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By John Lee.

The Islamic Financial Services Board (IFSB) is organising a Facilitating the Implementation of the IFSB Standards (FIS) Workshop in Baghdad, Iraq on 1 – 3 April 2019.

This Workshop is hosted by the Central Bank of Iraq (CBL).

The 3-day Workshop will focus on the following IFSB Standards:

  • IFSB-15: Revised Capital Adequacy Standard for Institutions Offering Islamic Financial Services (IIFS);
  • GN-3:Guidance Note on the Practice of Smoothing the Profit Payout to Investment Account Holders;
  • GN-4:Guidance Note in Connection with the IFSB Capital Adequacy Standard: The Determination of Alpha in the Capital Adequacy Ratio for IIFS; and
  • GN-6:Guidance Note on Quantitative Measures for Liquidity Risk Management

Overall, the Workshop aims to:

  1. Enhance the participants’ understanding of the respective Standards and Guiding Principles;
  2. Assist the participants in the practical application of issues addressed in the particular standards through case studies, hands-on exercises and other interactive tools; and
  3. Promote the sharing of experiences among the participants on the implementation of respective IFSB Standards and Guiding Principles.

The FIS Workshops are a part of the IFSB’s support to its members based on the Strategic Key Result Area 2 (SKRA 2) on the Facilitating the Implementation of Prudential Standards and Capacity Development under the IFSB’s Strategic Performance Plan (SPP) 2016-2018”, to assist member organisations in adopting and implementing the IFSB Standards.

For enquires on IFSB workshops and membership services, please contact the IFSB Secretariat at ifsb_sec@ifsb.org.

(Source: IFSB)

Advertising Feature

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 21st March 2019).

Please click here to download a table of listed companies and their associated ticker codes.

The RSISX index ended the week at IQD589 (-2.5%) / $634 (-2.6%) (weekly change) (-10.6% and -10.7% YTD change, respectively). The number of week traded shares was 4.1 bn and the weekly trading volume was IQD1.8 bn ($1.5 mn).

ISX Company Announcements

  • ISX will suspend trading of Iraq Noor Islamic Bank for Investment (BINI) starting Mar. 25, 2019 due to the AGM* that will be held on Mar. 28 to discuss and approve 2018 annual financial results.
  • Al-Mansour Bank (BMNS) resumed trading on Mar. 20, 2019 after discussing and approving 2018 annual financial results and deciding to distribute 7% cash dividend (IQD0.07 dividend per share, 9.7% dividend yield).
  • Middle East Producing & Marketing – Fish (AMEF) resumed trading on Mar. 20, 2019 after electing new board members.
  • According to ISC announcement published on Mar. 20, 2019, Al-Harir for Money Transfer (MTAH) has been delisted from the Iraq Stock Exchange.
  • ISX suspended trading of Trans Iraq Bank for Investment (BTRI) starting Mar. 17, 2019 due to the AGM* that will be held on Mar. 20, 2019 to discuss and approve 2017 annual financial results.
  • United Bank (BUND) resumed trading on Mar. 17, 2019 by the CBI decision to remove the custody from the bank due to completing the procedure of electing new board members.

By John Lee.

A ferry on Tigris River near Mosul sank on Thursday afternoon, leaving at least 93 dead.

According to Xinhua, the ferry capsized because of “high water levels” while crossing from the bank of the river to a small tourist island called Um al Rabeein.

It cites a civil defense source as saying that the ferryboat, owned by a tourism office, was overloaded with more than 100 people, while being designed to carry just 30 people.

Prime Minister Adil Abd Al-Mahdi has declared official mourning all over Iraq, embassies, consulates in and out the country for three days.

(Source: Xinhua)

By John Lee.

A ferry on Tigris River near Mosul sank on Thursday afternoon, leaving at least 93 dead.

According to Xinhua, the ferry capsized because of “high water levels” while crossing from the bank of the river to a small tourist island called Um al Rabeein.

It cites a civil defense source as saying that the ferryboat, owned by a tourism office, was overloaded with more than 100 people, while being designed to carry just 30 people.

Prime Minister Adil Abd Al-Mahdi has declared official mourning all over Iraq, embassies, consulates in and out the country for three days.

(Source: Xinhua)