Real Estate Bank: There is no extinguishing for loans and our funds are not government
Thursday, July 27
Al-Sumerian News / Baghdad The Real Estate Bank
confirmed on Thursday that there is no extinguishing loans, pointing out that the bank's money is not government. "There is no extinguishing of the loans granted by the bank to citizens to build housing units even if it was by the prime minister," said the bank's director Khodair Abbas Riwan in the Nass and Nas program broadcast by Alsumaria channel. "The citizens are putting a deposit with the real estate bank for financial benefit, so the bank in turn gives them to people in the form of loans up to 50 million dinars to build their own housing units," he said, stressing that "the state is not eligible to extinguish this deposit because it originally belonged to citizens" .
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The real estate bank was established under Law No. 18 of 1948 with a nominal capital of one million dinars. The stated purpose of establishing the bank during that period was to rescue and save the urban population (especially the city of Baghdad) who were forced to borrow in order to secure their debt. To spend on the daily necessities of their lives or to invest these funds in a few commercial operations, and later expand their activity to investment lending.
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