Economic development requires banking sector SOBER

1/12/2016 0:00

BAGHDAD / Hussein Tgb - Shokran Fatlawi
 The achievement of sustainable development in all production and service sectors of the economy can only be reached through the creation of an effective banking sector is able to provide the best products for the completion of all procedures, according to prepared plans, accounting for the smooth flow of the most important elements of the funding to achieve the development goals. House of Wisdom eat in the presence of a gathering of economists and reality, capital of Iraq's banking sector during the economic seminar was led by Dr. Falah Hassan Thuwaini who opened the talk by giving a general idea of ​​the reality of the banking business and the importance of developing and making offers advanced services compete through which regional and international banks and serves the development process truly .

Actor departments
International expert for Islamic banking d. Sadiq al-Shammari stressed the need to have a banking sector commensurate with the future of the Iraqi economy, Hatna to start its development and proceed from the interest and investment in human resources to attract and train workers in the banks, and the search for effective and able to interact with the continuing and ongoing banking industry variables departments.
He said during his speech, saying that to keep pace with global banking standards to work in the areas of disclosure and capital adequacy rates and banking supervision is important, including improving the transparency of the budgets of banking institutions
Workforce.
He pointed to the importance of the promotion of traditional and Islamic banks to open more windows that deal Islamic systems in order to assess the experiment before the overall shift towards Islamic banking, diversification of the areas of banking activity to include a social-yield areas such as the fight against poverty and provide social support to groups with low-income, asking not to be confined efforts efforts in the field of Islamic banking on religion and jurisprudence only rules, but should open the way for interpretations from an economic and financial standpoint.
Urged to work towards the work on the deployment of more awareness and Islamic culture-related concepts and terminology of Islamic Bachirvh, as well as the development of the institutional framework of the banking system, providing comprehensive financial services and the launch of new services and financial products to parity so the global banking sector.

Attracting deposits
As adviser to the CBI and Idi Walid has called for the departments of banks have an annual plan to organize its operations based on attracting deposits, providing credit, to carry out investment, grants for small and medium-sized loans, identify and follow the required liquidity levels, monitor compliance, and development of internal control, and anti-money laundering, as well as the Directorate General of the banking and credit control directing a final warning to the President and members of the management boards of the banks who have received previous banking facilities and outstanding loans to be paid within two months.
He said the managing director and the committees supervising these banks to take executive action to facilitate the guarantees provided for these loans and use the proceeds to repay the deposits of citizens, and the movement of the banks to put necessary to face the bad-loan risks of financial allocations, and operations of the reconstruction of its branches located in areas of conflict with the "Daesh" for the purpose of the exercise of its business again "over several years of (120) branches" of them (84) branch "of government banks and 36 branches of private banks, with total cash stood at branches in Iraqi dinars (814.2) billion dinars and (11.4) million, amounted to after the conversion the total (827.4) billion dinars.

Money laundering
Eide said that "the banking sector development requires improving the performance of anti-money laundering in banks and financial companies of non-banking offices through an increase in the number of workers where staff on one side, and incarcerate them in specialized development courses on the other hosted by the Banking Studies Center and the Association of banks, as well as the sale of fixed assets surplus about the need for the bank at the present time to provide sufficient liquidity to the bank and improve the reputation of the banking market and among the public, "noting the importance of the closure or consolidation of a number of branches of weak banks until the end of this year for the purpose of cost-saving and compiling financial resources and launch to the public in accordance with the plan set for this purpose.
The development courses money laundering and financing of terrorism organized by the Association of Iraqi private banks on a regular basis throughout the year include targeting workers in the public and private sectors in order to prevent any manipulation might happen in the banking operations, according to Commissioner of the Commonwealth Director Tariq Ali.

Stinger accounts
The Executive Director of the Iraqi market for securities, Taha Ahmed Abdul Salam, spoke about the work of the ASE and investment mechanisms in the capital and ways to develop it and get stinger accounts, pointing out that the broader banking sector in the trading operations, followed by telecommunications.
And between the presence of 86 foreign investment fund and there is no Iraqi invest one to the lack of legislation regulating the work of investment funds, despite their importance Fund, stressing the need to reconsider the legislative Mounzmomh that allow the establishment of joint-stock companies and the creation of a legislative system stimulates and encourages the establishment of joint-stock companies.
Abdul Salam stressed the importance of an integrated collection laws lead to the development of the economy away from intersections.

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