Baghdad (news) / report / Qusay maximum / calls for banks to amend its law after the direction of the country from the central to the open market and the changing economic reality and the fact that legislation does not meet its ambition to expand and evolve for the better.
The head of the Association of Iraqi banks Halawi appearance (of the Agency news): The Banking Law No. (94) for the year 2004 needs to be reviewed in full, there is a lot of variables that occurred in the country and in the work of private banks.
He explained: that despite the amendment of Article (28) of the Banking Act, which was to prevent private banks from participating or engaging in large projects in Iraq, but that this amendment did not meet the ambitious, pointing out that the amendment was simple and unable to make way the doors work.
According to: Article (28) of the Banking Act provided for the support leave any bank to exercise or take part trade wholesale or single or manufacturing processes or transport or agriculture or fisheries, or mining or building or re-insurance, or any activity or other work is licensed .
Law requires amendment to comply with the changes
For his part, Vice Governor of the Central Bank of the appearance of Mohammed in an interview (for news), the Banking Law is a sophisticated being authorized to open branches of banks in partnership with the banks of the world but he put in a hurry and it is time to amend it because it contains contradictions and to bring it in line with the development of economy and development in the country.
He explained: that the Banking Act only mode of investment banks, usury did not affect Islamic banks which are based on profit-sharing, despite the existence of a draft special law regulating the work of Islamic banks.
The number of Islamic banks from one bank in 2003 to ten banks so far, including the Islamic Bank of Iraq and the country is Islamic, and Islamic Elaph, Kurdistan, and the Tigris and Euphrates and regional cooperation.
Building a national economy needs a new structure
He said banking expert Samir Nasiri (the news) that the contribution of the private banking sector development need to be several legal amendments, and the achievement of equality between them and the government banks, as well as setting up a company to ensure the credit of all kinds
He added that there is an urgent need to build a national economy dependent mechanism and a new structure for the transition from the private banking sector, the role of financial intermediation to the developmental role and in light of the crisis affecting the economy.
The Mediterranee to: the banks are in need of amendments to the Central Bank Law and to review the legislation currently in force on the basis of offer and help to invest, including in particular the Banking Act of Articles (28) and up (33), and the law of the Securities Commission and the enactment of the new Financial Investment .
And a provision should be reconsidered doubtful debts in accordance with the indicative list and give the flexibility and extended additional time for banks to be able to liquidate this debt which is due mostly to earlier periods where most of the debtors migrated for security reasons.
He explained: that such debt impede increasing the capital of banks because of the reduction in profits earned as a result actually deducted from the net profit and in turn affect the activities of the new investment banks.
Efforts to establish a fund to finance projects
The Director-General of Trade Bank of Iraq Hamdiya dry (the news) that the bank seeks to cooperate with the private banks through partnerships to support economic development, noting that its bank is seeking to form an investment fund to finance projects.
The dry: the banks need to enhance the confidence of the street and public sector alike, pointing out that the increase in bank capital is not the only factor in the development or increase the confidence and credibility, but work.
It is noteworthy that Iraq declared earlier to postpone the program for restructuring the financial system of Iraq until the year 2013, which included the restructuring of the largest banks Iraqi owned by the state and are the Rafidain and Rasheed, and restructuring of the Audit Department at the Central Bank and the development of the private banking sector.
The central bank said in November of the year 2010, that foreign banks operating in Iraq do not work independently but under the umbrella of the local community banks, indicating that the regional states with investments of a commercial nature and lacking in international standards.
The Ministry of Finance has announced that at the end of the month of January of 2011 for its efforts to open an Islamic bank under the Ministry of Finance is running down in the interest of the Rafidain Bank and Rasheed
The number of Arab and foreign banks made after the enactment of the banks to get licenses for the establishment of private banks, both at (100)% or in partnership with local banks, but security conditions have prevented the exception of some posts Mini achieved with a number of banks. / Finished / 3. d. Q /
Link
The head of the Association of Iraqi banks Halawi appearance (of the Agency news): The Banking Law No. (94) for the year 2004 needs to be reviewed in full, there is a lot of variables that occurred in the country and in the work of private banks.
He explained: that despite the amendment of Article (28) of the Banking Act, which was to prevent private banks from participating or engaging in large projects in Iraq, but that this amendment did not meet the ambitious, pointing out that the amendment was simple and unable to make way the doors work.
According to: Article (28) of the Banking Act provided for the support leave any bank to exercise or take part trade wholesale or single or manufacturing processes or transport or agriculture or fisheries, or mining or building or re-insurance, or any activity or other work is licensed .
Law requires amendment to comply with the changes
For his part, Vice Governor of the Central Bank of the appearance of Mohammed in an interview (for news), the Banking Law is a sophisticated being authorized to open branches of banks in partnership with the banks of the world but he put in a hurry and it is time to amend it because it contains contradictions and to bring it in line with the development of economy and development in the country.
He explained: that the Banking Act only mode of investment banks, usury did not affect Islamic banks which are based on profit-sharing, despite the existence of a draft special law regulating the work of Islamic banks.
The number of Islamic banks from one bank in 2003 to ten banks so far, including the Islamic Bank of Iraq and the country is Islamic, and Islamic Elaph, Kurdistan, and the Tigris and Euphrates and regional cooperation.
Building a national economy needs a new structure
He said banking expert Samir Nasiri (the news) that the contribution of the private banking sector development need to be several legal amendments, and the achievement of equality between them and the government banks, as well as setting up a company to ensure the credit of all kinds
He added that there is an urgent need to build a national economy dependent mechanism and a new structure for the transition from the private banking sector, the role of financial intermediation to the developmental role and in light of the crisis affecting the economy.
The Mediterranee to: the banks are in need of amendments to the Central Bank Law and to review the legislation currently in force on the basis of offer and help to invest, including in particular the Banking Act of Articles (28) and up (33), and the law of the Securities Commission and the enactment of the new Financial Investment .
And a provision should be reconsidered doubtful debts in accordance with the indicative list and give the flexibility and extended additional time for banks to be able to liquidate this debt which is due mostly to earlier periods where most of the debtors migrated for security reasons.
He explained: that such debt impede increasing the capital of banks because of the reduction in profits earned as a result actually deducted from the net profit and in turn affect the activities of the new investment banks.
Efforts to establish a fund to finance projects
The Director-General of Trade Bank of Iraq Hamdiya dry (the news) that the bank seeks to cooperate with the private banks through partnerships to support economic development, noting that its bank is seeking to form an investment fund to finance projects.
The dry: the banks need to enhance the confidence of the street and public sector alike, pointing out that the increase in bank capital is not the only factor in the development or increase the confidence and credibility, but work.
It is noteworthy that Iraq declared earlier to postpone the program for restructuring the financial system of Iraq until the year 2013, which included the restructuring of the largest banks Iraqi owned by the state and are the Rafidain and Rasheed, and restructuring of the Audit Department at the Central Bank and the development of the private banking sector.
The central bank said in November of the year 2010, that foreign banks operating in Iraq do not work independently but under the umbrella of the local community banks, indicating that the regional states with investments of a commercial nature and lacking in international standards.
The Ministry of Finance has announced that at the end of the month of January of 2011 for its efforts to open an Islamic bank under the Ministry of Finance is running down in the interest of the Rafidain Bank and Rasheed
The number of Arab and foreign banks made after the enactment of the banks to get licenses for the establishment of private banks, both at (100)% or in partnership with local banks, but security conditions have prevented the exception of some posts Mini achieved with a number of banks. / Finished / 3. d. Q /
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