Thread: Iraq/Dinar News. 09/05 to 01/14/07

Press Releases - Albaraka Banking Group Lists on Dubai International Financial Exchange and Bahrain Stock Exchange

Dubai International Financial Exchange, 29 August, 2006

Albaraka Banking Group Lists on Dubai International Financial Exchange and Bahrain Stock Exchange � Listing to take place on 4 September 2006
� First listing on DIFX by a Bahrain company
� First Islamic group to list on DIFX
Albaraka Banking Group (�ABG�), Bahrain's leading international Islamic bank, today became the first organization from Bahrain and the first Islamic banking group from the GCC region to announce the listing of its shares on the Dubai International Financial Exchange (DIFX). The announcement was made at a press conference in Dubai by Mr. Adnan Ahmed Yousif, CEO of ABG and Mr. Nasser Alshaali Chief Operating Officer of the DIFX.
The listing follows an initial public offering by ABG, and will take place on September 4 th simultaneously with a listing on the Bahrain Stock Exchange (BSE).
Adnan Ahmed Yousif, CEO, said: �This is a historic day for Al Baraka. Our share offering met with an overwhelming response from leading Institutions and investors from across the region. The IPO of ABG consisted of 188.9 million shares, of which 120 million new shares represented an increase in capital of US$ 370 million at the IPO issue price of US$3.08 per share. The new capital was fully subscribed to and the offer period closed successfully on 15 June 2006. ABG plans to use the proceeds raised from its IPO to finance its aggressive international expansion plans in addition to strengthening its position in the domestic market and regional markets where it is present.�
ABG enjoys a prime position within the Islamic financial services industry, with authorized capital of US$ 1.5 billion, equity of more than US$ 900 Million, and total assets exceeding US$ 6.3 billion. It is a major force in retail banking, corporate banking, treasury and investment banking with operations in ten countries.
Asked to comment on the Bank's plans for the future and whether it would consider such options to raise its capital in future, Adnan Ahmed Yousif said: �We are open to all possibilities that we believe will best serve the interests of the bank and its shareholders". He went on to say that the strategy of ABG is to enhance the capital resources available to its subsidiaries, to expand its business profitably and thereby further strengthen its market position. �In addition, the Bank has plans for geographic expansion into new markets either through acquisitions or through establishing new subsidiaries,� he continued. �We are also currently instituting measures to enhance research & development of innovative Islamic products that are tailored to ABG's target markets.�
"The rationale behind our decision to list our Shares with the DIFX is because it is one of the fastest growing international stock exchanges and has earned the respect of the global financial community for its development of a strong, transparent and well-regulated market", Yousif concluded.
Welcoming ABG to the Exchange, Nasser Alshaali, the Chief Operating Officer of the DIFX said: "We are delighted to welcome ABG as the first company from Bahrain to list on the DIFX. ABG will benefit from its participation in one of the world's leading regulatory and corporate governance environments. This IPO by a prominent regional company further demonstrates the stature of the DIFX as the region's international exchange.�
Albaraka Banking Group B.S.C. is a leading international Islamic bank. It offers retail, corporate and investment banking and treasury services strictly in accordance with the principles of the Shari'a. The authorized capital of ABG is US$1.5 billion and its shareholders' equity is in excess of US$900 million. The Group has a wide geographical presence in the form of subsidiary banking Units in ten countries, which in turn conduct business through more than 200 branches. These banking Units are Banque Al Baraka D'Algerie, Al Amin Bank, Bahrain, Al Baraka Islamic Bank, Bahrain, the Egyptian Saudi Finance Bank, Egypt, Jordan Islamic Bank, Jordan, Al Baraka Bank Lebanon, Lebanon, Al Baraka Bank Ltd, South Africa, Al Baraka Bank Sudan, Sudan, Bank Et-tamweel Al Saudi Al Tunisi, Tunisia, Al Baraka Turk Participation Bank, Turkey and Al Baraka Bank, Pakistan.

Disclaimer notice.
Copyright © 2001-2006 AlBaraka Islamic Bank
All rights reserved.

It will be interesting to find out if the Application ever was actually applied for and went through for approval. I googled but, full research is not my forte- perhaps one of you geniuses can dig a little deeper into this if you think I stumbled upon something worth investigating. Seems to me if this did go through, that this would be a back door entry into the ISX - JMHO. Please, someone -anyone- elaborate on this!!

Thanks to everyone for all the hard work.

I am not sure if any one has posted this before( released july 2006 ) but this is the first time I have seen it. It was on Portaliraq.com.


The Ministry of Finance and the Central Bank of Iraq are studying a proposal to raise the value of Iraqi dinar and make it equal to the U.S. dollar.

The Minister said that the new government will have a "qualitative" budget for 2007.

The Minister also talked about the ministry's determination to draft the new pension law as soon as possible, and to create investment opportunities which will create job opportunities for the unemployed.

Baghdad mayor says more than one thousand billion Iraqi dinars spent on projects in 2006

Saturday, December 30th 2006
Baghdad Mayor Dr. Sabir Al-Isawi has declared that this year the Baghdad mayoralty signed and referred projects worth more than a thousand billion Iraqi dinars (ID).
Isawi said: "The mayoralty has set a plan for the upcoming next years that includes projects that are worth 1,000,181,000,000 ID: 180 billion will be provided by Ministry of Planning allocations, 600 billion by Bagdad Council and the rest will be provided by Iraqi budget reserves."

The Mayor added that the projects include expanding potable water Djilas project in addition to building three water tanks and other projects such as remanufacturing wastes and stations to collect garbage in Rusafa and Karkh.

Next year will witness the establishment of 15 recreation grounds such as Zawara Park, according to Isawi.

The Board of Supreme Audit (BSA) has announced that there was a United Nations (UN)-sponsored program to train the Board staff.

The head of the Board, Abdul-Basit Turki Sa'eed, said: "The UN is coordinating with international and Arab audit boards to train our staff according to modern audit systems."

He added that the Arab audit boards would contribute to training the BSA Iraqi staff as a part of the plan of the training committee of the Arab organization for audit boards that had been holding its meetings in Tunisia.

The World Bank and Iraq's Ministry of Planning and Development Cooperation have signed two grant agreements to finance a nationwide socioeconomic household survey and to formulate a poverty reduction strategy.

The first survey of this type to be conducted in Iraq since 1993, it will examine income, expenditures and living standards, yielding valuable data on poverty and complementing other surveys financed by the United Nations, according to the World Bank's Sept. 28 announcement.

The Emergency Household Survey and Policies for Poverty Reduction Project includes a $5.1 million grant to be implemented by to finance the survey and data analysis, and a $1.5 million companion grant to be implemented by the World Bank to provide technical assistance on the latest data collection and analysis techniques. The projects combined total $6.6 million, financed by a multidonor Trust Fund administered by the World Bank.

"This project builds on more than a year of close dialogue with Iraq's statistical agencies," Task Team leader Susan Razzaz said. "Under the Second Capacity Building Project of the Trust Fund, we have already conducted over ten workshops to assess and develop their capacity."

According to the World Bank, a generation ago s income and education and health indicators were high compared to regional averages; in recent years, living standards have declined to among the lowest in the region.

"Modern systems for data collection and dissemination are essential for providing Iraqi's policymakers with reliable information on which to base their decisions," Joseph Saba, Country Director, Middle East Department, said.

"This project will enable s government to establish a poverty line, develop policies to reduce poverty and increase employment, and target social assistance to the neediest. It will also help the government determine how to best sequence reforms to minimize any negative effect on poverty and employment."

The World Bank Iraq Trust Fund, within the International Reconstruction Fund Facility for Iraq, has financed 13 projects amounting to nearly $400 million to improve education, health, irrigation and drainage, social protection, telecommunications, urban infrastructure, and water supply and sanitation. The World Bank has also approved $235 million in International Development Association credits for education and road rehabilitation

I apologize if any or all of my previous post were repeats but I liked the look of them

Originally Posted by archangel

I thought it was suppose to be dollars.


Iraqi News
Thursday, January 04, 2007 Iraqi budget for 2007 allocated at 41b dinars
(MENAFN) In a press conference held in Iraq recently, the first deputy chairman of the Iraqi parliament stated that the general budget for 2007 is 41 billion dollars, and includes allocations for security affairs of 7.5 billion dollars. The official said that tthe budget had been referred to the Economic and Investment Committee in the Parliament for deliberation, indicating that the budget will offer more than 136 job opportunities for Iraqis. Meanwhile, tthe Minister of State for Parliamentary Affairs, said that the budget is encouraging and large compared to the past budgets. It is even more than the current year budget by 11 billion dollars, he added. It is worth mentioning that investment expenditure in this budget amounted to ten billion dollars and the expenditures allocated for security are 7.5 billion, in addition to doubling the expenditure of education to reach 6.2 billion dollars, while the health sector allocations are 1.8 billion dollars, at a rise of 71%.
Trade Bank of Iraq - Your Trade and Investment Partner in Iraq

Here is the original article from dec 27th:

2007 budget estimated at $41 billion



Azzaman, December 27, 2006



The government has approved the budget for 2007 estimated at $41 billion.



The budget is the biggest in the years since the 2003 U.S. invasion due to skyrocketing oil prices.



Saffa al-Safi, state minister for parliamentary affairs, said the figures for the 2007 budget “are encouraging in comparison with previous budgets.”



One fourth ($10 billion) of the money available for 2007 has been earmarked for development and reconstruction.



Allocations for security are the second largest, totaling $7.5 billion.



Allocations for education have been doubled to $2.6 billion and there will be a 7% increase for the health sector for which $1.8 billion has been earmarked.



Some $5.2 billion will go to provincial municipalities.



If implemented properly, the budget should create 136,000 new jobs, said Safi.



The cabinet has passed the budget to the parliament for approval.

Note that the number of jobs in the original article is 136,000 not 136. We now have MENAFN, Iraq Updates and now Iraq News re-running this story with wrong headline and info unless they are trying to leak something here? Also refer to my post #74 on Page 8 of this thread : Another Typo or Slip-up

I know this is old, but i figured it was worth posting again,

THE WHITE HOUSE
Office of the Press Secretary
October 11, 2003

RADIO ADDRESS BY THE PRESIDENT TO THE NATION

THE PRESIDENT: Good morning. Six months ago this week, the statue of Saddam Hussein came down in the center of Baghdad, and Iraq began the transition from tyranny to self-government. The goal of our coalition is to help the Iraqi people build a stable, just and prosperous country that poses no threat to America or the world. To reach that goal, we are following a clear strategy.
First, coalition forces in Iraq are actively pursuing the terrorists and Saddam holdouts who desperately oppose freedom for the Iraqi people. Secondly, we are committed to expanding international cooperation in the reconstruction and security of Iraq. And third, we are working closely with Iraqi leaders as they prepare to draft a constitution, establish institutions of a civil society, and move toward free elections.

As part of this strategy, we're helping Iraqis to rebuild their economy after a long era of corruption and misrule. For three decades, Iraq's economy served the interest only of its dictator and his regime. Saddam Hussein built palaces and monuments to himself, while Iraq's infrastructure crumbled. He built up a massive war machine while neglecting the basic needs of his own people.

Now that the dictator is gone, we and our coalition partners are helping Iraqis to lay the foundation of a free economy. This coming week, the Iraqi economy will reach an important milestone with the introduction of a new currency. The new Iraqi dinar notes will bear the images of Iraq's proud heritage, and not the face of a hated dictator. For more than a decade, different areas of Iraq have used two different versions of the dinar, and many of those notes were counterfeit, diminishing the value of those that were genuine. The new dinar will be used throughout Iraq, thereby unifying the economy and the country. The new currency will have special features that will make it difficult to counterfeit.

Following World War II, it took three years to institute a new currency in West Germany. In Iraq, it has taken only six months. And the new currency symbolizes Iraq's reviving economy.

Iraq has a strong entrepreneurial tradition, and since the liberation of that country, thousands of new businesses have been launched. Busy markets are operating in villages across the country. Store shelves are filled with goods from clothing and linens to air-conditioners and satellite dishes. Free commerce is returning to the ancient region that invented banking.

With our assistance, Iraqis are building the roads and ports and railways necessary for commerce. We have helped to establish an independent Iraqi central bank. Working with the Iraqi Governing Council, we are establishing a new system that allows foreign investors to confidently invest capital in Iraq's future. And we have helped restore Iraq's oil production capacity to nearly two million barrels a day, the benefits of which are flowing directly to the Iraqi people.

Iraq is making progress. As the Mayor of Kirkuk, Abdul Rahman Mustafa, recently said, "Our economic potential has barely been tapped." We must help Iraq to meet that potential. The request I have made to Congress for Iraqi reconstruction includes support for important health and training projects. Under our strategy, Iraq will have employment centers to help people find jobs. We intend to establish computer training and English language instruction and vocational programs to help Iraqis participate fully in the global economy. I urge Congress to pass my budget request soon so this vital work can proceed.

Americans are providing this help not only because our hearts are good, but because our vision is clear. A stable, democratic, and prosperous Iraq will no longer be a breeding ground for terror, tyranny and aggression. And a free Iraq will be an example of freedom's power throughout the Middle East. Free nations are peaceful nations. By promoting freedom and hope in other lands, we remove direct threats to the American people. Our actions in Iraq will increase our safety for years to come.

Thank you for listening.

(end transcript)

Bush Outlines Steps Toward Free and Prosperous Economy in Iraq

I loved this one!!!

Iraqi and U.S. officials have announced near agreement on a draft law that gives the central government in Iraq the authority to distribute oil revenues among Iraqi regions based on their population.

A U.S. official said on condition of anonymity that the committee working on the draft law for several months was comprised of ministers and politicians from Sunni, Shiite and Kurdish blocs, and has expedited its work recently.

Found on portalIraq.com

Originally Posted by jer6925

I loved this one!!!

Iraqi and U.S. officials have announced near agreement on a draft law that gives the central government in Iraq the authority to distribute oil revenues among Iraqi regions based on their population.

A U.S. official said on condition of anonymity that the committee working on the draft law for several months was comprised of ministers and politicians from Sunni, Shiite and Kurdish blocs, and has expedited its work recently.

Thank you for your articles, I/WE would only ask you include a link to them please. Keep it up