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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

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    They described it as "incapacitating" .. Iraqis criticize the mechanisms of a government bank to buy

    Rocky
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    • Post n°1

    They described it as "incapacitating" .. Iraqis criticize the mechanisms of a government bank to buy Empty They described it as "incapacitating" .. Iraqis criticize the mechanisms of a government bank to buy

    Post by Rocky Sat Jun 03, 2023 7:57 am


    They described it as "incapacitating" .. Iraqis criticize the mechanisms of a government bank to buy housing with "usurious" loans



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    2023-06-03 04:45
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    Shafaq News/ Today, Saturday, citizens criticized the instructions issued by Al-Rafidain Bank regarding the benefits of loans for the purchase of investment housing units, which they considered not helping to achieve the purpose, while economists described the mechanism for granting credit in Iraq as the "worst" among the countries of the world.
    Citizen Ahmed Namir said in an interview with Shafaq News agency, "The annual interest for a loan of 100 million dinars over a period of 20 years will be 160 million dinars with interest," describing it as "incapacitating."
    He added that "treating the housing crisis with such usurious loans cannot be solved," calling for "the need to activate the Housing Fund and the Real Estate Bank to grant interest-free loans instead of resorting to banks that do not have mercy on anyone."
    For his part, citizen Ali Aref said in an interview with Shafaq News agency, "The mechanisms and instructions of Al-Rafidain Bank regarding housing loans do not help in granting facilities for the purpose of purchasing housing units, but rather they came for trading and achieving the maximum possible profits."
    He also pointed out that "these instructions and incapacitating loans will not help solve the housing crisis in Iraq, but will increase real estate prices in Iraq, especially if we know that housing units in vertical construction, or what is known as apartments, will increase their prices to more than 150 million dinars."
    Economic opinion
    "Any financing or granting a loan for the purpose of purchasing housing units must be at low costs, i.e. soft financing, with long periods and low interest," said economist Muhammad al-Hassani to Shafaq News agency, noting that "banks in this way are not financing development, but rather commercially with the intent of profit."
    He added, "The mechanism for granting credit in Iraq is the worst among the countries of the world in terms of funding, complex instructions, and very high interest," adding that "the guarantees and mechanisms are difficult, and the mechanism for collecting interest is unfair, as the interest rate remains full on the principal amount until the end of repayment without deducting the amounts." Outstanding.
    A number of government banks, especially Al-Rafidian and Al-Rasheed Banks, are competing to grant various and many loans according to mechanisms and instructions that may sometimes be strict, while some citizens suffer from difficulty in obtaining these loans compared to countries in the world, in which these loans are often directed towards the optimal investment for them.




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    Rocky
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    • Post n°2

    They described it as "incapacitating" .. Iraqis criticize the mechanisms of a government bank to buy Empty Parliamentary Finance reveals the reason for the "incapacitating conditions" for bank loans

    Post by Rocky Sun Jun 04, 2023 5:09 am

    Parliamentary Finance reveals the reason for the "incapacitating conditions" for bank loans

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    Baghdad today - Baghdad
    The Parliamentary Finance Committee described the banking sector in Iraq as "backward and has not developed so far," criticizing "the conditions of advances, most of which are incapacitating."
    Committee member Jamal Cougar told (Baghdad Today) that: “The banks ask the government for billions of dinars, and even reach trillions, which made these banks offer impossible conditions in advance to the citizen, and thus made the investment of these opportunities from citizens weak, and the reason for these conditions.”
    Cougar added, "The banking sector is lagging behind and has not turned into a destination for investors, industrialists, and citizens, so these banks must be a gateway to granting soft loans as support to the private sector instead of directing citizens to appointment." on citizen support.
    Al-Rafidain Bank recently announced that it would grant loans to citizens and employees to purchase investment housing units, and according to its instructions for loans, “the maximum loan limit for purchasing a housing unit is 300 million dinars, and the loan period is 20 years, and the interest rate is 6%, with a grace period of 6 months.”
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