Keywords calls for the establishment of a joint investment bank

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Agheralmcharkon in the Iraqi banking conference yesterday the significant challenges faced by the banking sector, which hampered and hinder the development and growth which is distributed among the causes of inherited related to the window and laws that do not fit in the new phase of investment that Tmrabha country, procedures and new legislation that intersect with its predecessors.

And gather the need to move in order to overcome these obstacles by building strategy clear action control to control the steering banking activities towards the promotion of productive and service sectors and investment and through partnerships between the private banking sector and the banking sector the government on the one hand and between them and international banks on the other.

He called on the Secretary-General of the Council of Ministers d. On the Keywords اثاء delivered a speech on behalf of the Prime Minister, which sponsored Almatmraly to take the private banking sector role required constitutionally guaranteed in the process of development and construction, investment and reconstruction, noting its importance in attracting international companies, banks and international funds to contribute to a renaissance Iraq's development.

The most prominent of the decisions of the conference, which was attended by a parliamentary figures and high-level government and representatives of Arab and foreign banks setting up an investment bank joint venture between the private bankers and public sectors and the contribution of citizens to activate the role of the banking sector in investment and posts strategic projects.

He was president of the Association of private banks in Iraq, Adnan Chalabi, who gave the opening speech have pointed out, the main challenges faced by the private banking sector and the means to بحلولها.

Introduced in his speech, the reality and the prospects for the development of the banking sector in Iraq and the challenges faced by and our point of view in shaping the strategy and the contribution of the Iraqi banking sector in economic development in order to contribute effectively to support reconstruction and development and investment. Said in an interview (morning) that the study of the structure of the banking sector in Iraq requires a review of the background of this sector in the previous phase banking sector was a key part of the structure of the economic system the central building to rely entirely on the so-called Bria economic, any proceeds from oil revenues, which on the banking sector to the front of speaking with all requirements of the development of a unilateral, any requirements of dependency State financing and management of its affairs directly.

Recommendations realism

He continued: for the purpose of ensuring the application of the strategy is clear and specific to repair the Iraqi banking sector in economic development, we recommend the establishment of officials and specialists and members of Congress to study and discuss the working papers presented and come up with recommendations realistic and clear hoping that include the formation of a supreme body to reform banking in Iraq, pointing to the need to include the Economic Commission of the Council of Ministers and the Economic and Financial Committee in the House of Representatives and the Central Bank of Iraq a select group of advisors and experts, economists and bankers in the private sector holds the building strategic contribution to the Iraqi banking sector in economic development and to identify policies and mechanisms for the transition to the stage of reform of the banking sector and private sectors, and is determined by the period of five years ending in 2017 to get the job done in phases associated with the five-year development plan.

He also stressed the importance of finding banking regulatory environment allow for the development of the banking system through new legislation for banks in line with current and future developments relating to the banking system and pass a law for Islamic banks and to reconsider and amend other laws related to monetary policy and banking regulation.

Mainstay


He returned Keywords to confirm that the banking sector mainstay in the process of economic development as a tributary of the taxpayer for the implementation of projects, as well as banking services task that provided jobs and building expertise that serves the economy, despite the fact that the banking sector is recent and was able to expand the heads of his money and his savings, but he needs to expand the adoption of advanced systems commensurate with the size of the local economy. Indicating that the activation of the role of private banks has become a pressing need stems from the philosophy of the current state based on free market economy.

Harmful restrictions

He demanded to review the legislation and related laws which in some adverse implications restrictions and scaled to the role of private banks, and we hope that this conference offers specific proposals Association to make some legislative and regulatory amendments and we are ready to work with them and adopt them. He said the conference is invited to develop a comprehensive plan for the reform and development of this vital sector and paint ways to improve the field of private banks, and develop appropriate rules for joint cooperation between the private and government banks and the Central Bank and Ministry of Finance.

Management Performance

In turn, confirmed the director general of the Trade Bank of Iraq Hamdiya Dry need to pay attention to human resources upon which the success or failure of the banking sector and the services provided by the to beneficiaries audience. They pointed to the importance of the administrative side of the banking business, emphasizing that administrative errors is difficult to be addressed, and demanded that the conference will discuss the subject of human capital and the development of his abilities.


Lebanese Iraqi cooperation

The representative of the Association of Banks in Lebanon Samir long has pointed to the close cooperation between the Association of private banks in Iraq and the Assembly, which has resulted in training sessions helped develop Iraqi competencies and enabled it to deal with the best techniques of modern banking, pointing to seek to sign a cooperation protocol Lebanese Iraqis to support the experiences of Iraq with the latest Science and technology banking. As a member of Board of Directors of the Association of private banks d. Sadeq Al Shammari has dealt with in his paper theme of Islamic banks and its high continuously said that the conference organized for the treatment of selectors development bank which represents the starting point for a comprehensive development. Noted that the conference will prompt enactment of a law of Islamic banks, which now managed by the Central Bank, pointing out that the law regulating the work of Islamic banking which has achieved great successes in the overall services provided by the specialized banks, but we need new products that can be offered by Islamic banks in the coming period.

He noted that despite the achievements of the Islamic banks of achievements, but it is hoped them to achieve more, especially with regard to its role of development and its contribution to the treatment of economic and social problems of the people and update the financial and banking sector in general and the Islamic banking sector in particular by a number of factors, the most important achievement of macroeconomic stability and provide a legislative framework and oversight with the diversification of services and creation of advanced services for everyone, and the introduction of modern technologies in various fields of finance and banking, as well as the need to rehabilitate human resource in order to achieve growth and development opportunities and meet challenges.

The economic cycle

And the importance of the expansion of the modes of financing long-term development of financial instruments present rather than focusing on Murabaha and mind as a source Mamoun of income, and support for small craft, through the promotion of the weak and the poor and those with limited income to enter the economic cycle through speculation ... As it is the best solution for the financing and the success of such projects, especially micro.


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