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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    His advisor: Al-Sudani ended a veiled method for interest on bank loans

    Rocky
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    His advisor: Al-Sudani ended a veiled method for interest on bank loans Empty His advisor: Al-Sudani ended a veiled method for interest on bank loans

    Post by Rocky Fri 29 Mar 2024, 7:30 am

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    His advisor: Al-Sudani ended a veiled method for interest on bank [You must be registered and logged in to see this link.]
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    •  Economy


    Baghdad-Mail  
    The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed today, Friday, that the decision of Prime Minister Muhammad Shia al-Sudani to reconsider the calculation of loan interest is in the interest of the citizen, indicating that he has ended the “accumulative method” that entails invisible complications in the interest rate.  
    Saleh told the official agency, “The decision in which Prime Minister Muhammad Shiaa Al-Sudani directed to reconsider the calculation of loan interest is directly in the interest of the borrowing citizen, especially from government banks, by recalculating the annual interest that the banks were charging on the entire loan amount granted to the borrowing citizen.” Until the date of full payment. 
    He added, “The decision applies to unpaid loan balances, and it is an important directive that will reduce the interest burden imposed on the entire paid and unpaid amount until the date of final repayment of the entire loan, as was the case previously,” indicating that “the fixed method for collecting loan interest (i.e. The cumulative method) introduces unnoticeable complications in collecting the same interest rate, repeatedly due to the method of calculation that was adopted under the prevailing banking practices. 
    Saleh pointed out that, “starting from this year, the methods of calculating the annual interest on bank loans, especially government loans granted to citizens, have changed, so that the cost of the loan becomes as low as possible when calculating the interest that the loan owner contracted with the bank when granting him the loan,” stressing that “this decision applies to The entire Iraqi banking system, without exception, and all loans granted, including housing loans.” 

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