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

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PostSubject: Specialists: the Iraqi banking environment needed for sophisticated global banks to create a competitive atmosphere and the transfer of expertise and techniques   Tue Feb 19, 2013 12:39 am


Date: 2013-02-18 06: 22: 35 Monday

Baghdad (News)/report/bahtik/... He attributed a number of Deputies and specialists in banking because the Iraqi banking sector failed to old legislation which is still followed by the domestic banking system.

Calling on during their talk (News Agency) the need to encourage international banks to open branches in Iraq to create a competitive atmosphere among local and foreign banks and the transfer of experiences and developments in banking.

The Association said private banks on the desire of many global banks to enter the Iraqi environment and participate in the country's banking.

The Standard Chartered Bank of Britain announced its intention to open three branches in South and Central and Northern Iraq, showing that foreign companies operating in it, particularly the British and Korean looking for financial services "more supportive" of her work there.

Executive Director of the Association of private banks Abdul Aziz Hassoun (News Agency): global banks have cravings to open branches in Iraq or contracting with Iraqi banks to participate in its work and the transfer of technology to the World Bank, noting that the negotiations were still ongoing with the boards, and that the next few period will see more of the World Bank participant with an Iraqi bank.

He added: the goal of global banks to work in Iraq came to primarily benefit through profit, but stays on Iraq that exploits the existence of such banks in the training and transfer of expertise.

He noted that the Iraqi banking system consists of 50 banks, manages all banking and financial matters in the country, so it does not need foreign banks, but in saying that the World Bank come to Iraq for the benefit of some facilities given to it by the laws prevailing in the country and with a view to profit.

The Deputy Chairman of the Finance Committee, Ahmed Hassan Faizullah, he stressed the importance of encouraging international banks to open branches in the country, to take advantage of the expertise possessed by those banks and the Iraqi banking sector development.

He said Faizullah (News Agency): the Iraqi banking environment in urgent need of access to well-known global banks to contribute to economic development through the financing of investment projects, as well as gain experience and modern technologies in banking.

He noted that the investment process in the country requires a well-developed banking system to facilitate transactions and to ensure that the investor's money, so you must find a bank machine in the country.

While a member of the Finance Committee, MP//Secretary Hadi Abbas, stressed that Iraq lacks the advanced banking technology environment has led to a large gap between the work of local and international banks.

He said Abbas (News Agency): the main reason for the failure of the Iraqi banking system due to the old legislation which does not fit with the modern global banking regulations, it needs some modifications as the Banking Act 2004, as well as the lack of joint action between local and international banks in foreign investment.

He added that the Central Bank is required to establish mechanisms and conditions required domestic banks to update how it works according to modern techniques and new technological developments to facilitate their dealings with global banks and attract them to open branches in Iraq to contribute to the promotion of the economic development process in the country.

The Central Bank has set a three-stage plan to raise capital for banks to $ 213 million by June 2013 to spur lending while recovering the Iraq sanctions item VII.

Iraq reportedly has seven state-owned banks and private banks, eight Islamic banks, according to the website of the Central Bank, as the banking sector is dominated by Rafidain Bank and Rasheed, currently subject to restructuring in order to repay debt accumulated after years of war and sanctions.

Although the investment law No. 13 of 2006 has excluded investment in the banking sector of its investment in the banking sector takes its legal framework based on Central Bank Law No. 56 of 2004, banks no. 94 of 2004, the minimum to establish a bank in Iraq 100 billion Iraqi dinars (around $ 85 million./finished/8 n. p.

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