Page 20 - 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

* Issuing the regulations of legislative monitory, internal checking and compliance committee in Islamic banks according
to Islamic Sharia

- CBI also drafted the regulations for solidarity insurance by a committee formed for this purpose in cooperation with the
insurance diwan; also, it developed the draft of the Islamic Investment Checks Law and presented it to the State Council.

Supporting the establishment of Deposits Guaranty Institution
- CBI had sought according to its strategic plan to establish a Deposits Guaranty Institution which represents an essential part of
the financial safety network to solidify the fellows confidence in the banking sector by guarantying their savings deposited in the
banks, and based on its strategic plan an establishment contract for the institution had been signed with the committee formed on
the 31st of January 2018, which included the membership of 44 government and private banks (6 government banks, 22
commercial banks, and 16 foreign banks), this establishment shall play a big role in protecting the banking sector especially
individuals and corporate deposits to reinforce confidence in the banking sector inside and outside Iraq, the matter that can
contribute much to attracting more deposits to be reused in crediting and investment for the good of the Iraqi economy.

Participating in Developing Financial Markets
- For the purpose of reinforcing and fostering the banking sector and the financial establishments in managing the banking
liquidity in Islamic and commercial banks and participating in developing the financial markets (monetary market in Iraq), CBI
constructed a diversified structure for its securities with one year and less terms and offering them through auctions according to
the central securities depositary system and as follows:
- Commencing the issuance of Islamic deposit certificates as a new investment window for the Islamic banks to manage liquidity
in the banking sector, as a plan had been prepared to offer new short and medium term financial products with variations in the
rates of revenues whether they were for the CBI transfers or for the traditional or Islamic deposit certificates.
The central bank trained banks staff on the central securities depositary to use the system and loaning services.
CBI had established the new Financial Products Unit for the purposes of researching and analyzing the possibility of inventing
new financial products to manage liquidity and finding the best applications to implement the monetary policy through searching
in the global experiments and available financial tools with measuring the effect and analyzing the results.

www.investpromo.gov.iq 18