Activating the role of Iraqi private banks to contribute to the development

26/04/2016 0:00 Adnan Kanani

Iraqi banking sector is facing many challenges, which requires far and fast and my grandfather, more than ever, the need for reform and development of the banking sector and the unification of the ranks, and the establishment of the Iraqi Association of Banks, and focus on the development of the financing mechanisms of the banks in order to escalate and the development of banking products and services to increase financial inclusion and cover a larger percentage of the population, and increase the number of beneficiaries of bank loans, especially the medium and small enterprises and micro and need hard work and effort in order to get concrete results ».

The banking sector is facing many challenges because of its close association with the Iraqi economy, which is facing at the moment are many and complex challenges, and perhaps the most prominent of those facing the banking business in the process keep up with the activities and services of the Arab and international banks to the needs of development in various forms, but that the nature of the economy requires a reliance on small enterprises and medium-sized economic development programs therefore have to focus on this aspect in her upcoming role any banks.

Also, the goal of financial inclusion must be directed to these groups primarily, as well as individuals from low-income families in order to achieve financial inclusion in order to promote sustainable development programs and activating the role of government and the private banking sector in the process of activating the role of the economy, so it is necessary to work to identify the essential points allow the exchange companies and post offices open savings accounts due to the limited surplus available for the segment of customers from low-income owners of private income that minimum balance fees and maintenance of bank accounts imposed by commercial banks to cover the huge investments in infrastructure development, which requirements, preventing enables these customers to open accounts Thrift, by raising these technical limitations.

I see that Iraqi banks are still to Atrqy to the ranks of Arab Banks and the World and lacks the provision of sound banking services, and actually are «shops» to sell the currency, so we urgently need a real banker aware, there is at least $ 30 billion traded in the Iraqi market is deposited at any bank, and chunky in the role (houses) », and here the role of the Central Bank of Iraq, comes the need to speed up the development of an emergency plan to attract these funds to invest.

And the banks should be more assertive in providing prestigious customers banking services in order to attract these saved money because it inevitably will contribute to move the Iraqi economy and fix bugs in the basic supporting infrastructure.

«In order to make a leap of quantity and quality in the banking activity in Iraq has to be government interference quickly to issue immediate guidance in the« activate Iraqi Doralmassarv, because the situation determinants and obstacles to the work of the banking sector will inevitably delay the work of banks, that the aim of moving the wheel of the economy and diversify sources and reduce unemployment and to hold corrupt and negligent.

The comprehensive political and economic change requirements put in front of him many new challenges as well as the emergence of many activities, especially as Iraq today is going through a difficult financial circumstances as a result of lower oil prices, at a time characterized its economy as a mono over several decades, it's time to activate the economic, agricultural and tourism sectors and other and speed up pursuing a new philosophy of state based on free economy and privatization, it is supposed to support the actions of this transformation through the emergence of a strong and efficient banking sector, and here comes the role of the banking sector to play a positive role by conducting an objective review problematic in some private banks, which harmed the interests of some of its customers and weakened confidence deal with it over the past years.

As well as the need to speed up the implementation of lending for industrial and agricultural projects, housing initiative with $ 5 trillion dinars, as well as a trillion and a half trillion dinars for small businesses, which was launched a few months ago through the confirmation of the Iraqi government to take serious steps to ensure the success of these initiatives.

That the reality and prospects of development of the banking sector in Iraq and the challenges faced by our point of view in shaping the strategy and the contribution of the Iraqi banking sector in economic development must contribute actively to support the reconstruction and development and investment.

It required a comprehensive plan of reform and development of this vital sector and not Mejrdavkar insights and recommendations written in terms, we want a serious reaction and take the correct and proper implementation measures in order to upgrade the field work of private banks through attention to human resources Iatmdalleha success or failure in the work of the Iraqi banking sector and seriousness in the provision of sound banking services The modern offered by private banks and the neighboring countries of Jordan and Lebanon and the Arab Gulf states, Turkey and other countries of the world to an audience of beneficiaries.


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