PDA

View Full Version : Mock calls for banking industry concentration in accordance with its competencies



Hue Mi
03-24-2014, 10:58 PM
Mock calls for the concentration of the banking industry in accordance with its competencies (http://www.alsabaah.iq/ArticleShow.aspx?ID=67497)

25/3/2014 12: 31 am

As a means to reduce risk

Baghdad-Chartreuse, Chen

Economic expert called to the need to distinguish between the activity of the banks on the basis of the objectives for which it was established and to identify areas of work in accordance with the requirements of the stage.

Dr. Majid graphic for "morning" that will improve its performance and to activate the economic role and urged commercial banks to provide short-term loans payable within 3 years or less and on business and enhancing working capital for industrial and service projects to be included in its long-term loans that you need new investment projects in industry And Agriculture and services as the most serious issue for banks

Development banks

He said the country is in urgent need of development banks to support and develop the public and private sectors and so am working according to the mechanisms of the market economy but with conditions set by the State, pointing out that they usually play an important role in economic development and boost the economy, especially in phases of economic crises and it works in the areas of productivity, "industry and agriculture as well as its work in the area of housing"

Economic activity

In summarizing the work of investment banks create productive or service partnerships in the areas of economic activity together with other foreign and local contributors to the bloc is due to the fact that foreign investors are typically looking for such banks to contribute in various production projects. the work requires procedures and norms for the control and supervision by the Central Bank of her considered an important Center for domestic and foreign capital for investment.

Except the Islamic investment banks image and operating under Islamic law by participating and murabaha, ististnaa and other Islamic banking business away from business interest for pointing out the need to allow foreign banks to own shares in local banks returned a positive issue to the impact on development of the banking industry in Iraq and enable competition between banks and these banks are transferring their knowledge and style of work and the technology they use and the services they provide in advanced To the banking industry.

Adjustments

The modern significance of image adjustments and in particular to article 21, which provides that "no bank shall not exercise or as an agent or partner or owner of wholesale or retail trade or manufacture, transport or agriculture or fisheries, or mining or construction or insurance or any activity or action other than authorized under article 27," pointing out that this article prohibits banks from using funds available in the process of economic development.

Monetary Fund

In 2006 a memorandum of understanding was signed between the Ministry of finance and the Central Bank of Iraq under the auspices of the International Monetary Fund and the World Bank and the US Treasury to achieve the programme of restructuring the banking system in Iraq in accordance with the terms of the attribution between Iraq and the International Monetary Fund on restructuring State enterprises.