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Economic development requires banking sector SOBER
1/12/2016 0:00
[rtl]BAGHDAD / Hussein Tgb - Shokran Fatlawi
achieve sustainable development in all production and service sectors of the economy can not be attained only through the creation of an effective banking sector is able to provide the best products for the completion of all procedures , according to prepared plans, accounting for the smooth flow of the most important elements of the funding toachieve the development goals. House of Wisdom eat in the presence of a gathering of economists and reality, capital of Iraq 's banking sector during the economic seminar wasled by Dr. Falah Hassan Thuwaini who opened the talk by giving a general idea of the reality of the banking business and the importance of developing and making offers advanced services compete through which regional and international banks and serves the development process truly .
Active departments of the
international Islamic banking expert d. Sadiq al - Shammari stressed the need to have abanking sector commensurate with the future of the Iraqi economy, Hatna to start itsdevelopment and proceed from the interest and investment in human resources to attract and train workers in the banks, and the search for effective and able to interact with thecontinuing and ongoing banking industry variables departments.
He said during his speech , saying that to keep pace with international standards of banking business in the areas of disclosure and capital adequacy rates and banking supervision is important, including improving the transparency of the budgets of banking institutions
operating.
He pointed to the importance of the promotion of traditional and Islamic banks to open more windows that deal Islamic systems in order to assess the experiment before theoverall shift towards Islamic banking, diversification of the areas of banking activity to include a social - yield areas such as the fight against poverty and provide social support to groups with low - income, asking not to be confined efforts efforts in the field of Islamic banking on religion and jurisprudence only rules, but should open the way for interpretations from an economic and financial standpoint.
Urged to work towards the work on the deployment of more awareness and Islamic culture - related concepts and terminology of Islamic Bachirvh, as well as thedevelopment of the institutional framework of the banking system, providing comprehensive financial services and the launch of new services and financial products to parity so the global banking sector.
Attracting deposits
Lama adviser to the CBI Walid Idi departments of banks have called for an annual plan to regulate their operations based on attracting deposits, providing credit, to carry out investment, grants for small and medium - sized loans, identify and follow the required levels of liquidity, compliance monitoring, and the development of internal control, anti -laundering money, as well as the Directorate General of the banking and credit control directing a final warning to the President and members of the management boards of thebanks who have received previous banking facilities and outstanding loans to be paid within two months.
He said the managing director and the committees supervising these banks to take executive action to facilitate the guarantees provided for these loans and use theproceeds to repay the deposits of citizens, and the movement of the banks to put necessary to face the bad - loan risks of financial allocations, and operations of thereconstruction of its branches located in areas of conflict with the "Daesh" for the purpose of the exercise of its business again "over several years of (120) branches" of them (84) branch " of government banks and 36 branches of private banks, with total cash stood at branches in Iraqi dinars (814.2) billion dinars and (11.4) million, amounted to total after conversion (827.4) billion dinars.
money laundering
Idi said that " the banking sector development requires improving the performance of anti - money laundering in banks and financial companies of non - banking offices through an increase in the number of workers where staff on one side, and incarcerate them in specialized development courses from the other side hosted by the banking Studies Center and the Association of banks, as well as the sale of fixed assets in excess of theneed for the bank at the present time to provide sufficient liquidity to the bank and improve the reputation of the banking market and among the public , "noting theimportance of the closure or consolidation of a number of branches of weak banks until the end of this year for the purpose of saving costs and pooling of resources financial and release to the public according to a plan developed for this purpose.
The development courses money laundering and financing of terrorism organized by theAssociation of Iraqi private banks on a regular basis throughout the year include targeting workers in the public and private sectors in order to prevent any manipulation might happen in the banking operations , according to Commissioner of theCommonwealth Director Tariq Ali.
Stinger accounts
The Executive Director of the Iraqi market for securities , Taha Ahmed Abdul Salam ,spoke about the work of the ASE and investment mechanisms in the capital and ways todevelop it and get stinger accounts, pointing out that the banking sector in the wider trading operations , followed by telecommunications.
And between the presence of 86 foreign investment fund and there is no Iraqi invest one to the lack of legislation regulating the work of investment funds , despite their importance Fund, stressing the need to reconsider the legislative Mounzmomh that allow the establishment of joint - stock companies and the creation of a legislative system stimulates and encourages the establishment of joint - stock companies.
Abdul Salam stressed the importance of an integrated collection laws lead to thedevelopment of the economy away from intersections.[/rtl]
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