We are glad to attend the enlightening seminar titled “Electronic Payments in Shaping the Economic Future”, which took place on Sunday, January 7, 2024 in Baghdad at Palestine Hotel. The event was organized in sponsorship of Electronic Payment Culture in Iraq (E.P.C. Iraq), the Central Bank of Iraq, the Iraqi Private Banks League, the Iraqi Federation of Chambers of Commerce, and the Iraqi Trade League. The seminar gathered a number of experts and specialists in electronic payments.

The event took a start as Mr.  Nabil Al-Najjar, the founder of the Electronic Payment Culture platform in Iraq, highlighted the importance of Iraq adopting advanced financial technologies to address challenges in the financial sector. Followed by Parliament member, Mr. Hussein Arab who emphasized the support for the private banking and economic sector, calling for effective financial policies and recognizing the significance of electronic payments in tackling issues like money laundering.

Discussions covered obstacles in electronic payments, advocating for a clear system and unified payment program. Mr. Sabah Al-Baghdadi, Deputy to Iraqi Federation of Chambers of Commerce, addressed electronic card interruptions, stressing the need to remove obstacles and clarify payment mechanisms.

Furthermore, Mr. Ahmed Kadhim, Director of the Investment Department at the International Smart Card Company (QI), discussed the shift towards non-traditional work and the importance of a strong infrastructure.

The panel further discussed electronic payments’ impact on the Iraqi economy, addressing challenges and emphasizing the need for a clear payment system. A following panel discussion featured representatives from various financial entities, providing insights into the developments in payment methods in Iraq and the benefits of adopting electronic payments. Our attending team represented by Mr. Mustafa Abdullah Najim and Ms. Hadeel Nabeel Abdul Ghafor, also distributed a number of special 2024 planners prepared by our firm to attendees including major banks and electronic payment service providers such as Altaif Islamic Bank, Al-Janoob Islamic Bank for Investment and Finance, Al-Tabadul, Arab Payment Service (APS), AMWAL E-Payment Hub, and BHTC for Training & Consulting.

We extend our thanks to all participants and sponsors for the success of the seminar, representing a significant step towards financial innovation.and we eagerly anticipate more enriching seminars fostering interaction and contributing to the development of our economic sectors, and confirm our firm readiness and professional capability to support such seminars.

We are honored to be invited for the graduation ceremony of the third cohort (2023) from Baghdad Business School (BBS), held at Babylon Hotel on November 25, 2023. The atmosphere of the event was filled with celebration with the presence of faculty members, business professionals, some supporting companies, and the students and their families.

The event started with a speech by Mr. Ahmed Al-Tabaqchali, Board Director and Business Lecturer at BBS, congratulating the graduates and commending their completion of the Business Fundamentals program. This was followed by a speech from Ms. Christine Van den Toorn, the founder and president of BBS, who attended remotely and welcomed the graduates, emphasizing the promising future that awaits them.

Additionally, Lawyer Hadeel Al-Hasan, founder of Al Hadeel Al-Hasan Law Firm, Mr. Bassam Al-Ateia, the founder and CEO of Al-Ateia Group and Alsaree3 company, and Mr. Saif Al-Mufti, the founder and director at Digital Zone, all have shared their words of wisdom and the promising potential of the new generation.

The event concluded with a speech by Mr. Mujahed Waisi, the founder and CEO of Kapita Business Hub, who praised the efforts of the students and offered valuable advice for their professional journey.

Our firm, represented by Mr. Omar Ghassan Al-Waswasi, Mr. Anas Dari Zaki, and Ms. Hiba Najeh Kadhim, was honored to actively support the event by distributing special gifts to attendees. As an Iraqi firm we are committed to fostering the growth of business professionals and are eager to continue supporting Baghdad Business School’s endeavors in nurturing future leaders.

Congratulations to all the graduates, and we wish them a future filled with accomplishments and excellence.

With a special invite, our firm represented by Mr. Muqdad Sami Al Juboori, and Mr. Omar Ghassan Al Wiswas, is honored to attend the largest legal event in Iraq, the Qanonchi legal Conference held in Babylon hotel in Baghdad on October 14, 2023, and organized by Qanonchi’s Team.

This event provided a platform for legal discussions with the participation of local and international legal experts and judges. The discussions covered important topics like electoral law, societal regulations, the Khor Abdullah Agreement, as well as Investment law and its need for amendments.

Prominent figures from the Supreme Judicial Council, legal experts, and specialized judges, including Judge Mohammed Ali Nadeem, Head of the Iraqi Bar Association lawyer Ahlam Al-Lami, Mr. Safwan Al-Jarjari, Mrs. Ahlam Al-Jaberi, Judge Ahmed Jasib Al-Saadi, Dr. Kazem Al-Shammari, and others, were in attendance. The event also had significant international representation, including representatives of Tripoli/Lebanon Bar Association represented by its President, Mrs. Marie-Thérèse Kawal, and Prof. Amin Atef Saliba.

We congratulate Qanonchi team for their excellent organization. The conference concluded successfully, fostering the exchange of expertise and ideas to contribute to the development of Iraq’s legal landscape and laws.

The “First Amendment to the Foreign Companies Branches Regulation No. (2) of 2017” Regulation No. (4) of 2023 has been issued, and it was published in the Official Gazette of Iraq, Issue No. 4734, dated August 28, 2023. This amendment is considered effective from the date of its publication in the Official Gazette.

In order to determine the features and facilitations provided by this amendment to foreign companies branches operating in Iraq, our firm has commenced a comprehensive study of the aforementioned regulation. This study will include a detailed summary along with a comparison between the amended regulation and the previous one applicable to foreign branches.

Furthermore, our firm  has initiated the preparation of the English version of the regulation, which will be made available alongside the study in the coming days through the firm’s website.

For further inquiries, please do not hesitate to contact our firm at the following email address: management@ulf-iraq.com.

Officially, the Presidential Office of the Republic of Iraq has approved the Retirement and Social Security Law for New Workers, Law No. (18) of 2023. This law was published in the Iraqi Official Gazette, Issue No. 4734, on August 28, 2023, and it becomes effective from the date of its publication in the Official Gazette.

In order to analyze the key amendments and provisions within the aforementioned law, our specialized team is diligently studying the new law and conducting a comparative analysis with the previous Law No. 39 of 1971. This comprehensive report will outline the modifications made under the new law.

Furthermore, our company is in the process of preparing an English-language version of the law to make it accessible to those interested in reviewing it in English in the coming days.

For inquiries or to obtain a copy of the study or the English version of the law, please feel free to contact our company at the following email address:

management@ulf-iraq.com