Banker: Adoption of a new version of article (28) of the Banking Act

10/22/2012 12:00 am

BAGHDAD - morning
Announced Executive Director of the Association of private banks in Iraq, Abdel Aziz al-Hassoun, for approving a new version of article (28) of the Banking Act by the Central Bank and in cooperation with the Association of private banks to facilitate understanding and to overcome the difficulties in terms of investment in banks.

Hassoun said: The General Banking Act of the year (2004) is the text of a foreign ruling was issued at the time of the U.S. civil administrator Paul Bremer, Vatorgomh failed in the interpretation of some articles of the law clearly so that it did not give the true meaning.

He noted: Article (28) of the Act has been interpreted incorrectly that is, they prevent investment banks in the interbank in many activities and will not be given the role of Islamic banks, indicating that, he was the formation of a joint committee between Central Bank and the Association of private banks to consider the provisions of this article and how they are applied, and was approving a new formula more clear to overcome the obstacles in terms of investment banks. The Banking Act of 2004, which includes Article 28, under which authorizes the Central Bank of direct investment banks.

Iraq is seeking to develop its banking system through the promotion of human capacity in more energy and expertise that can be gained through their participation in the sessions for the development of the banking and financial reality in Iraq, and comes with a view to strengthening financial markets, too, that banks are the main player and which accounted for 65 percent of the daily trading volume, especially as the size of the turnout to buy stocks and bonds for those banks is also increased exponentially over the past years due to the breadth of its business.


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