In a large, oven-safe dutch oven, heat the olive oil over medium heat. Add the lamb shanks and brown in batches, for about 3-5 minutes on each side. With a pair of tongs, remove the lamb shanks and transfer them to a plate.
Add the onions to the dutch oven. Saute for about 8 minutes or until tender and then add the garlic. Cook for an additional minute. Add the cinnamon sticks, bay leaf, brown sugar, chili powder, turmeric, cumin and caraway. Cook for 2-3 minute stirring frequently. Season with a generous amount of salt and black pepper and then add the tomatoes, chicken broth, potatoes and carrots. Bring to a boil and then reduce the heat to a simmer. Simmer for 10 minutes and then remove from heat. Add the lamb shanks back to the dutch oven, cover and roast for 2 1/2 - 3 hours, or until the meat is tender and falling off the bone.
Remove the cinnamon sticks and bay leaf. Serve warm, garnished with parsley. Enjoy!
Leftover lamb shank meat is perfect the next day for lunch, served on rolls and a slice of melted havarti cheese!