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Iraqi Central Bank ends classification of commercial and Islamic banks and prepares for government

rocky
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Iraqi Central Bank ends classification of commercial and Islamic banks and prepares for government Empty Iraqi Central Bank ends classification of commercial and Islamic banks and prepares for government

Post by rocky on Mon 05 Oct 2020, 7:14 am

Iraqi Central Bank ends classification of commercial and Islamic banks and prepares for government




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 2020-10-05 01:10
  
The Central Bank of Iraq announced on Monday that it had completed the classification of commercial and Islamic private banks operating in the country as part of steps it is taking to reform the banking sector, noting that the process of "reforming government banks" will begin soon.

The central bank said in a statement to Shafq News that it "has begun today to implement its first reform steps for the banking sector," noting that it "has completed the classification of commercial and Islamic private banks operating in Iraq in accordance with a set of international standards as well as a number of standards adopted by this bank."
"This step is part of strengthening confidence in the banking sector, improving the quality of services provided to the public, as well as enhancing competitiveness in the Iraqi banking sector," he said.
The bank stressed that "banks have already been asked to work more than once to correct their situation and pay their customers' dues," pointing out that "this classification will be an opportunity for these banks to prove their seriousness in achieving the requirements of reform and payment of the dues of depositors and shareholders."
"The next phase will include the reform of government banks as well," the central bank said, adding that "the reform measures adopted depend mainly on the Central Bank's Law No. (56) of 2004 and the Iraqi Banking Act No. (94) for the year 2004."







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