Iraqi companies urged to work with Dubai Chamber of Commerce and Industry

Dubai Chamber of Commerce and Industry requested private companies and financial institutions of Iraq to expand their Islamic business network through Dubai. The request was made during a roundtable discussion on ‘Islamic Finance’ held at the Divan Hotel in Erbil.

The discussion focused on main trends, opportunities and challenges of the Islamic finance sector in Iraq.

In the roundtable discussion, representatives of Dubai Chamber of Commerce and Industry explained how Iraqi businesses and financial institutions can gain benefit from the emirate’s efforts in promoting Islamic economy. They claimed that Dubai already has extensive experience in Islamic finance.

Dubai, the flamboyant city in the U.A.E, has taken several steps recently to become the capital of Islamic economy in the world.

Rashid Mohammed Al Mansouri, Consul General, UAE consulate general in Erbil, Sadiq Rashid Al Shammari, managing director, National Islamic Bank in Kurdistan and an Expert on Islamic Finance, Amanj Yarwaessi, manager, Dubai Chamber Representative Office in Kurdistan, officials of several leading banks and consultants participated in the discussion.

Rashid Mohammed Al Mansouri, who is the UAE Consul General in Erbil, in his speech, highlighted the importance of the Islamic economy and then explained in details the span of expansion for the Islamic finance sector in Iraq, particularly in the Kurdistan region. He also said that Dubai Chamber of Commerce and Industry is in a perfect position to strengthen business relations between Kurdistan and the U.A.E.

Sadiq Rashid Al Shammari, the managing director of National Islamic Bank said that Islamic finance is already more popular than conventional banking in Iraq. Even though there is a need to increase awareness, he added. He further added that the central bank of Iraq should form a governing council and a new legislation on Islamic finance.

Participants of the roundtable discussion furthermore discussed necessity of a strong network of micro-finance. They said that the network operates solely through Islamic finance and is doing well. They requested the government to come up with an appropriate legislative framework in a bid to boost the growth of Islamic banking in the country.

Hassan Al Hashemi, the vice president of International Relations in Dubai Chamber of Commerce and Industry said that the reason behind the roundtable is to enlighten business community of Kurdistan about initiatives and trade promotion activities that have been initiated by the chamber. He promised that the chamber will organize a series of workshops and seminars in future to further promote bilateral cooperation between Iraq and the U.A.E.

At the end of his speech, Hassan Al Hashemi invited Iraqi businessmen to participate in the 10th session of the World Islamic Economy Forum organised by Dubai Chamber in November 2014 in the emirate. The forum is likely to attract over 2,500 delegates from all around the world.