About the event
Building up on the success of the 2012 and 2014 events, the Iraq Finance 2016 conference will continue to promote an open dialogue between the Iraqi officials and the international business partners and investors within and beyond the financial services industry. Under the patronage of the Prime Minister of Iraq, the support of the Central Bank of Iraq and an unrivaled attendance of the senior Iraqi delegation confirmed, the Iraq Finance 2016 conference 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 2014
“ This event is a great opportunity to have a concrete feeling of what's going on in the field”
Carlo Sdralevich, International Monetary Fund
Recommendations from Iraq Finance 2014
Iraq Finance 2014, the second international conference and exhibition on finance and banking in Iraq took place on 27-28 January 2014 in Dubai. The event was held under the patronage of His Excellency the Governor of the Central Bank of Iraq, Dr. Abdul Basit Turki Saeed, and with the participation of His Excellency the First Deputy President of the Iraqi Parliament, Dr Qusay al-Suhail, 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-Jaf. Iraq Finance 2014 was attended by distinguished experts from the International Monetary Fund, United States Agency for International Development, Organisation for Economic Cooperation and Development, as well as banks and financial institutions from Iraq and from around the world.
Iraq Finance 2014 has recommended the following:
- Welcomes 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.
- Welcomes the creation of a national investment development fund based on the allocation of 1% of Iraq’s national budget, and with the intention of investing in Small and Medium Enterprises, as well as to support the financing of major strategic projects.
- 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).
- 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.
At the end of Iraq Finance 2014 conference in Dubai, 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 2016 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. The2016 conference focuses on the real opportunities that are emerging for foreign direct investment across such sectors 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 a par with the best in the region. Iraq Finance 2016 is a platform to source future business contracts in the country by accessing the latest information on available opportunities directly from the decision-makers.