BAGHDAD, IRAQ – The Finance and Business Center in Iraq is set to become a hub for trading and selling both governmental and private securities, according to the Prime Minister’s financial advisor Mudhar Muhammad Salih.
In an interview with the Iraqi News Agency (INA), Salih emphasized the center’s role in Iraq’s financial and banking development strategy.
The center, he stated, would serve as a dedicated geographical location for integrating and streamlining financial operations across a spectrum of participating institutions.
Salih elaborated that the center would cater to both the banking sector and non-banking financial businesses, such as insurance and reinsurance companies, financial investment funds, and various logistical businesses that support financial market activities.
All of these businesses are expected to employ state-of-the-art financial technologies.
The Finance and Business Center will also be a platform for trading a variety of securities, including stocks and bonds, regardless of their listing status on the Iraq Stock Exchange.
Furthermore, it will facilitate various clearing operations and support both the primary and secondary financial markets’ activities.
Salih also shed light on the broader role of the center, which is set to host consulting offices, including accounting and auditing firms, related legal offices, and credit rating agencies.
“The financial center is an integrated complex of services and a geographical spot that enables dealers to have direct access to large capital pools,” Salih said, underscoring its potential role as a nexus for local and international banks, insurance companies, investment funds and the capital market.
