Proposal for the establishment of a government oil bank

Proposal for the establishment of a government oil bank

Entries Thursday February 15, 2018 at 15:38 pm

Proposal for the establishment of a government oil bank

International consultant and arbitrator

Advisory Board member of the Baghdad Chamber of Commerce

Duraid Mahmoud Yahya Commender

In the name of of Allah the Merciful

Peace, mercy and blessings of God.

Our topic today a new proposal last Mazav what we have presented previously proposed to set up import support fund, which surprised many to call it.

The summary of import production any support for the purpose of national production in various forms and not the consumer and Albzkha in particular.

The new proposal of all its components are present and the list and it is not dust, but dust ???

It :: Iraqi Oil Development Bank ::

We need a government decision only mechanism we will show his work as a proposal scalable.

Is not strange that we state banks are as follows: -

Government or public sector banks,

1. Central Bank of Iraq

2-Rafidain Bank

3. Rasheed Bank

4. Agricultural Cooperative Bank

5-Iraqi Real Estate Bank

6-Trade Bank of Iraq

It is noted that nowhere in the list above, the largest sector in the Iraqi economy, which does not represent banking activities above, including the central bank's only part of it, even as much fixed capital for this sector to be very large figures compared to any fixed capital for all the above sectors and it is important to clarify the work and its importance once declared founded turns into the largest financial institution in Iraq, the undisputed

Before entering the subject note that we use the word bank Central Bank of Iraq only even in the literature and the word bank for the rest of the government and private banks, and we rely on our interpretation of this subject to two aspects: -

Linguistic aspect derived from the word Banquo any wooden table that was used in the process of dealing with money, where the first operations in the genesis of banks.

And linguistically there is no difference in naming the bank and the bank.

The second career side which side has evolved and exceeded the cash deal Belamilit and traded locally as the central banks' duties and functions much bigger than that, the disposition of mastering these tasks.

1-issuing money, on behalf of the Central Bank and not printing money, which has many benefits not paid attention by those concerned and not officials.

2. The receipt of revenue or benefits the state in the end of all internal and external banks. And perform dues on them.

3-control over all financial and banking institutions in the country

4-currency and as a container Vhomn lends loans to private banks, which are Aldainmo in the economy

The 5-overseeing the clearing between the internal banks to verify the size and implementation mechanism

6. The mechanism to control the money supply in the local and global market that money was a global assessment of the country and follow-up Belamlat other for the purpose of determining Sarabv.

7-based supervision on the issuance of internal loan documents and authorizations, and the follow-up period of maturity and supervision from afar in the stock market and how it relates to the price of the currency because they are exposed to Zbzh these fluctuations of the currency and it is wrong to remain constant, because it will lose starters Murabaha any documents and permissions. Note that these papers other financial is more accepting of deposits in circulation and deposit because it actually recovered through the process of circulation in the market

8. identify market profit price, pause detailing future

9. The announcement of the cash reserves of the country's size and timely, pause detail future

10. Issuing the laws of private banks Altasa Cisse and the opening of branches both internally and externally and representation of global banks, and follow-up and not to punish as a drawer, private banks and support to achieve development for starters

It is the obligations of the Central Bank exclusively

The other banks shall be their duties in support for economic development and not the government and not to uphold the Murabaha to starters somewhat because it would be an obstacle and a competitor and the private consumer sector including Azivh ultimately on the price of Albzaah.

The problem is that the banking Toajhalqtaa government administrative Altzkhm which causes a rise in salaries, forcing public administrations to prepare them profits and did not take into account the economy Bamomh but takes into account a group of employees of banks at the expense of the economy of the country.

Knowing that this topic overtaken by private banks, though it was an important subject to Rafidain Bank, Rasheed

But our topic

The amounts to be financed by banks and returns the central bank and the state is one of the lords of oil and that most of the benefits and proceeds from the sale and purchase of oil and its derivatives open up their allocations either Bmassarv foreign or Bank Alrphian, mostly in foreign banks going all bank commissions to foreign banks either Alrphian bank branch in the Office of the Ministry of oil Interior Vllamur Interior and sales of the Ministry of oil products Co., Ltd..

We are sure and we are sure that the returns opening credits Ministry of Oil for foreign companies will cover all of the new bank staff expenses (Iraqi Oil Development Bank)

And we will show what is obvious at first glance: -

1-government bank is 100%

2-accepted deposits transfers for all the Iraqi, Arab and international domestic and foreign oil companies from issuing letters of guarantees or thirsty proper implementation and so forth

3-required in any future contract between the ministry and companies open a current account for all contractors with the ministry to implement any project be referred to companies

4-so it can be negotiated with the ancients for implementing the process Tnivhzh

5. all associates and the salaries of employees in this sector of Iraqis and residents in Iraq to be paid by the bank and its branches in all provinces (except for the region) as well as purchases of companies in Iraq

With reception of imports of gas stations are daily Auzzid equivalent for all deposits of banks, and the issuance of monthly fuel for all vehicles that lead to and facilitate the provision of daily deposits process cards, and other Miarb.

6-open branches of the bank in countries with high handle in the process of buying crude oil in order to open the account for methods of SOMO (United States of America, China, Europe and two branches or more, India, Japan and in the United Arab Emirates, ... etc.) The basic objective is to topics oil raw, Mafl the subject of this side of the ministry's imports are very strong.

The problem is if the bank adopted other topics belonging to commercial traders and Iraqi circles of Nahihalajdaat transfers and financial transactions

7. The Ministry of oil imports and an integrated budget to open all countries where the ministry funds through the bank's intervention and commissions banks in favor of the ministry, yes can hurt Rafidain Bank, but the final interest to the ministry and the more general economy.

8. The acceptance of this bank more than any other bank, and the reason is obvious because it closed the largest of any bank with whatever country like Iraq

9. also address the stalled appropriations which have problems which will be resolved normal and many less expensive and less correspondence and less time

10-annual deal will be very large, and I firmly believe that any bank Ataatoverwrs another Arab like this size of daily, monthly and annual transactions not to mention the internal banks

This is with the development of oil operations will be Tzkhm for bank operations and expansion Cbrolo carried Msfian to the volume of financial transactions Kmtkadir

11-perhaps up to 80 volumes per year Milirdolar US will occupy Mrkzaaalmi and be the first Iraqi bank of this size and this, Bamolathmaalamblgtsel the process of opening branches and cover all expenses and other expenses.

12-must determine the economic circles tasks in which the Department of appropriations for the sale of crude and Dairhalaatmadat to buy derivatives and Dairhalaatmadat purchases Oil Ministry and the Department of credits for the gas sale and purchase of the Department of internal transport funds and external Zmanat Service and the thirsty and insurance Mtabahalfrua Department and the rest of the administrative divisions Tnumeihalafrad circle electronic link to all branches of the circle inside and outside Iraq, the Department of Saving deposits Iraqi and non-Iraqi loans and banking facilities circle (and other circles) for each of its duties and obligations

It is important to be Dairhalastosmar in the oil sector with independence from the rest of government investment circles for the purpose of acceleration and facilitation and minimize the administrative obstacles that are actually an obstacle. To enjoy the trader with the bank on the side of investment with all applicable rights by the side of Alastosmaraovernma

13. We are confident that there are obstacles to the project because it will find a lot of oppositions because it is a new project will be the oppositions for technical change my because many Singulw their accounts to Hmaalmsrv and with contracts and announced will be resolved in a legal way and according to the desire of the Iraqi government and the agreement facilitator banking

14-paragraphs are very important to choose the administration of this bank of cadres technocrats and the owners of experience in the banking business and contracting with the retirees of the Iraqi banking sector , the magnitude of the work in it and built strategic leadership on modern science and data are contributing to the creation of administrators and leaders able to lead their team and Mderiaathm towards achieve Adarhavdil and provide better services in the short and long term, and also contributes to the continuity of quality service delivery to the public strongly competitive ability at all times

Badagherar the rules of procedure and the mechanism of action will be all things and orders are clearly visible

With expressing our willingness to put up a study or prosecute more detail for this project

Hoping to gain Hmamodua understanding of decision-makers because it is for the benefit of Iraq only.

On the other hand, which is very important as personal Guetnaatna which is another initiative Zmnah

Alo'hai the private oil sector, which is Azaf economic development cycle of the private industrial sector because the private industrial sector does not represent more than 1.5 of the basics of fixed capital in Iraq and that the private oil sector does not represent a simple Alajze of this percentage that does not exceed three percent of Hzhalencbhohma dignifying in the sector special oil in the oil country.

Offering all loans and facilities through Hmaalmsrv to create an oil private sector, there is no need to hit too many parables are dependent in the same facilities and other facilities to banks Post an Aktherlgrd to speed up the process of establishing an oil private sector Ghaderaly participation in the privatization rudiments of the oil industry in Iraq

With the adoption of starters not Murabaha in investment operations only in Nsphbsath and in order to go competencies and desires owners to this field work to be projects determinants and determine the minimum loans to Atchett allocated for investment capital and exceptions are clear amounts at least with the identification of the quality of projects and Imknantafrd independent study of this subject which really worth it.

It is important to mention that the bank would get rid of all the problems experienced by other banks because the bank's capital will be very large and mobile and can be increased and Garmtather a lot of personal desires that threatened ethnic banks, government or private.

We hope that our proposal is taken this ear ear

Greetings

International consultant and arbitrator

Advisory Board member of the Baghdad Chamber of Commerce

Duraid Mahmoud Yahya Commender