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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Structuring Al-Rafidain..A difference in its feasibility and fears of its causes

rocky
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Structuring Al-Rafidain..A difference in its feasibility and fears of its causes Empty Structuring Al-Rafidain..A difference in its feasibility and fears of its causes

Post by rocky Sun 17 Oct 2021, 6:57 am

Structuring Al-Rafidain..A difference in its feasibility and fears of its causes

  •  Time: 10/17/2021 14:07:55
     
  •  Reading: 611 times

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{Reports: Al Furat News} The Ministry of Finance's move to restructure the government-owned Rafidain Bank sparked a contrast in the opinions of experts and local economics between supporters and opponents of it.
The economic expert, Jalil al-Lami, confirmed to {Euphrates News}, that "the Minister of Finance's action regarding the restructuring of Al-Rafidain Bank is wrong, and the Minister of Finance would have been better off changing the banking instructions, especially credit, as well as activating the comprehensive system, reducing bureaucracy and eliminating redundant rings."
Al-Lami pointed out that "there are several measures, including reducing the number of branches, activating the work of our branches abroad, and working to open other branches, including China and Turkey."
While economic analysts revealed, "Changing the bank's board of directors and separating it from the general manager of the bank is an incorrect procedure for a prestigious government institution such as Al-Rafidain."
And they indicated that "it would have been better for the Minister of Finance to change the instructions of advances and loans and to create new loans that serve the citizen and to make the loans electronic and not manual to prevent any case of corruption or extortion and then think about restructuring."
But the financial expert Thamer Al-Azzawi had a different opinion, as he referred to the step and connected it with "positiveness and on the right path to developing the financial and banking sector."
He pointed out that "the Iraqi banking systems lag behind their counterparts in the world and adopt routine procedures that are boring and unattractive to the citizen."
Al-Azzawi called for "the introduction of modern technologies and systems to develop performance while raising the efficiency of workers in the context of keenness to provide the best competitive services, a matter that tempts the citizens to turn billions."
He added that "banks should update their systems, deal intelligently with the customer, reduce procedures while providing facilities, as well as review interest rates and other things that attract customers."
It is noteworthy that the white paper stipulates: Rehabilitating the banking system through the development of private banks, reforming government banks, introducing and activating the basic banking system in Rafidain and Rashid banks, as well as accelerating the pace of development of electronic banking services.
The reform paper also includes the sale of state assets and companies, and this paragraph raised observers' fears of attempts by some {party economics} to acquire companies, government institutions and state property under the cover of privatization, as it focuses on privatizing most state institutions and public companies affiliated with ministries and placing them in the hands of investors, including electricity, water and communications and the oil sector, among others.
It is noteworthy that the Ministry of Finance announced the day before yesterday, Friday, its approval of a package of reform measures related to the restructuring of Al-Rafidain Bank, according to the adoptions of the white paper.
A statement by the ministry stated, "The package of reforms consists of several axes, including: creating a new internal system for the bank that complies with the governance guide issued by the Central Bank of Iraq in which the board's management is independent from the bank's management, strengthening the independence of its work, and supporting efforts to complete the application of the comprehensive banking system, in addition to Strengthening and regulating the bank’s relationship with banking service providers.
The package of measures also included a review of the bank’s policies and procedures and making them more in line with the developments of the modern banking system in order to ensure the provision of the best and quality services through the adoption of a technical system to facilitate banking operations and carry out economically feasible banking activities in various sectors in a manner that serves economic activity and guarantees the rights of depositors and stakeholders.
The Finance confirmed that it supports "the possibility of transferring the data of the bank's customers whose salaries are localized with the bank and those who received advances and loans from the service provider to the comprehensive banking system."
With regard to human resources, the Ministry of Finance emphasized, "in accordance with the reform package, the necessity of contracting with experts and specialists in the banking and financial sector to enhance the aspect of expertise aimed at raising the level of banking services of high quality, and in line with the advanced performance of the banking sector worldwide."
The Finance noted that "the restructuring procedures come within the framework of reforms designed to make the government banking sector compatible with the standards of governance of the Central Bank of Iraq."
Ammar Al Masoudi
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