#####"Iraqi National" opens its branch in Arbil and raises the number of banks in Kurdistan

Do you remember what the specialists said ? Look at the second article!

Tuesday, March 26 / March 2013 18:02



Twilight News / Iraqi National Bank opened a private sector bank branch in Erbil, in a move to expand its work in the Kurdistan Region.

The ceremony took place in the presence of Rashid Tahir, Deputy Minister of Finance in the Kurdistan Regional Government, which stressed the support of the provincial government to the private sector and the development of the banking sector in the province.

He said in a statement for "Twilight News" that "after this section has become the number of branches of private banks in the region 69 bank branches and this is clear evidence to that enjoyed by the region of security, stability and existence of investment projects in the region."

He stressed that "the provincial government supports the private sector and we in the Ministry of Finance offer all possible facilities in the service of the development of the banking sector in the region and Iraq."

Said Abdul Hadi Sadiq managing director of the National Bank of Iraq that the opening of this branch in Arbil came after they opened a year ago their branch in Sulaimaniya, adding they are in the process of opening another branch them in the city of Dohuk in the coming period.

He added that "the burgeoning economic activity in the region has encouraged us to open this branch in Erbil salaam opened a year ago a branch in Sulaimaniya and in the process of another branch in Dohuk in the coming period."

He biggest shareholder is Capital Bank of Jordan, adding that the bank's capital is 140 billion Iraqi dinars that up in the coming months to 250 billion dinars.

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Specialists: Iraqi banking environment needed for sophisticated
international banks to create a competitive atmosphere and the transfer
of expertise and technology

Admin on Mon 18 Feb 2013 - 7:11



Date: Monday 18/02/2013 06:31 pm





.
Citizen - Follow-up
He
attributed the number of deputies and specialists in banking reason
behind the Iraqi banking sector for Global to legislation old still
followed the local banking system.

Calling during their
talk to the need to encourage international banks to open branches in
Iraq to create an atmosphere competitive between local and foreign banks
and to benefit from the transfer of expertise and developments in the
banking field.

has announced the Association of private
banks for the desire of many international banks to enter the Iraqi
environment for the purpose of employment and participation in banking
transactions in the country.

was managing Standard Chartered
Bank British announced their intention to open three branches in
southern and central Iraq and north, indicating that companies foreign
operating therein, especially the British and Korean are looking for
financial services "more support" in its there.

said
Executive Director of the Association of private banks Abdul Aziz
Hassoun: that international banks have cravings to open branches in Iraq
or contracting with Iraqi banks to participate in its work and the
transfer of technological global banking to it, noting that negotiations
are still ongoing with the boards of directors banking, and that the
coming period will witness more than an international bank associate
with Iraqi bank.

added: that the goal of
international banks to operate in Iraq came for the purpose of
usefulness primarily through earn profit , but remains on Iraq that
exploits the presence of these banks in the training of cadres and the
transfer of expertise.

pointed to: that the Iraqi
banking system consists of (50) banks, manages all things financial and
banking in the country, so it does not need foreign banks, adding to
say, The international banks come to Iraq to take advantage of some of
the facilities granted to them by the laws prevailing in the country for
the purpose of work and seeking profits.

either Deputy Finance Committee Chairman Ahmed Hassan Faizullah, stressed
the importance of encouraging international banks to open branches in
the country, to take advantage of expertise possessed by these banks To
develop the Iraqi banking sector.

said Faizullah:
The banking environment Iraqi desperately needs to enter international
banks known to contribute to economic development through financing for
investment projects, as well as gaining experience and modern
technologies in the banking field.

pointed to: that
the investment process in the country require the presence of banking
system developed to facilitate transactions and to ensure money
invested, so must find a developed banking in the country.

while
a member of the Finance Committee MP Amin Hadi Abbas, said: that Iraq
lacks the environment advanced banking technology, which led to a large
gap between the work of local and international banks.

said Abbas: The
main reason for failure of the Iraqi banking system due to legislation
old that do not fit with the banking systems of recent global, they need
some amendments into law banks for the year 2004, as well as the lack
of joint work between local and international banks in foreign
investment.

He added: that the central bank
demands put mechanisms and conditions necessary local banks update
mechanism work in accordance with modern technologies and developments
technological new to facilitate dealings with international banks and
attracted to open branches in Iraq to contribute to the promotion of the
economic development process in the country.


The central bank has put a plan in three phases to raise the banks'
capital to $ 213 million by June 2013 to stimulate lending at a time
when Iraq recovers from Chapter VII sanctions.


It is noteworthy that Iraq has seven banks owned by the state, and 23
private banks and eight Islamic banks in particular, according to the
site's central bank, while dominated by the banking sector banks
Rafidain and Rasheed, and subject currently restructuring in order to
pay off the debts accumulated after years of war and sanctions.

Though
The Investment Law No. 13 of 2006 has excluded investment in the
banking sector of its provisions except that the investment in the
banking sector takes its legal framework based on the legal central bank
No. 56 of 2004, banks No. 94 of 2004, with a minimum to create a bank
in Iraq 100 billion Iraqi dinars (ie, up to $ 85 million.