Call for the restructuring of banks for economic development

08/06/2012 0:00
BAGHDAD - Al Sabah

Economic expert said Bassem Jamil, the importance of restructuring the banking sector branches of government and private sectors through the capital increase and the introduction of modern banking technology in their work, to drive investment and sustainable economic development in the country.

Jameel said: The banking system in Iraq leave a lot about the evolution in international banks as a result of wars and the international embargo imposed on Iraq during the nineties of the last century, making the Iraqi banks lack the means of modern and mechanisms that facilitate banking work and accomplish transactions as soon as possible.

And between: the restructuring of the Iraqi banking sector, both public and private sectors is very important in the economic process in the country because it will help to increase its capital and the introduction of electronic technology of modern banking in his work, and this is adapt his investors when they come to invest and achieve sustainable development in the country and process large investment.

It is noteworthy that the banking system in Iraq consists of forty-three banks as well as the central bank and distributed according to ownership between (7) banks and government (30) waged, including banks (7) Islamic banks in addition to (6 ) foreign banks.

In spite of the Investment Law No. (13) for the year 2006 excludes investment in the banking sector of its provisions, except that the investment in the banking sector takes its legal framework on the basis of legal central bank number (56) for the year 2004 The number of banks (94) for the year 2004, with a minimum of the founding of a bank in Iraq (100) billion Iraqi dinars (ie, up to $85 million).