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Islamic Finance in Iraq -Preliminary Thoughts

Islamic Finance in Iraq -Preliminary Thoughts. Iraq Finance 2012 18 – 19 September 2012. Potential Role of Islamic Finance in Iraq. Islamic Finance Growing Globally Need for Islamic Finance Capability to Tap all Potential FDI Markets Likely to be Significant Domestic Demand

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Islamic Finance in Iraq -Preliminary Thoughts

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  1. Islamic Finance in Iraq-Preliminary Thoughts Iraq Finance 2012 18 – 19 September 2012

  2. Potential Role of Islamic Finance in Iraq • Islamic Finance Growing Globally • Need for Islamic Finance Capability to Tap all Potential FDI Markets • Likely to be Significant Domestic Demand • Studies Show that 30% + of Population of Muslim Countries Committed to Islamic Finance

  3. Project / Infrastructure Finance and Sukuks • Sukuks – “Islamic Bond” • Role in Project / Infrastructure Finance • Potential to Tap Muslim Funds • Needs Regulatory Regime • Vital for Enabling Islamic Banking and Takaful in Iraq • Mobilising Diaspora Funds – E.G. Sukuk Issuance to Build Najaf Airport

  4. Financial Inclusion Strategies • Importance of Financial Inclusion • Iraq - Under banked • < 30% of People Have Bank Accounts • Compare with 80% + Ownership of Mobile Phones • Islamic Finance & Banking Can Help to Increase this • A Proportion of Muslims Will only Bank With Islamic Financial Institutions

  5. The Role of Takaful • Critical to Compliment Projects Funded by Islamic Finance • Role in Mobilising Savings • Pension Provision and Investment Linked Takaful • Health and Educational Provision Through Takaful

  6. Harnessing Best Practice • Malaysia – a Good Role Model • Now 20% + of the Economy Serviced by Islamic Finance, Banking and Takaful • Regulatory and Legislative Experience • Securities and Islamic Capital Markets • Good Role Model for Iraq to Emulate

  7. Contact: M Iqbal Asaria Afkar Consulting Ltd 0208 861 2012 mia@afkar.com

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