************ Private banks critical of its own law and the government are given: will be amended and will support them more than one project

Author: AHF, ASJ
Editor: AHF, BS
05/01/2015 15:24



Long-Presse / Baghdad

Promised to private banks, on Friday, that its law does not fit with the current stage of the country, and showed that the law needs to amend the comprehensive allows it to enter into large-scale projects, while the government has confirmed an intention to amend the law as soon as possible and supported by more than a project, specialists found that The current law raises concerns external Almstmaren.



No concrete steps to amend the Banking Act

Says Director Alfod Bank of Iraq Investment Hani Khuwaylidi in an interview with the (long-Presse), "The current stage is not commensurate with the Banking Act No. 94 of 2004, so it needs to be re-examined fully and in many of its paragraphs, there are a lot of variables that have occurred in Iraq In private banks work "

Khuwaylidi shows that "the issue is not a paragraph or material modification but the whole issue of amending the law of what is the use of change and the survival of some of the paragraphs of text within those paragraphs disrupt the work of the bank and its progress and development."

He adds Khuwaylidi that "node in the Banking Act relating to Article 28, where they prevent private banks from participating or engaging in different large investment projects in Iraq," noting that "this thing represents a restriction of the freedom of banks and work contrary to what we find today in the countries of the region and how the private banks help their country and its people on its own development. "

Article 28 of the Banking Act stipulates that it "shall not be any bank to exercise or participate as an agent or partner or owner, wholesale trade or single or manufacturing processes or transport or agriculture or fisheries or mining or building or re-insurance or any activity or action other than authorized.



Central Bank of the Banking Act, put in an urgent time

For his part, says a source at the Central Bank in an interview with the (long-Presse), that "despite the fact that the Banking Act is one of the advanced laws being passed to open branches of banks in partnership with banks and countries of the world but this law has been put in an urgent time," noting that " It is time to amend the law for the existence of contradictions and notes on it because some of its articles are not in line with the development of economy and development in Iraq. "

It adds the source, who asked not to be named, said the "Banking Act only put investment banks usurious did not affect the Islamic banking which is based on profit-sharing in spite of the existence of the draft special law regulating the work of Islamic banks."

It shows the source said "the central bank special committee is studying the possibility to modify the law and in particular the situation and that several conferences and seminars held in the presence of specialists from him modify it, and there is a genuine and sincere intention of the Bank's management to amend the law in the nearest time."

Government: Madmon the support of private banks

For his part, says Prime Minister for Economic Affairs Adviser to the appearance of Mohammed Saleh in an interview with the (long-Presse), "The Iraqi government can not ignore the role of private banks in the economy and promote investment and growth forward, so it is taught today more than one project in order to support banks own. "

He adds Saleh, he said that "there are a number of projects have been put forward to the Cabinet table of the Code of keeping financial deposits and recommendation for governmental financial deposits with private banks put," pointing out that "it is possible to strengthen the infrastructure of the banks strong and makes it in front of the financial and economic challenges facing the country. "

Experts: the central and the state of equality between private and public banks

In turn, says financial expert useful Mulla said in an interview with the (long-Presse), said that "there is an urgent need to build a national economy based on a new mechanism and structure to move the private banking sector of the role of financial intermediation to the developmental role and in light of the crisis suffered by the Iraqi economy."

And refers Mullah that "the government today are dealing with private banks as a money order or exchange companies and this paints a picture for investors and businessmen abroad not to the safety of their money in Iraq only with the government," adding that "Hola investors in light of the current political crisis can not be They put their money in state banks. "

Mullah He continues, "is no solution but to give more powers for banks which, amounting to more than 54 trade and investment and developmentally and Islamic banks," noting "these banks has today a cash block up to 500 trillion Iraqi dinars and can be assigned the state a different particular service and commercial projects and the country in dire need of those who help her financially and economically. "

Demanding banking expert Ali Khalil (of over-Presse), the need for the formation of an investment fund to finance projects in Iraq this fund and be supported by private banks under the legal cover of the state.

The number of Arab and foreign banks made after the issuance of the Banking Act No. 94 of 2004 for licenses to establish private in Iraq banks either 100%, or in partnership with local Iraqi banks, or to open branches to work in Iraq, but the security conditions prevented that , with the exception of a few posts that have been made with a number of national banks.

And the Iraqi banking system consists of 54 banks, including seven state banks, one of them an Islamic newly established, and there are 23 private commercial banks, including nine Islamic banks. There are also 15 branches of foreign banks, and there are many institutions that do some banking, of which 34 money transfer company, and nearly 200 belonging to the banks foreign exchange company or deal with the banks, with the Loan Guarantee Company and to finance small and medium enterprises, with two companies for services of electronic banking and card Smart, in addition to nearly 800 branch subsidiary banks and distributed all over the governorates of Iraq.


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