding by applying the best
international practices in the field of banking industry and international standards for financial reports (IFRS), applied the
international standards for financial reports in all licensed banks for the purpose of reinforcing the safety of their financial
ranking and deepening the concepts of transparency and disclosure in these banks as this standard included abiding all banks to
form a committee responsible of applying it that contains a group of members to insure the success of the process of converting
from the international accounting standard.

Developing and Supporting Islamic Banking Industry
- Islamic banks had imposed a new reality on the international banking market where terms like solidarity, checks and
partnership had become common in western banks and they could present a new concept in the banking transactions.
And for the purpose of developing and supporting the Islamic banks in Iraq, CBI issued the final edition of the executive
regulations that regulate the work of the Islamic banks and as follows:

* Issuing the regulations of the Islamic funding tools
* Issuing the regulations of risks management in Islamic banks

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