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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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Established in 2006 as a Community of Reality

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    Al-Rafidain defines 7 types of advances and the conditions for granting them

    Rocky
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    • Post n°1

    Al-Rafidain defines 7 types of advances and the conditions for granting them Empty Al-Rafidain defines 7 types of advances and the conditions for granting them

    Post by Rocky Tue 13 Sep 2022, 7:17 am

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    Baghdad - IQ  
    The text of the Rafidain Bank statement:

    The Rafidain Bank identified 7 types of advances and loans and the conditions for granting them, and while referring to the move to re-work granting advances electronically and automating banking operations, he sent a message to citizens regarding the application of the electronic banking system.
    The director of the bank, Abdul Hassan Jamal, said that "The bank is continuing to complete the technical and legal requirements to reinstate the electronic grants of advances, and is seeking to complete the project of implementing the electronic banking system, which will contribute to the automation of all banking operations to provide the best services to its customers."
     He added that "the Central Bank of Iraq launched the lending initiative, which contributed to providing liquidity to private banks, and through which some private banks launched the advances initiative for individuals, in addition to the liquidity available at those banks, through which they finance some investment projects and personal loans for various segments of society." .
    He pointed out that "the Central Bank is the official body that carries out the process of supervising the banking operations that take place in banks." In support of the Basmaya housing project at the governmental level, in addition to other residential investment projects.” He continued: “As for supporting small projects, the bank grants loans to support small projects in various sectors and with measures that contribute to supporting this sector and providing decent livelihoods for many segments of society.” .
    He stressed, "The bank takes into account all segments of society and has the largest base of effective banking products that not only serve the segment of employees, retirees and the security forces, as the bank provides loans to citizens in general for various purposes (housing, building, repair, buying a car, and small projects). In addition to loans and advances to other segments of them (scientific research loans, operational loans, including kindergartens, private schools and universities, as well as loans to finance scientific research...etc.”
    Regarding the interest rate on loans, Jamal explained, “It is not possible to be certain that the interest rate on Loans are high compared to other countries, as the concept of lending in all countries of the world is divided into two basic principles:
    1- Supply and demand for the monetary mass and competition in the banking sector.

    2- The rate of inflation in the country, and as it is known to all that the global central banks are working to control the rates of inflation by raising or lowering interest rates on lending and borrowing and according to the situation of each country. He pointed out that "the Rafidain Bank and the Central Bank are in the process of attracting the monetary mass of individuals and introducing it to the banking sector."
    Criteria for granting loans and determining the interest rate
    With regard to the criteria for granting loans and determining the interest rate, Jamal said: "The criteria that are adopted in granting loans are as follows: 
    1- Studying the borrower's reputation and financial solvency."
    2- Studying the official documents of the company and its founders, taking into consideration the company's capital.
    3- Studying and evaluating the guarantees provided.
    4- Referring the credit file to the credit department to study the feasibility of the project.
    5- Referring the file to the risk department to assess the risks of the project.”
    He continued: “With regard to determining the interest rate, consideration is given to studying the market situation and competing banks, as well as the size of expenses compared to revenues so that in light of this, the interest rate can be determined.”
    And about encouraging citizens to deposit Their money is with the bank, Jamal said: “The bank seeks to encourage customers to transfer their money to banks instead of storing it at home, through the high interest rates it grants to customers on savings accounts and deposits, as well as offering various banking products that are granted to customers.
    ” Al-Rafidain: "The Deposit Guarantee Company is one of the companies that preserve the public's money, knowing that the bank has contributed to the establishment of the company, as the borrowing process depends on the available funds (liquidity) in the banking sector."
    He added: "As it is known to everyone that increasing the confidence of individuals in the banking sector is associated with the extent to which they can obtain their money, and that the company contributes to this effectively. Therefore, the availability of funds in the banking sector contributes to managing the cash wheel that begins with customers' deposits and ends with the process of operating those funds before Banks (lending that money)."
    Financing strategic and economic projects,
    adding that: "The Bank has a clear strategic vision and a tight mechanism in the field of financing strategic and economic projects, where it is not hidden from everyone the size of the projects that the Bank contributed to financing and in various sectors, including residential, industrial and operational...


    He continued: "Whereas the bank does not look at the project from the profitability side only, but also looks at the economic side of the project and its capabilities to employ manpower and support the national product, as Rafidain Bank is one of the reputable government banks that always strives to provide the best services in all sectors."
    Jamal continues his speech: The banking sector is capable of growth and development if the necessary ingredients are provided, which calls for concerted government efforts to provide the necessary infrastructure for transformation to automate all banking operations and to provide automated teller machines (ATMs) and points of direct sales (POS) in shopping centers to facilitate the use of electronic cards by the public.”
    He pointed out that “
    He pointed out that "the banks provide a safe environment for the circulation of cash, due to the presence of controls and instructions that govern all aspects of banking work," stressing that "the Rafidain Bank seeks through re-examination of banking instructions to facilitate lending to all segments of society and to finance strategic projects of economic importance."
    And on the application of governance standards and their comparison with neighboring countries, Jamal stressed, "The Iraqi banking sector has made great strides in the field of governance that contributes to good governance in the management of banking business, and Al-Rafidain Bank has issued a guide to implementing governance in accordance with the governance initiative issued by the Central Bank of Iraq." .
    He added, "As we compare Iraq with neighboring countries in the field of governance, we must mention that there are many applicable areas of optimal governance in all countries, not only in Iraq, as achieving optimal application requires continuous improvement of governance procedures in the banking sector and all other institutions." . Rafidain Bank
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