July 29, 2017 - 14:20 | Number of readings: 205
BAGHDAD - The Real Estate Bank confirmed on Saturday that there is no fire extinguishing loans, pointing out that the bank's money is not government.
The bank's director Khudair Abbas Riwan said in a press statement that "there is no extinguishing loans granted by the bank to citizens to build housing units, even if by the Prime Minister," noting that "the bank's money is not government."
"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 competent to extinguish this deposit because it originally belonged to citizens" .
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.