Thread: Archive News - Iraqi Dinar Think Tank - 06/05/09 - 04/09/09

GCC ministers back Kuwait in row with Iraq

Foreign ministers of the six-nation Gulf Cooperation Council (GCC) offered full support to Kuwait on its dispute with Iraq over the 1991 war reparations and border demarcation, while they called on Iran to undertake confidence-building measures to promote peace and stability in the region.

The GCC ministers also pledged to support the efforts of the Yemeni government, which has called for a dialogue with protesters to ensure peace, stability and territorial integrity of Yemen.

The GCC and Yemeni foreign ministers, who held a joint meeting here, also emphasized the need for strengthening security in south Yemen, where two people were killed and four wounded in fresh clashes between security forces and protesters yesterday.

Speaking to reporters after a closed-door meeting of foreign ministers, Omani Foreign Minister Yousef bin Alawi said the GCC recognized Iran's right to nuclear research for peaceful purposes within the framework of the international law.

The GCC also welcomed the "ongoing consultations between Iran and Western countries in this regard," said the Omani minister.

Addressing a press conference after the meeting, GCC Secretary-General Abdulrahman Al-Attiyah noted the "positive trends" in the new US administration's policy on the Israeli-Arab conflict, and said the GCC supported President Barack Obama's commitment to a two-state solution.

He called on the Israeli government to commit to a two-state solution, based on the Arab peace initiative, international resolutions and the principle of land for peace.

Al-Attiyah demanded the Israeli government's full withdrawal from all occupied Palestinian territories. He called on the United States, Russia, the European Union and the United Nations to pressure Israel to "abide by international resolutions and abandon its intransigence and arrogance."

"The GCC foreign ministers also discussed plans and programs that are essential components for admission of Yemen into the Gulf bloc," said Al-Attiyah.

The foreign ministers, who welcomed the invitation to hold the next GCC Ministerial Council meeting in Sanaa during the first quarter of 2010, renewed their commitments to support the development projects in Yemen.

Al-Attiyah said Gulf states have already allocated $3.2 billion out of the pledged amount of $3.5 billion to ****ute development projects in Yemen.

The GCC ministers and Yemeni Foreign Minister Abu Bakr Al-Qarubi issued a joint statement after their fourth meeting.

http://www.zawya.com/Story.cfm/sidZA...%20with%20Iraq

Sheriff: questioning Shahrastani completed all its aspects, but Attiyah hinders the identification time for him

Confirmed as the Deputy Sheriff on the mass of virtue that the issue of interrogation and Oil Minister Hussain al-Shahristani, has completed all its forms and the legal and formal protocol, accusing the First Deputy Speaker of the House to disrupt.

The Sheriff told the independent press (Iba) today, Tuesday, to sign (117) questioned the request of deputy oil minister in the time needed to question a minister to a request from the (25) Vice-only as required by the constitution, pointing to the existence of approvals on the questioning by the members of the Presidency of the parliament.

"I have consulted legal experts, and now is supposed to determine the date of the questioning, which was supposed to be yesterday, as defined in the Presidency of the Council of Representatives (as he put it).

The Sheriff said that he is the First Deputy Parliament Speaker Khaled al-Attiya to derail the subject of many arguments, but the main reason for this is that the oil minister of mass politics.

Attiyah was presented today at a meeting of the political blocs in parliament and the paper contains a number of controls that the commitment by the student before making a decision to question any minister, including the documented evidence requested by the proponents of the charges against the deputies of Ministers.

Sharif and through the belief that the delay in questioning al-Shahristani is not commensurate with the activation of the oversight role of Parliament, especially since this is the part of the First Deputy Speaker of the House, saying that Al Attiyah, "argues flimsy excuses and not commensurate with what is," and adding that it is of the House when the Minister belongs to Ktlthm political accountability.

Sharif stressed that the theme of questioning the minister and constitutionally clear, especially after the approval of many members of the Council of Representatives.

The subject of the request for questioning a number of ministers by parliament members had objections from the government and some groups felt that he started to take a political character propaganda, while the masses in support of the ministers that came to assess the work of the government and to the elimination of financial and administrative corruption was rampant in institutions State, which has affected significantly the level of services provided to citizens.

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Corruption is an evil thing that just grows and grows.. Thank you seaview for staying the course and keeping us up to date..67

30 Iraqi bank to declare their readiness to support the economic and productive sectors through the establishment of joint stock companies
Life - has made Iraqi banks (30 banks) prepared to support the economic and productive sectors through the establishment of joint stock companies, including private banking, government,

Which the Secretary-General of the Federation of Iraqi businessmen Sami Zubeidi «mission», in a speech at a seminar organized by the Association of Banks in collaboration with the private Iraqi business community and industrialists.

He noted that «invited to contribute to the establishment of private banks, development projects, either to participate or lending». He stressed the «Central Bank of Iraq to facilitate the performance of banks for this role and to develop mechanisms for lending stalled projects».

The E.xecutive Chairman of the Association of Abdul Aziz Hassoun, the need for «the establishment of a joint higher committee of stakeholders to develop recommendations on how the banking sector's contribution to the revitalization of the industrial sector obstructing». He believed that a mechanism involved in the construction industry and the national is able to keep up with technological developments in the world as possible », the existence of more than thirty private banks to the total capital funds of $ 1.2 billion, in addition to deposits and investments of more than 3 billion dollars.

The discussions focused on funding the symposium, which is the first and last obstacle now, as well as huge amounts of money spent in vain to restore the operation of part of the plant, making the Iraqi economy into a service economy rather than to development.

He asked the Chairman of the Federation of Iraqi Industries Hashim Al-Atraqchi on the potential role of banks, and can be submitted, adding that the projects «do not need a partner and financier, as banks have large amounts of government can be re-operation».

Leading banking Mowaffaq good, that the private banks, «can not be funded for a long time, but they can finance the operation, also need rehabilitation and the establishment of new plants, large amounts of capital, banks can not secure the civil, as bank deposits and short-term».

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Islamic banking in Iraq

Is a sense of its banking in the world of finance and trade, where banks are ranked the various channels of the President in the financing of projects for different purposes,

The current financial crisis demonstrated the failure of conventional banks, including banks and international weight to overcome funding difficulties and was recovered riba-based lending, which exceeds the capacity of the borrower to repay debt and the purchase of trafficking and sale of bonds has been a significant over-recovery is difficult in the short-term imbalance is created between the lending period payment. refers to the financial analysts that the volume of debt amounted to trafficking in more than a billion dollars per day while the global production of goods and services to a few thousand and thirty billion dollars a year. through the above indicators, we find that the so-called banking Baraboip, which controls the Aalaguetsad world shook its body and the voices have started to go to find an alternative to banking systems has been advocated by some to be the Islamic banking is the likely alternative. Islamic banks have worked in the Arab countries, including the Gulf states to give a picture of a positive sign for the success of the work of Islamic banks has set up its accounting and audit bodies The bodies of the legal opinions and has patterns of banking operations of the legal framework are we in Iraq, including Aguetdina contributed by the Islamic banks in Arab countries?

This is what we will address it in a hurry to sign.

First: banking activities in the Iraqi Islamic banks:
We have examined whether these activities are traditional activities, for example, it is only investment income on investment and cash deposit with a third person form of investment earnings for the night as Istalh bank deposits and dividends and, if we consider the Grandiloquence banking revenues, we find that the term deposits is the designation is intended to interest on bank deposits for others, but replaced the word of interest, does this benefit may be legitimately, and there are items of income which are caught by the revenue that the banks current accounts at the city and look at the nature of these revenues, we find that it represents interest on current accounts receivable (accounts overdraft as it Istalh bank) Fine jewel of Islamic banking?. On the other hand, we find that the Iraqi Islamic banks have limited the exercise and the purchase of treasury bills is no doubt that these permissions with the benefit of Islamic banks and receive these benefits are recorded in its note that the benefits from the taboo of dealing ornament sharee'ah Where?. we can deduce from the examples we listed including Islamic banks in Iraq and because of the narrow-mindedness, the investment banking operations in the resort to tactics in order to sustain the work does not take into account the sanctity of the deal and Halith like the conventional banks.

Second: the legitimate oversight role:
It is known that the Islamic banks are subject to several types of control over their operations including the control of traditional banks, like other businesses and oversight of these banks is to control Acharaipohzh control concept and the significance of giving the green light to handle and ornament are the foundations and concepts of such control has been set aside for them accounting and auditing standards for financial institutions Bahrain-based Islamic criteria, especially in terms of the restructuring of the reports and their data and information on the health of banking in the Islamic banks. However, we note that the Islamic banks in Iraq for Atair attention to this side and like traditional banks, and as we saw we did not find a report of the observer, who is accompanied by the forensic with the report of the External Auditor at the end of the financial year and this report shows the validity of transactions carried out by the Islamic bank and it is consistent with the principles of Sharia glue. We hope that the Islamic banks, which we consider the evolution of the role of looking for its operations and take pride not shame, because the current trend and with the intensification of global financial crisis and the means taken Western media highlights the work of Islamic banking alternative to the traditional and the deal must be that we are in Iraq is a country of our sanctities of divine religions and to establish Islamic banks to do the role of Islamic banking which is the same and sound banking right parties dealt a balanced view of money and make decorations to reflect the life of the world says:

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Pfsh BANKERS CALL them the opportunity to contribute in moving the economy
Central Bank: the private banking sector is prepared to work in the investment sectors

Private banks have suffered in Iraq many of the problems, the former because of the security situation and lack of movement of the Iraqi market, but after the start of security operations have contributed to rein in violence and led to the relatively stable security revived economic activity in Iraq and among the working sectors and the arteries of the economy driving the Iraqi banking sector at the forefront of the sectors working in it.

Iraqi Central Bank Governor Dr..Shabibi said: "The private banking sector is now in the best case, which is ready to work in the sectors of investment and promising.

Alshabibi opened his speech at a meeting of the Association of extensive dialogue with Iraqi banks attended a high-ranking delegation from the Central Bank of Iraq and Iraqi banks for now, talk about the dilemma of many of those responsible for monetary policy, it was more contraction and call now to reserve cash to deal with Iraq and employed to bridge the deficit of some sectors of the budget because of lower world oil prices, according to some allegations that they were trying to save foreign exchange, and we started to hear about the auction held by the exchange as the central bank aims to prevent the smuggling of foreign currency.

Alshabibi steam irresponsible remarks and tried to address all those present that day, which happened before the rise of the dollar exchange rates against the value of the Iraqi dinar, and said that the issue of the reserve is very sensitive and as a financial security in Iraq. There is a form of appreciation and the degree of sensitivity associated with the rapid movement and its relation to changes in the local market.

Alshabibi tried to explain to the bankers that the Iraqis have a drug problem for the Iraqi private banks, especially foreign controversy is sterile and needs to build, through dialogue between the Central Bank of Iraq and the Iraqi private banks to resolve the problem affecting the cognitive subject and the particular vulnerability of private banks in Iraq, a clear recently. He noted that economic activity is increasing and must require the bank to increase the capacity of Iraqi governmental and private, and calling on the private financial sector to exercise a greater role to the progress of the Iraqi economy.

Governor of the Central Bank of Iraq said it was time for the entry of private banks in the financing of government projects and also an increase in appropriations in the resolution of the Council of Ministers to increase the size of the appropriation of 2 million to $ 5 million, and this would give a competition between the private and government banks, Iraqi Trade Bank.

Then the President of the Association of Fouad al-Iraqi banks, saying: that the banking sector at the center of the Iraqi male privileged, and can now in case of opening the area to help move the Iraqi economy for the better. Hasani said the private banking sector faces some of the problems preceded the problem and the contribution of foreign ownership in the capital of Iraqi banks, becoming one of the special points articulated in the banks and attract foreign investors.

He urged the Iraqi government and their fiscal and monetary policy to reconsider the size of credit opened by the Iraqi ministries to the private banks and the recent Alzeraib imposed on the deposits of which promised to deposit secondary can not be taken by the tax have made some banks face embarrassment in their dealings with investors.

Hassani concluded his call to reconsider the building of the Commercial Bank of Iraq and restructuring by working to make it a mixed bank and the participation of private banks in more than one billion dollars to raise the financial position to more than one and a half billion, and thus facilitate the work of private banks to open letters of credit, he The Commercial Bank of Iraq is now competing with private banks to use banking tools, and we wish to back down on this important step.

The financial expert said the Central Bank of Iraq, Walid Abdel Nabi Vaeedi expounded on the imminent establishment of a financial guarantee for deposits up to the ceiling of 150 million dollars, or even the Iraqi dinar, and he called Iran, Islamic banks have to work on the effectiveness of legislation and it is governed by the law in terms of performance, Almracip.

Central Bank of Iraq adviser d. The appearance of Mohammed Salih said that the problem of Iraqi banks regarding the opening of bank credit to the Iraqi ministries are a real problem, but I'm not an advocate on behalf of the Ministry of Finance, but I do want to explain a technical issue, this problem is caused by failure of the payments system by the government and the Ministry of Finance and for years to develop and potentially end the end of this year and thus we expect that disappear over the next year, and this is what confused the performance of the ministry through a shortfall in the accounts of some government services and a surplus in some other sectors to make them pass a resolution calling for the reduction of ministries to deal with private banks due to speculation, confusion and estimates of financial assets.

The appearance of the second problem faced by the private banking sector is the real property in addition to the problem of Alzeraib the Treasury deposits and cash reserves, which are secondary and should be reconsidered in the size of the tax.

Representative of the country, the Islamic Bank of d. Abdul-Hussein said the author: I call for the Bank to take the role of a mixed Iraqi Trade Bank is working to involve the private banking sector in the international line of credit to the banking system, and founders of Advanced unable to work to keep pace with the investment, the Iraqi society and fill the need of the goods and services whose slowness in the opening credits of the banking ministries responsible for these files strategic task.

And between the country that the Bank has begun to develop and the medium-funded investment projects and we are now seeking to expand opening-up and work with the tourism sector and the agricultural and industrial.

Chairman of the Board of the Bank of the economy Hossam Nahed Ebeid said: "The idea of a mixed banks forgave God, and I hope that Anaud, we now live in a free economy, which started in the banking sector, we have the building blocks in the first foundations.

He called for a solution to the problem of acquisition of property for the opening of bank branches, both of Iraqi or foreign through the State Consultative Council, which is based on interpretations of the Registrar of Companies will also have to interfere with the Central Bank of Iraq to resolve this problem, even if the legal interpretation of the problem.

He urged the Commission to give real opportunities for the private banking sector and of putting into effect the decisions of the support of the private sector.

One Islamic bankers said: "The problem in Islamic banking, we have the money and we would like a large investment ratios, but so far Atalpi ambitious, and that Europe had gone through this problem of lack of legislation and legal legislation but legal for the banks is working, and we need to non-discrimination riba-based banks, private and Islamic banks in Iraq.

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Economic effect

After the financial crisis has overshadowed the limited investment budget and the implementation of strategic projects that require large amounts tended to activate the investment sector in order to obtain external capital may contribute to the economic development and provides financial cover for important projects.

Although the count in this area for many reasons, as a magnet for investment, there is the question should be remembered, or rather by the interest and aims to move the labor market by focusing on the sectors of construction, housing and transport and communications .. We believe that the first would break the stalemate facing the sectors and occupations chock ..

It is estimated by some economists and specialists the number of occupations that are moving by more than ninety craft and profession of concern or need for manpower is estimated at hundreds of thousands .. It can move the reconstruction of housing and jobs on the kinds of blacksmithing, carpentry, paint, electricity, water, construction materials, transportation and the labor market is therefore essential to develop this sector in their priorities for government attention to the targets achieved at the level of the unemployment crisis and alleviate the rigidity of the labor market ..

And because these are important, and his priorities will be to achieve other objectives, including the disposal of idle hands, which is compounded annually and also because it contributes to a humanitarian solution to the problem of millions of major families and families in the galvanized Biotat no longer able to accommodate more numbers which have been forced to build simple housing in Baghdad The provinces are not appropriate or not to serve as homes for human habitation.

Emphasis on the need to move this sector stems from this very important, therefore, to lead the housing sector in the country to expedite the involvement of international companies or local and private sector for the purpose of housing is to start a campaign to move the entire labor market and without waiting for more.

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Finance: the inability of the Ministry of Oil to export two million barrels a day's reduction of the budget

He and Finance Minister Bayan Jabr said his ministry would not adopt the idea of a supplementary budget in the light of the increase in Iraqi oil exports exceeded the price of oil exceeded 60 dollars per barrel recently.

Zubeidi and affirmed that the current budget deficit of $ 20 billion U.S. dollars, saying that parliament's decision to reduce the 2009 budget year, the equivalent of four billion dollars led to a "severe shortage" in the provinces and in the volume of allocations of operating funds and those allocated to the investment.

The drop in oil prices and the inability of the Ministry of Oil during the first months of this year to export two million barrels a day, on the basis of which was adopted in the development of the general budget, led to an increase in the size of the budget deficit from 15 to 20 billion dollars.

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Kirkuk oil output up by 90,000 barrels per day – official

The Oil Ministry says Kirkuk oil output has risen by 90,000 barrels recently.

“Our technicians and engineers have managed to raise production to 670,000 barrels from 580,000,” said Sameer al-Salihi of the Northern Oil Company.

The addition is good news for the ministry which is under immense pressure from the parliament and the cabinet to increase production.

Some in the government accuse the ministry of giving conflicting figures about exports, complicating budget estimates for 2009.

But the current output from Kirkuk, where some of the largest Iraqi oil fields are situated, is still way below the pre-war rates.

In the months before the 2003-U.S. invasion, Kirkuk used to churn out more than 800,000 barrels a day.

Salihi said the additional output has come mainly from the currently producing fields.

He said relative quiet in some areas has been the main factor.

http://www.azzaman.com/english/index...06-09\kurd.htm

Iraqi airways to restart Baghdad-London route

Iraq and Britain agreed to restart the air flight between them, the director of civil aviation at the Iraqi airways said on Wednesday.

“According to the memorandum of understanding that we signed with Britain, the U.S. side assigned three carriers and we assigned one for air transportation between the two countries,” Sobhi al-Shebani told Aswat al-Iraq news agency.

“There will be direct flights between Baghdad and London according to this route,” he added.

“Those flights will be expanded to include other British cities,” he said.
Al-Shebani pointed out that other routes with Pakistan, India and Germany will be started in the near future.

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