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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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    The Iraqi parliament asks "Al-Rafidain and Al-Rasheed" about housing loans and their benefits

    Rocky
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    The Iraqi parliament asks "Al-Rafidain and Al-Rasheed" about housing loans and their benefits Empty The Iraqi parliament asks "Al-Rafidain and Al-Rasheed" about housing loans and their benefits

    Post by Rocky Wed 19 Jul 2023, 6:42 am

    The Iraqi parliament asks "Al-Rafidain and Al-Rasheed" about housing loans and their benefits



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    2023-07-19 06:29
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    Shafaq News/ The Finance Committee in the Iraqi Parliament revealed, on Wednesday, its intention to host the directors of the government-run Rafidain and Al-Rasheed Banks regarding advances and financial loans that the two banks give to citizens, describing the amount of interest on those loans as "large".   



    A member of the Parliamentary Finance Committee, Asaad Al-Toobi, told Shafaq News agency, that the committee will host next week the directors of Al-Rafidain and Al-Rasheed Banks to find out about the loans and the amount of interest on those loans launched by the two banks’ management to employees and citizens, indicating that the interest rate sometimes doubles.
    And Al-Toby indicated that the hosting will discuss the housing loans granted to citizens by Al-Rafidain and Al-Rasheed Banks, and to know how to set percentages and interests on citizens, how to calculate and limit them, and whether they will be fixed or decreasing during the loan repayment period.
    He pointed out that the Finance Committee in Parliament will work to reduce the interest rate for housing loans granted to citizens by government banks in order to increase the number of people covered by loans and contribute to solving the housing crisis.
    Citizens complain about the instructions set by the banking administration regarding the benefits of loans for the purchase of investment housing units, which they considered "do not help achieve the purpose," while economists described the mechanism for granting credit in Iraq as "the worst" among the countries of the world.
    In a previous interview, economist Muhammad al-Hassani told Shafaq News agency, "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," noting that "banks in this way are not financing developmentally, but rather commercially with the intent 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 numerous 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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