Suri calls to the concentration of the banking industry, according to specialties

Suri calls to the concentration of the banking industry, according to specialties

03/25/2014






3/25/2014 0:31

Described media of actors to minimize risk

BAGHDAD - Shkran Fatlawi

Called for an economist to the need to distinguish between the activity of banks on the basis of the goals that were established to identify areas of work in accordance with the requirements of the stage.



Said d. Majid picture for "morning" that it will improve their performance and work on activating the role of economic and urged commercial banks to provide short-term loans which are repayable over 3 years or less on business and strengthen working capital for industrial projects and services not to be within its lending long term that you need new investment projects in the field of industry, agriculture and services, considering that the most serious issue for these banks

Development banks

He added that the phase experienced by the country in dire need of development banks to support and develop public and private sectors, which operate according to the mechanisms of the market economy afterthought to be so soft conditions set by the state, pointing out that these banks often play an important role in economic development and activating the economy, especially in the early stages the economic crisis, especially as it operates in the areas of productivity, "industry and agriculture as well as her work in the field of housing"

Economic activity

As summed up the work of investment banks to establish partnerships productivity or service in the areas of economic activity and in conjunction with the other shareholders of foreign and local attributing the cause to foreign investors usually look for such banks to contribute to him in productive projects different. Said that the work requires the procedures and criteria for monitoring and supervision of special by the central bank Mattabrha an important center for the concentration of domestic capital and foreign prepared to invest.
With the exception of the picture of Islamic banks Balastosmaria which operates according to Islamic law, through the participation and Murabaha and Istisna'a and other acts of Islamic banking away from the practice of business usurious pointing to the need to make way for foreign banks to own shares of local banks returned that issue positive to leave from the effects of the development the banking industry in Iraq as well as it works to activate the competition between banks and especially that these banks are transferring their knowledge and how they work, and the technology they use and the services provided by the sophisticated to the banking industry.

Mutatis

He concluded Suri Speaking of the importance of a minor and especially Article 28, which states that "no bank shall exercise or participate as an agent or partner or owner of the wholesale trade or singular or manufacturing processes or transportation or agriculture or fisheries or mining or building or re-insurance, or any activity or other work is licensed under Article 27, "pointing out that this rule prevents banks from using the money available to it in the process of economic development direct.

IMF

It is noted that in 2006 signed a Memorandum of Understanding 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 Treasury Department to achieve the program of restructuring the banking system in Iraq, pursuant to the terms of the backing between Iraq and the International Monetary Fund and the related restructuring of state institutions.

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