Central urges expansion of banking activities

8/29/2016 0:00

BAGHDAD Hussein Tgb
The CBI called on private banks need to comply with the instructions and controls to enable it to promote the private banking sector and increase the citizens' trust in him, and contribute to higher levels of financial innovation, after falling to a great extent during the last period.

The representative of the Central Bank at the annual meeting of the Islamic National Bank: to be the expansion of banking activities in order to attract the largest number of beneficiaries of the citizens and companies, and pointed out that the central bank focuses on important aspects of private banks operate in the forefront of compliance with processors money laundering and risk management the internal audit these important things contribute to a large one in maintaining the functioning of the banking business and the creations of the beneficiaries, and help reduce losses and branches of banks. But Laith high-Vice Chairman of the Islamic National Bank administration pointed to competition easier handling and recycling of funds between banks, government departments and acceptance issued by private banks instruments mechanisms.

He said that the work and investment stopped after the growth of the banking activities, and the financial conditions of the country and the trend towards austerity prevented the expansion of banks and stopped aimed at horizontal expansion plans.

Islamic banking expert d. Dr. Sadeq al-Shammari said that the central and private banks Ajmaa on the need to promote human resources Almt_khassah different activities and bank products, and the development of systems and technologies needs to be qualified to a high degree of mastery, pointing out that the banking sector needs to develop regulations and make them compete for banks regional and international.

He said the rapprochement between the central and private banks would create an environment conducive to the development of banking, where banks operate according to the central instructions governing the various activities and services and pursue the course of financial matters.

He stressed that the Islamic banks were taken to expand and grow horizontal rapidly to the presence of a great demand in various countries around the world on the offer of products represented an attraction of its own profit commensurate social attitudes
And economic development.


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