Al-Rasheed Bank issues rules for accepting the sponsor for loans and advances granted

 
07/06/2021

Economy News _ Baghdad

Today, Tuesday, the General Administration of Al-Rasheed Bank issued to all its branches a summary of the controls to accept the continuous service sponsor and the sponsor referred to retirement or resigned to grant advances and loans affiliated with the bank.

The bank said in a statement received by "Al-Iqtisad News", that the instructions for the continuous service sponsor included "that he be an Iraqi national and has completed 8 years of age and an employee of the permanent owners continuing to serve, provided that he covers 50% of his net monthly salary, the amount of the monthly installment and interest, while accepting the sponsorship of its employees Defense and Interior.

He added that the controls also related to the guarantor who has been retired or who has resigned, "is not granting the guarantor a clearance when referring him to retirement except after submitting an undertaking to continue his guarantee to the borrower, and the resigning guarantor can provide a replacement guarantor in accordance with the rules of sponsorship in force."

He pointed out that "the controls showed that the borrower bears all the legal consequences in the event of concealing the information about the sponsor or any damage to the bank."

The bank, according to the regulations, obliged the sponsor department to inform the bank of any developments that occur to the sponsor, and to refer to the bank to establish its obligations or not, and that the borrower or sponsor be within the legal age, the amount to you from the financial department, the insurance unit for all loans, and the non-acceptance of retirees’ sponsorship.

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