Abdul Karim Hasan Shafi
within the economic reforms launched by the government package Iraqi Central Bank announced the launch of industrial, agricultural and real estate loans by specialized banks issued their own instructions and allocated the amount of five trillion dinars, as well as allocated for small and medium projects, the amount of a trillion and a half trillion Danar.oukd It stated in Article / 5 of the General Conditions (CBI loan program) as follows (for all borrowers to provide a comprehensive document to secure for the project until the payment of the last installment of the loan). It is noted that this requirement of the conditions laid down by most lenders in order to maintain recovery of loans granted with interest from borrowers did subsequent articles include within the instructions and conditions issued by the Central Bank to provide an insurance policy issued by an Iraqi insurance company registered and licensed to work in Iraq by the Office of Insurance and here it is important to alert to the importance of buying insurance protection of Iraqi insurance company which case required for several reasons, including, but not limited not to exceed the local Iraqi insurance companies as well as from currency leak outside Iraq to buy protection from non-Iraqi companies and prevent suspicions of corruption that stand out through the granting of loans to speculators currency or who have relations (commercial) with some insurance companies foreign and thus may enter it within the concept of money laundering.
If it is necessary to have insurance on those loans by the Iraqi insurance companies operating in the Iraqi insurance market and approved by the Office of Insurance has asked media about the possibility of carrying Iraqi insurance companies of the risks that may occur for the project to be created and the inability to fulfill its obligations in the case of check danger and answer this question, the project that the Iraqi insurance companies (public and private) have the ability to cover all the risks by creating complex to secure and cover the loans and through the complex risks are distributed within the quota share of each company of this coverage and the proportion of participation in it by carrying her energy and thereby ensure the lenders (the central bank and banks all) recovery of loans granted in the case of check insured risk in the case of borrower defaulting on the payment of premiums and so we have contributed to the preservation of economic returns and stimulate the Iraqi economy and providing it income sources that contribute to the building and support so gigantic projects.
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