Opportunities in Islamic Finance Sector

Dubai Chamber of Commerce and Industry has urged Iraqi banks and financial companies to expand their networks within the Islamic economy through Dubai which is working hard towards becoming the capital of Islamic Economy in the World during a roundtable discussion on “Islamic Finance” held in Divan Hotel, Erbil, Kurdistan.

The meeting, which identified the main trends, opportunities and challenges in the Iraqi Islamic finance sector, also focused on Dubai’s extensive experience in the area of Islamic finance, and how Iraqi companies can benefit from the emirate’s lead role in promoting the overall Islamic economy.

The roundtable was attended by H.E. Rashid Mohammed Al Mansouri, Consul General, UAE Consulate General in Erbil, Dr. Sadiq Rashid Al Shammari, Managing Director, National Islamic Bank in Kurdistan and an Expert on Islamic Finance, Mr. Amanj Yarwaessi, Manager, Dubai Chamber Representative Office in Kurdistan, representatives of leading banks, consultancy companies, and other stakeholders, who discussed ways to raise awareness of Islamic finance in the country.

H.E. Rashid Mohammed Al Mansouri, UAE Consul General in Erbil, highlighted the importance of the Islamic economy and the scope of growth for the Islamic finance sector in the Kurdistan region of Iraq which is offering a secure business environment. He also stressed on Dubai Chamber’s role in strengthening business relations between Kurdistan and the UAE, particularly Dubai.

On his part, Dr. Sadiq Rashid Al Shammari, Managing Director, National Islamic Bank, informed that although Islamic finance is more popular than conventional banking in Iraq but there was still a need to raise awareness and training for personnel in the field.

Al Shammari also stressed on the need for a legislation on Islamic finance as well as a governing council connected to Central Bank as Islamic finance was becoming more popular globally due to the fact that investments under the concept are secured against physical assets, he said.

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