Khbayrmala: law must be modified format allows banks to invest in the banking sector

Agency news - 12/14/2012 - 12:51 pm


Baghdad (news) .. Financial expert called Khalid al-Bayati, to the need to amend the Banking Act format supports the financial and banking sector in the country.

Bayati said (of the Agency news) Friday: The Banking Act current number (94) for the year (2004), contains the items and materials are inconsistent with the work of government and private banks, as well as he does not recognize Islamic banking has made banking system is regular.

He added: the current law should be amended or new legislation format allows investment in the banking sector and encourage the introduction of modern banking systems in their work, to organize the work of the local banks and help them to contribute effectively to the development of the country's economy.

The expert suggested: the use of the laws of neighboring states to amend some paragraphs of the current Banking Act to contribute to the advancement of the banking sector branches of government and the private sector, the fact that neighboring countries have made significant strides in the banking industry in terms of the use of modern technologies and systems.

He had initiated the General Banking Law Year (2004) at the time of the ruling U.S. civil administrator of Iraq Paul Aramer.

It is noted that the banking system in Iraq consists of forty-three banks as well as the Central Bank and distributed according to ownership between (7) state banks and (30) Bank Ahli including (7) Islamic banks in addition to (6) of foreign banks.


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