Al-Saadi: The interest of the loans is distributed to the bank’s employees and is considered “interest”
09:00 - 21/02/2020
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Friday, Friday, economist, Muhammad Attiyah Al-Saadi, said that the interest of bank loans is distributed among the bank’s employees, criticizing the interest that is imposed on these loans, considering that “usury”.
Al-Saadi said in a statement to "Information", that "the process of lending to citizens by government banks represents a systematic (usury) process."
He added that "interest in the Rafidain Bank accumulates significantly, as profits on a loan of 25 million dinars reach about 38 million dinars over a period of six years, while the interest of the 10 million loan reaches more than five million dinars."
He explained that "most of these benefits are distributed by the bank to its employees in the form of annual profits." He called "the Parliamentary Finance Committee to monitor these loans and investigate them as they are arbitrary and cause great harm to citizens in the long run." 25 n ended