Iraq Parliament approves $ 119.1 billion budget

Updated 08 March 2013
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Iraq Parliament approves $ 119.1 billion budget

BAGHDAD: Iraq's Parliament approved yesterday a $ 119.1 billion (91.6 billion-euro) budget for 2013 after weeks of delay, but Kurdish representatives and most members of the main Iraqiya bloc did not attend, MPs said.
Parliament has struggled to pass even key legislation such as the budget due to political disputes that have deadlocked the body.
"The vote was held today on all the articles of the budget," Ali Shlah, an MP from Prime Minister Nuri Al-Maliki's State of Law bloc, told AFP.
There were 168 out of 325 MPs present at the time of the vote, Shlah said, explaining that Kurdish MPs and about three-quarters of those from the secular, Iraqiya bloc did not attend.
MP Alaa Talabani told AFP the Kurdish representatives stayed away because they consider the amount of money allocated in the budget to pay foreign oil companies operating in autonomous Kurdistan to be insufficient — a long-running dispute between the region and Baghdad.
And Iraqiya is at odds with Al-Maliki over its accusations against him of authoritarianism and sectarianism.
Rafa Al-Essawi, a leading Sunni and Iraqiya member who served as finance minister, announced his resignation at an anti-government protest earlier this month.
Shlah said the budget contains additions from the version approved by the cabinet last October.
Officials said in January that those salaries would be increased, a measure aimed at placating demonstrators who have held weeks of protests against the government in areas of western and northern Iraq.
The budget allocates about $ 16.9 billion, or 14.1 percent of the total, to security and defense, according to parliament's website.

 


Islamic banks’ market share in Turkiye rises to 9.2%: Fitch Ratings

Updated 18 February 2026
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Islamic banks’ market share in Turkiye rises to 9.2%: Fitch Ratings

RIYADH: Islamic banks in Turkiye lifted their asset market share to 9.2 percent in 2025 from 8.1 percent a year earlier, as financing and deposits outpaced the broader banking sector, a new analysis showed. 

In its latest report, Fitch Ratings said financing and deposit market shares rose to 7.9 percent and 10.4 percent, respectively, by the end of 2025, compared with 7.3 percent and 9.4 percent in 2024.

The agency noted that new digital Islamic banks are emerging in the country, with investment from Gulf Cooperation Council countries expected to continue. 

Turkiye’s strong ties with Islamic countries across the Balkans, Africa and the Middle East support the development of its Islamic banking sector, attracting investors and contributing to the industry’s growth.

In its latest report, Fitch stated: “Three recently established private Islamic banks (two digital) grew rapidly in the first nine months of 2025. Investment in digital participation banking from the Gulf Cooperation Council countries underscores the potential for further investment from the region.” 

It added: “Planned establishment of new participation banks, and rapid growth of recently established banks – albeit from small bases – means that the segment landscape may be reshaped in 2026.” 

Dubai Islamic Bank PJSC’s investment in digital bank TOM underscores the potential for further GCC investment. 

Turkish regulators have approved the establishment of Halk Katilim Bankasi A.S. and Adil Katilim Bankasi A.S. (digital), while BIM Birlesik Magazalar A.S.’s application is pending. 

Fitch added that state-owned participation banks may merge or pursue initial public offerings, potentially reshaping the banking landscape. 

The report predicts Islamic banks’ market share will rise further in 2026, supported by strong internal capital generation and growth appetite. However, the non-performing financing ratio may increase moderately due to high inflows. 

“The segment’s non-performing financings ratio deteriorated to 2 percent at end-2025 compared to 1.2 percent in 2024 but remained below the sector average of 2.5 percent,” said Fitch. 

It added: “We expect pressure to persist given still-high financing rates, high but declining inflation, and the sensitivity of unsecured retail (lower share than conventional banks) and SME segments to economic cycles. We forecast a moderate increase in the segment NPF ratio in 2026.”