"I am truly humbled to accept this award from the Union of Arab Banks and to be recognized by such an esteemed group of my peers," Alaq said in a press release from the International Arab Banking Summit in Paris, France on Thursday as reported by the Union of Arab Banks.
Alaq was honored for implementing central bank measures and standards, developing Iraq's financial infrastructure, enhancing financial inclusion, and promoting consumer financial protection, "during trying circumstances in the country."
"These are unprecedented achievements and deserve from us all the praise and appreciation," said Wissam Fattouh, secretary general of the Union of Arab Banks.
"His Excellency's achievements should be revered as a model for the banking profession," he added.
Alaq was hailed for a number of accomplishments, most notably by stabilizing the exchange rate of the Iraqi dinar and increasing liquidity in Iraq's financial market.
He also helped in developing the country's electronic payment system.
"I will remain steadfast in my efforts to continue growing Iraq's economy and to foster strong economic and financial policies that will push Iraq forward, Alaq said.
"I look forward to continuing these efforts with my colleagues – in Iraq, in the Middle East region, and globally."
