Financial experts are calling for amendment of the law of banks
On: Wednesday 15/2/2012 8:01
□ Baghdad / follow-up range
called financial experts and bankers to amend the law on banks cope with the open market and economic change witnessed by the country at the present time.
The head of the Association of Banks appearance Halawi according to (Olokulhalabaria news): The Banking Law No. (94) for the year 2004 needs to be reconsider it in full, there is a lot of variables that occurred in the country and in the work of private banks.
He Halawi: Despite the amendment of Article (28), which was to prevent private banks from participating or engaging in large projects in the country but the amendment fell short of ambition.
For his part, Vice Governor of the Central Bank of the appearance of Mohammed Saleh: that the law on banks is developed as a 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.
Saleh added: that the Banking Act only mode of investment banks, usury did not affect Islamic banks which are based on participation in profit, 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 Iraqi Islamic Bank and the country of Islam, and Elaph Islamic, and Kurdistan, and the Tigris and Euphrates and regional cooperation.
building a national economy needs a new structure
to that between a banking expert Samir Nasiri: 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
, and added that there is an urgent need to build a national economy dependent mechanism and structural new transmission sector, banking sector of the role of financial intermediation to the developmental role and in light of the crisis affecting the economy.
The Mediterranee to the banks 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 articles of the law banks of the material (28) and up (33), and the law of the Securities Commission and the enactment of the new financial investment.
must reconsider a provision for doubtful debts collect in accordance with the list of guidelines and to give flexibility and extended additional time for banks to be able to liquidate this debt which is due mostly to earlier periods where migrated most debtors for security reasons.
He explained that those debts impede increasing the capital of banks because of reduced profits realized actually the result deducted from the net profit and in turn affect the activities of investment banks new.
efforts to establish a fund to finance projects
in turn, said General Manager of the Commercial Bank of 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 of or increase their confidence, but the credibility of work.
noteworthy that Iraq declared earlier to postpone the program for restructuring the financial system until the year 2013, which included the restructuring of the largest banks Iraqi owned by the state and are good and Mesopotamia, and the restructuring of 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 banks, local community, indicating that the investments of the regional countries with a commercial character and lacking in international standards.
The Ministry of Finance has announced that at the end of the month January of the year 2011 for its efforts to open an Islamic bank under the Ministry of Finance is running down the interest in the Rafidain Bank and Rasheed.
were many 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 minor posts that have been made with a number of banks.
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On: Wednesday 15/2/2012 8:01
□ Baghdad / follow-up range
called financial experts and bankers to amend the law on banks cope with the open market and economic change witnessed by the country at the present time.
The head of the Association of Banks appearance Halawi according to (Olokulhalabaria news): The Banking Law No. (94) for the year 2004 needs to be reconsider it in full, there is a lot of variables that occurred in the country and in the work of private banks.
He Halawi: Despite the amendment of Article (28), which was to prevent private banks from participating or engaging in large projects in the country but the amendment fell short of ambition.
For his part, Vice Governor of the Central Bank of the appearance of Mohammed Saleh: that the law on banks is developed as a 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.
Saleh added: that the Banking Act only mode of investment banks, usury did not affect Islamic banks which are based on participation in profit, 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 Iraqi Islamic Bank and the country of Islam, and Elaph Islamic, and Kurdistan, and the Tigris and Euphrates and regional cooperation.
building a national economy needs a new structure
to that between a banking expert Samir Nasiri: 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
, and added that there is an urgent need to build a national economy dependent mechanism and structural new transmission sector, banking sector of the role of financial intermediation to the developmental role and in light of the crisis affecting the economy.
The Mediterranee to the banks 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 articles of the law banks of the material (28) and up (33), and the law of the Securities Commission and the enactment of the new financial investment.
must reconsider a provision for doubtful debts collect in accordance with the list of guidelines and to give flexibility and extended additional time for banks to be able to liquidate this debt which is due mostly to earlier periods where migrated most debtors for security reasons.
He explained that those debts impede increasing the capital of banks because of reduced profits realized actually the result deducted from the net profit and in turn affect the activities of investment banks new.
efforts to establish a fund to finance projects
in turn, said General Manager of the Commercial Bank of 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 of or increase their confidence, but the credibility of work.
noteworthy that Iraq declared earlier to postpone the program for restructuring the financial system until the year 2013, which included the restructuring of the largest banks Iraqi owned by the state and are good and Mesopotamia, and the restructuring of 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 banks, local community, indicating that the investments of the regional countries with a commercial character and lacking in international standards.
The Ministry of Finance has announced that at the end of the month January of the year 2011 for its efforts to open an Islamic bank under the Ministry of Finance is running down the interest in the Rafidain Bank and Rasheed.
were many 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 minor posts that have been made with a number of banks.
[You must be registered and logged in to see this link.]