Central Bank of Iraq - Basra branch
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Heading the House Financial Services Committee to conduct a series of legislative amendments and additions to the Law of Iraqi banks in the 2004 to ensure support and increase the activity of the banking sector, both public and private sectors alike, particularly in the development field.
Committee member Secretary Hadi between in his interview with Radio Free Iraq that among the most important of the amendments adopted by the committee to conduct the Banking Act those that focus on "increasing the capital of state-owned banks and encourage private banks small integrate with their counterparts large addition to legislation concerning the opening of the door to banking Islamic and the expansion of its activities "as well as other legislation is concerned with" banking operations and trade Alalictronettin. "
Association of Iraqi private banks welcomed its part directives parliamentary Finance Committee, they called at the same time not to keep such legislation "trapped routine procedures of the legislative process that could take two years or more," according to President of the Association Abdul Aziz Hassoun, who called for the "Translate this legislation During the current circumstances to the instructions issued by the government "in order to accelerate opening the way for banks in general to play a developmental role to be pending the completion of legislative action."
Deputy Governor of the Central Bank of Iraq the appearance of Mohammed Saleh believes in this context that one of the most important amendments must parliamentary Finance Committee introduced within the directions to amend the Banking Act is the adoption of
"Establish a company for Bank Guarantees The process of depositors' rights and liquidation of banks in the event of collapse which will enhance the confidence of citizens in the banking sector would lead naturally to the growth and prosperity of its activity."
It sees Iraqi economists need to work parliamentary Finance Committee first to address the "problem typical of nature that came upon the Banking Act in force of figure 94 for 2004 and who cares about style specified by commercial banks" while Iraq has "two patterns others along the first two development and other Islamic "Recalling economic expert Majid picture that amendments headed by the Commission
To make to the law "is not expected to lead to the desired results because of the confusion that will accompany the application due to the lack of comprehensive law for all bank patterns in the country," according to his opinion.
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