Tagged: Iraq

Iraq Gearing up for Major Investment Opportunities

Islamic Finance

Iraq Gearing up for Major Investment Opportunities

<p>Iraq is seeing a surge in investment activity. The nation begins to rebuild its domestic infrastructure and boost crude oil production. By the end of 2013, Iraq should see 3.5 million barrels of crude per day. Over this year, Iraq&rsquo;s government is set to increase spending by 18 percent, reaching $118 billion. And the IMF has already projected that Iraq should see a yearly economic growth rate of around 9 percent. Banking in Iraq has come a long way, too, although basic banking infrastructure&mdash;ATMs, bank branches&mdash;are still lacking across the nation. However, spates of violence and an endemic culture of corruption are likely to cause some problems along the way. The Iraqi dinar is expected to experience a major improvement in terms of value, but it is important to remember that the development will take a while.</p>
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<p><a href="http://www.wealthdaily.com/articles/investing-in-iraq/4499" title="http://www.wealthdaily.com/articles/investing-in-iraq/4499">http://www.wealthdaily.com/articles/investing-in-iraq/4499</a></p>
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The Curious Case of Elaf Islamic Bank and the Part 561 List

Islamic Finance

The Curious Case of Elaf Islamic Bank and the Part 561 List

The Office of Foreign Assets Control (“OFAC”) recently announced that it removed Iraq’s Elaf Islamic Bank from its Part 561 List. According to a 2012 New York Times article, Elaf had been named to the list because it had facilitated transactions worth millions of dollars with sanctioned Iranian banks and has objected to the Central Bank of Iraq’s allowing Elaf to continue to attend its U.S. dollar currency auctions. OFAC now says that Elaf has offered its mea culpa, frozen the accounts it holds for the Export Development Bank of Iran (“EDBI”) and begun reducing its overall exposure to the Iranian financial sector. The Elaf development appears to be a victory on paper as a non-U.S. person agreed to terms with the U.S. government over its dealings with Iran apparently occurring exclusively outside the United States. One can only wonder about how the United States will monitor Elaf’s frozen accounts or any of its future dealings with Iranian banks.

The Department of the Treasury Lifts Sanctions Against Iraq-based Financial Institution

Islamic Finance

The Department of the Treasury Lifts Sanctions Against Iraq-based Financial Institution

The Department of the Treasury has lifted sanctions against the Elaf Islamic Bank in Iraq following the bank’s significant and demonstrated change in behavior. On July 31, 2012 the Treasury Department imposed sanctions under the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (CISADA), against Elaf Islamic Bank for knowingly facilitating significant transactions and providing significant financial services for the U.S. and EU-designated Export Development Bank of Iran (EDBI). Following the CISADA finding, Elaf immediately began an intensive course of action to stop the conduct that led to the CISADA sanction. Now, U.S. financial institutions are once again permitted to open or maintain correspondent accounts or payable-through accounts in the United States for Elaf Islamic Bank.

Iraqi Islamic Bank completes capital increase

Islamic Finance

Iraqi Islamic Bank completes capital increase

Iraqi Islamic Bank (IIB) has completed the required capital increase set by the Central Bank of Iraq to a fully paid IQD 152 billion ($130 million). In line with its expansion policy, the Iraqi Islamic Bank will be opening its new north branch in north…

Questions About Practices Of Private Iraqi Banks

Islamic Finance

Questions About Practices Of Private Iraqi Banks

Private banks in Iraq have almost utterly ceased to fulfill their traditional functions, e.g. giving out loans, lending credit and issuing letters of credit. The reason is the risk of default. That is why Iraqi private banks resort to participation in …

Iraq to start Islamic services at two state banks

Islamic Finance

Iraq to start Islamic services at two state banks

Beginning with this month, Iraq will offer Islamic banking services at its two main state-owned banks. The ministry revealed in a website posting that the bank will introduce banking services compliant with Islamic Sharia law at the Rafidain and Rashid…