Home
The Central Bank's recent housing initiative raises resentment
Iraq 10/10/2023
[You must be registered and logged in to see this image.]
Baghdad: Hoda Al-Azzawi
The “recent” initiative launched by the Central Bank of Iraq to grant loans for the purchase of housing units by citizens, raised the resentment of politicians and observers, including members of the “National Approach” parliamentary bloc, which considered the conditions and paragraphs of the initiative to be in violation of the requirements of the government program to alleviate the housing crisis that the country is experiencing. , especially with regard to the interest rate imposed on the citizen borrower and reducing the value of the loan amount on the one hand, as well as reducing the repayment period, while others argued that the initiative’s loan conflicts with Article 2 of the Iraqi Constitution, since the new interest imposed is included in the section (usurious interest).
The head of the “National Approach” bloc and a member of the parliamentary integrity bloc, MP Ahmed Al-Rubaie, said in an interview with “Al-Sabah”: “The Central Bank launched - within the housing initiative adopted by the government - its last or second initiative, which included an interest rate of 4%, divided by 2%.” For the Real Estate Bank and 2% for the Central Bank, in addition to 1% as a lump sum as an allowance for fees or services for the Real Estate Bank, in addition to reducing the amount of the loan received by the beneficiary, which amounts to 100 million dinars for the governorates after it was 150 million dinars, as well as reducing the repayment period to 15 years instead of 20. year, and therefore the value of the monthly installments will increase by reducing the period, which negatively affects citizens,” pointing out that what was included in the initiative - and what was mentioned above - emptied the initiative of its title and content, which included special programs according to a set of solutions that seek to serve citizens.
He pointed out that "the idea of the current initiative is contrary to the formula adopted on the ground, meaning that the initiative will cause a problem if it remains in its last form, especially since the initiative earlier was devoid of interest and the repayment period and the amount collected as a monthly installment differed."
At the end of his speech, the head of the “National Approach” bloc called on the competent authorities to “reconsider the new procedures, and not to apply them retroactively, especially since many citizens applied to be included in the loan previously and have not received it yet, and that the concerned authorities must review what was included in the initiative.” In keeping with the needs of citizens, through what was previously done in the first initiative, as it benefited the citizens.”
For his part, the head of the “Regional Center for Studies”, Ali Al-Sahib, said in an interview with “Al-Sabah”: “Before talking about the initiative of the Central Bank of Iraq to grant loans to citizens or by supporting some banks that in turn give those financial loans such as real estate banks and others, Article 2 of the Iraqi Constitution stipulates that (Islam is the official religion of the state and is the source of the basis of legislation, and Paragraph A - that it is not permissible to enact a law that conflicts with the principles and provisions of Islam). Therefore, the interest that is earned from the citizen after giving him the loan, which reaches 5% or even 7% is of course (usurious interest), and therefore it contradicts the Constitution and Islamic legislation, and it is also one of the duties of the government - indeed the state - to ensure the provision of adequate housing, social security, health and services, and this is what Article (30) of the Constitution stipulates.
Al-Sahib added: “What we mentioned above is, firstly, and secondly, we are facing a major violation and negligence on the part of the state and its institutions towards the Iraqi individual. Therefore, the Iraqi citizen has become distant and disdainful of some government rulings and decisions, and has begun to feel almost completely isolated from the government’s conduct and directions that may be in Sometimes in his favor as an achievement government and a services government.”
Edited by: Muhammad Al-Ansari
[You must be registered and logged in to see this link.]
» utube MM&C 5/11/24 Iraqi Dinar - IQD Update - International - IraqTiming - 2024 Budget Schedule - Sp
» The reality of the American presence... Objections are rising and the Sudanese are silent
» The work is discussing with the World Bank a project related to social protection beneficiaries
» Parliamentary Finance: The government intends to send the budget schedules this week
» The Emirates tops and Iraq does not exist...the list of the richest people in the Middle East and No
» A government plan to combat poverty and include 400,000 families with health insurance
» Iraq signs a memorandum of understanding with an American company to support the energy sector
» A deficit exceeding 75 trillion, and this is the date of its arrival.. Parliament’s finances talk ab
» Kirkuk.. A bank was caught receiving remittances for ISIS from a neighboring country
» The Minister of Commerce discusses with his Lebanese counterpart procedures for accelerating the con
» To find out who is negligent or not... The Basra Council forms a committee to follow up on the heads
» Iraq signs a memorandum of understanding with “Honeywell” to support the energy sector
» The judiciary reaches the final stage in the theft of the century file
» An economic expert proposes a solution to end the Jordan National Bank's "takeover" of the currency
» utube 5/12/24 Iraqi Dinar | Citi Bank Announced New Rate Of The Iraqi Dinar | Dinar News Today 202
» Reassurance to employees: “Salaries are not affected by delays in budget schedules.”
» Al-Anbeki: The framework is determined to proceed with the election of the Speaker of Parliament
» Al-Karaawi calls for revealing the truth about the presence of American forces
» Political conflict and corruption in Anbar oust two officials
» After joining Al-Halbousi, an agreement was reached to nominate Mahmoud Al-Mashhadani for the presid
» Within a month, the Central Bank of Iraq’s sales exceeded $4 billion
» The Iraqi Parliament decides to elect its new president next Saturday
» The Interior Ministry activates mobile stations to issue the unified card for communities abroad
» Jordan stops importing oil from Iraq
» The Association of Private Banks praises the Iraqi Central Bank’s approach to establishing digital b
» Iraqi fields cling to the foreign and kick the local... 3 reasons that embarrass private companies i
» The Minister of Commerce stresses the importance of creating a state of balance in the economy and e
» Among them is weak demand for gas...an economic diagnosis of the “most important” observations on th
» Proposing a parliamentary plan to get rid of job stagnation in state departments
» Involving and integrating the private sector into the investment map for sustainable development
» Population claims in the Maysan Marshes: Our water share is not distributed fairly
» The Iraqi Parliament reveals the latest developments in the “theft of the century”
» Jordanian industry exports to Iraq record an increase in 2024
» Implementation of 85% of the southern green belt in Karbala
» The Interior Ministry completes cleansing the areas of organized crime gangs
» Immigration: The displacement file will be closed next July 30
» Transport sets a date to close the file of development road route conflicts
» Service projects are launching non-stop
» Launching the Development Investors Map 2030
» Minister of Health to the Family Physicians Association: The year 2024 is the year of primary health
» The Iraqi Car Company wins the investment in the Al-Khulaysia area on the Iraqi-Syrian border
» Oil: No company has come forward to develop the Shihabi area within the provinces of Maysan and Wasi
» The House of Representatives sets next Saturday as the date for holding a session to elect its speak
» The Kurds refuse to share security positions in Diyala, “and there is nothing wrong with partnership
» Kurdistan is a repellent environment for young people... migration is still taking place and victims
» A Kurdish-Arab conflict prevents the harvest in Kirkuk and a call for the Sudanese to intervene
» An Iranian newspaper accuses Iraq of participating in a "water plot" against Tehran
» The Minister of Immigration directs all the ministry’s departments and branches to simplify procedur
» Al-Mandalawi: Parliament attaches utmost importance to human rights laws
» Al-Sadara was surprised and announced its joining Al-Halbousi
» Parliamentary Oil: Licensing rounds will pave the way for raising oil and gas production
» Al-Saadawi and the Tunisian Foreign Minister discuss activating the Baghdad-Tunisia line
» After joining Al-Halbousi, an agreement was reached to nominate Mahmoud Al-Mashhadani for the presid
» The Minister of Commerce stresses from Manama the importance of supporting efforts made to enhance A
» Minister of Oil: Most of the licensing round projects focused on gas patches to support electrical s
» Al-Awadi: Terminating the work of the UNAMI mission came at an Iraqi request and a UN recommendation
» Kurdistan Democratic Party: Resuming the export of the region's oil in the near future
» After two years of isolation, Al-Sadr is looking for a majority that will not force him to ally with
» Middle East Eye: A booming underground trade in alcohol in Iraq after it was banned in 2023
» 4 million for each year of imprisonment... Freedom in exchange for money... A controversial new Iraq
» The livestock sector in Iraq...indicators warning of a major crisis
» “Unfair” reconstruction in Iraq: areas where machinery is crowded and others still demonstrating for
» Economic statistics: The volume of internal debt in Iraq has risen to more than 76 trillion dinars
» Saleh explains the relationship between the rise in gold and the decline of the dollar and warns of
» The Minister of Oil sponsors the signing of an agreement to develop the Tuba oil field project with
» In numbers... Basra Oil explains the importance of the Tuba field after signing a contract to develo
» Electricity: The government provides energy at subsidized prices for (4) categories
» The electricity produced in Iraq covers 65% of demand... and 15 thousand megawatts is a “deficit”
» Parliamentary services: Government interest in Baghdad will make it one of the most beautiful capita
» Basra Council emphasizes work to qualify young people and place them in the labor market
» Politician: Al-Kadhimi was recommending that Plasschaert write “negative” reports about Iraq
» Trade launches operations to lift the ban on the ration card next to Rusafa
» utube 5/9/24 MM&C 0:02 / 46:46 PM - Al-Sudani - Golden Opportunity - Private Sector - Contra
» Bahr Al-Ulum calls for legislating the renewable energy law and localizing the solar panel industry
» In numbers: the rise in internal debt in Iraq
» Jordan demands that Iraq continue to export oil for another three months
» Iraq is the largest producer.. OPEC+ is pumping higher than scheduled and in anticipation of the Jun
» Close to the coordination framework: There is no intention to change the internal regulations of Par
» Central Bank sales exceed $274 million today
» But the representative of the exchange companies is pessimistic... Why did the dollar fall?... The C
» Jordan addresses Iraq to extend a memorandum of understanding to purchase oil
» Bribes increased from 3,000 to 50,000 dollars.. What is the condition of alcohol in Iraq after the p
» Presence movement: Sunnis and Kurds while the Americans remain in Iraq
» A deputy reveals the contents of the first water strategy in Iraq
» Soon...the second reading of the proposed red card law
» The discovery of 10 new oil and gas fields in the Anbar desert
» A bloc announces to “Al-Ma’louma” the date of the parliamentary speaker’s election session
» Parliamentary Finance explains the mechanism for amending the retirement law
» Sovereignty accuses Al-Halbousi of obstructing the election of a Speaker of Parliament
» Parliamentary Agriculture accuses Kurdistan of harming the farmers of the center and south
» Al-Sudani confirms Iraq's readiness to host the Arab Network conference
» Nechirvan Barzani calls on the Iraqi government to allocate a budget to confront climate change
» “Iraq is in danger.” Political warnings against ending the work of the UN mission
» The Iraqi Interior Minister announces the signing of a security cooperation memorandum with Syria
» The Minister of Oil told “Al-Iqtisad News”: The 5th and 6th rounds will add 3 Mqmq of gas to Iraq’s
» Economist: Tax revenues from the private sector should be 4 trillion dinars annually
» The Real Estate Bank calls on the Iraqi Central Bank to determine a plan to allocate a new initiativ
» More than one billion and 400 million dollars...CBI sales within a week