About the event
As the fourth edition of the hugely successful series, Iraq Finance 2017 conference and exhibition continues to provide a unique platform for dialogue and partnership between the Iraqi institutions and the international business community. Banking, Financial Services, Investors and Managers are provided with an unparalleled number of high ranking delegates of Iraq, led by the Central Bank of Iraq and under the patronage of the Prime Minister’s Office. Iraq Finance 2017 will address the opportunities available to foreign specialists and investors in the development of the banking sector in Iraq by creating a platform for all stakeholders to network with key decision-makers, exchange opinions and expertise, and source business deals.
Testimonials of Iraq Finance 2016
“Iraq Finance 2016 presents an opportunity for us to engage together into constructive dialogue for the benefit of Iraq and its economy.”
Bahaa Abdul Hadi CEO, ISC - Qi Card
Recommendations from Iraq Finance 2016
Iraq Finance 2016, the third international conference and exhibition on finance and banking in Iraq took place on 07-08 March 2016 in Beirut, Lebanon. The event was held under the patronage of His Excellency the Governor of the Central Bank of Iraq, Mr Ali al-Allaq, and with the participation of His Excellency the Minister of Planning, Dr Salman al-Jumaili, His Excellency the President of the National Investment Commission, Dr Sami al-Araji as well as CEO and Chairman of Trade Bank of Iraq, Ms Hamdiyah al-Jaff. Iraq Finance 2016 was attended by distinguished experts from the International Monetary Fund, International Finance Corporation, Organisation for Economic Cooperation and Development, as well as banks and financial institutions from Iraq and around the world.
Iraq Finance 2016 has recommended the following:
- Continues to welcome the entrance of foreign companies and international investment banks into Iraq in parallel with efforts by the Central Bank of Iraq to reform the financial and legislative environment.
- Encourages the ongoing restructuring of public banks and the development of the private banking sector through ensuring a level playing field between public and state-owned banks.
- Promotes the restructuring of the National Budget to rely less on oil revenues and increase revenues from a growing private sector economy.
- Welcomes efforts by the Central Bank to modernize the Iraqi banking system through the adoption of a modern technology infrastructure based on international standards such as the implementation of a credit information bureau and International Bank Account Number (IBAN).
- Strengthens local and international banks to provide better access to means for private investment and the growth of private business sectors.
- Welcomes the ongoing development of a full electronic payments system through partnerships with leading technology vendors
- Welcomes the transfer of State Owned Entities to profitable private enterprises, provided this is done in a sound legislative and regulatory manner.
- Advises the government to significantly ease restrictions on Foreign Direct Investment in the housing, health, and services sector in particular, to enable foreign investors to take advantage of investment opportunities in these areas.
- Suggests the government speed-up the issuance of government bonds to enable access to capital markets and the allocation of a sovereign credit rating.
- Advises immediate improvements in internal bank audit systems and the adoption of IFRS and international standards of bank compliance.
In the final panel discussion of Iraq Finance 2016, the group of presenting experts made a number of recommendations for the future development of the dialogue between the Iraqi government and the international business and financial services community in the framework of the future conferences. The Iraq Finance 2017 conference, attended by the most senior figures in the Iraq financial sector, is in a unique position to assess progress on reform of the financial and legislative environment.
The new government is committed to moving ahead with reorienting Iraq from a state-owned system to a market-led economy and creating an environment for the private sector to move forward. The 2017 conference continues to focus on the real opportunities that are emerging for foreign direct investment across sectors such as telecommunications, oil and gas, electricity and utilities, healthcare, agriculture, housing and construction, transportation, industry and manufacturing, tourism, retail and entertainment.
Substantial investment is being made in new information and communication technologies in the banking and finance sector in Iraq to facilitate the integration of the Iraqi and the global banking systems, adopting industry best practice and technological standards. The opportunities for growth for the leading technology service experts and vendors are immense, as Iraq builds the foundations of a modern banking industry on par with the best in the region. Iraq Finance 2017 is a platform to source future business contracts in the country by accessing the latest information on available opportunities directly from the decision-makers.