Jul 29, 2019, 7:09 PM
Journalist ID: 2377
News Code: 83416771
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Iran, Iraq to set up joint investment funds

Tehran, July 29, IRNA -- Securities and Exchange Organization of Iran and Iraq's Securities Commission signed on Monday a memorandum of understanding (MoU) to establish joint investment funds.

In the signing ceremony attended by the head of Iran's Securities and Exchange Organization Shapour Mohammadi, his deputies and board of directors as well as chairman of Iraqi Securities Commission and accompanying delegation, both sides agreed on the establishment of joint investment funds based on Master Fund Model and fund of funds.

Establishment of a branch of bourse commodities in Iraq, creating ground for exports and imports of goods, consultations in legal and technical paradigms were among the other pivots of the MoU.

Both sides also agreed to hold courses on MBA in Iraq and organize exhibitions and publishing Arabic version of books on capital market and boost educational and financial cooperation.

On the sidelines of the ceremony, Shapour Mohammadi referred to the two sides' readiness for developing Islamic bonds, saying that involvement in developing information technology infrastructure in the capital market and setting up joint investment funds for promoting Islamic markets were among the favored areas paving the path for mutual cooperation. 

"Given the higher economic and cultural proximity of the two countries, it seems we will be able to take effective steps in the fields of Islamic bonds," he said.

The deal will be monitored by a joint working group and will be finalized during a visit to Iraq, Mohammadi said.

Chairman of Iraqi Securities Commission Ala Abdelhossein al-Saedi also said that his country will use Iran's experience in the field.

He hoped that signing the deal will help promote cooperation between the two countries.

Describing Iran-Iraq economic ties as unique, he said that his country is interested to take advantage of Iran's experiences in financial markets and exchange of data.

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