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[size=36][rtl]Salary localization environment[/rtl][/size]
Friday, February 14, 2020
Friday, February 14, 2020
There are 17 million Iraqi adults who are away from using the financial and banking system and its various tools until August 2019, according to Islamic Banking magazine (p. 11), quoting the governor of the Central Bank.
By this we realize that the banking sector in general is in an unenviable position, and what strengthens that and testifies to that the hoarded cash mass is still under (pillow or cache) despite its gravity of more than 70 percent of the total issued cash, and the magazine also indicated that an increase occurred by 10 Percent recently, perhaps due to localization of salaries.
Emiratisation is through the three banks of the Rafidain and Rashid and the Iraqi Bank for Trade, as well as some private banks. We hope that the settlement process will take a smooth flowing path, as it will form the infrastructure of banking business in general with a cash block provided by the state through its operational budget which is simply most of the oil revenues as they are Budget indicators 2020, hence the importance of recycling this huge balance to enter in our internal economic cycle exclusively to secure sustainable development.
There are those who say that the major process requires the availability of its full requirements and entitlements. Governmental banks do not go towards the goal unifying their performance or complementarity. The Rashid Bank, for example, moved from the category of the card to the stage of the master card; that is, it moved to globalization while the two tributaries ranged in the first box, although it has The lion's share of the salary balance for employees, retirees, welfare, displaced persons, political prisoners and martyrs.
We do not find an explanation for this, nor a time limit specifying the process of moving to the MasterCard stage, is it because it has the largest share? This environment will inevitably be reflected in the process of localizing salaries, if distributed among private banks, as the references will differ, then performance.
If we know that this process will revive the banking sector with 76 banks with 1310 branches, this will confuse the work of the banking sector at least in terms of credit, as its conditions differ from one bank to another in terms of guarantee and then in terms of the interest that some strive to cover risks and contingencies Whereas, a group of stakeholders seeks to expand the circle of using the financial and monetary system and its various tools.
The Emiratisation initiative came as a first step for the next thousand miles in this sector to liberate it from traditions and poor performance so long as the banking business marred with its official and private wings, especially the last one, so we start towards institutionalization and transparency, especially after the launch of the Deposit Guarantee Company, and do not forget the role of the National Insurance Company and its sisters in securing risks The credit, which contributes to reducing the interest that reached 9 percent in one of the banks that gives an advance without a guarantor, so that the beneficiary ultimately pays about half of the advance amount as interest within five years, in addition to an administrative commission of 150,000 dinars in turn between the key card company and the bank, so is this environment Suitable for For the cash jump when the comprehensive settlement of salaries and benefits ?.
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