Private banks of the highlights of the promotion of the economic reality of the country

Private banks of the highlights of the promotion of the economic reality of the country




17/06/2013 - Monday

Banks have suffered raids by the security forces affecting the reputation of the national economy.
-Private banks has been proactive in the support and development of the national economy

-Forcing banks to merger means the withdrawal from the market of any bankruptcy

Recent spread many rumors have hit the heart of the work of the private banks in Iraq with different charges and evolved to spread news warrants or arrest warrants against a number of the banks' managers which caused uproar at the bankers walaaal and citizens who deal with these banks which led to the deterioration of the relationship as a bank expert said the shaking confidence in private banks meant that the financial situation in Iraq will also seriously deteriorated by The consequences are not feisty newspaper polled the views of economists and money investigation was next.
To denounce the RAID banks without the knowledge of the Central Bank of Iraq

Many economists and businessmen to surprise raids and arrests by security forces for a number of private banks, stressing that he withdraws forces (SWAT) raided some private banks and charge a fair court arguing their banks financial breaches are a strange phenomenon and unprecedented occurrence that she find strange him Association of private banks in Iraq through its Executive Director Abdul Aziz Hassoun, denounced the actions of some security agencies raided dozens of private banks and charge The financial differences among those banks promise. Hassoun said: these acts will hamper the work of banks, especially in the investment, construction and its negative effects on the development and reputation of Iraq and the economy, noting that many of the traders and businessmen and citizens pulled their money from banks for fear of worsening the crisis with banks.

The Economist said Zia 12: there is a lack of respect by the security forces for bankers in these banks, adding that the arrest came as an unprecedented move, these banks have banking links and messaging abroad representing the interface through the conversion process and investment, especially that these banks began to support the private sector through small and medium-sized enterprises it is not logical to keep Hikmet Zarzis Director Middle East unlocked bank charges is far about cry holds a global certificates and The procedures adopted by the security forces is the responsibility of the Central Bank who is accountable for these banks.

Hasty action and illegal and harmful to the reputation economy

The writer said in an interview with Laith Reza of feisty caution about economic files improvised behaviour including charges of legal violations by the economic and financial institutions for the purpose of dealing with such breaches is our concern for the safety of national economy, it is not permissible to blacken his reputation under the pretext of protection and the fight against corruption, describing the bank raids by security forces action hasty and illegal and harmful to the reputation of the national economy.
And Mohammad Reza that the Iraqi Central Bank is responsible for the control of private banks and any judicial accountability should be referred by either Central jump on the law in this way is a new threat to the principle of the rule of law will be the national economy to a new vibration prompted the Central Bank's clear and public attitudes about the conditions in the financial sector based on the principle of transparency which are based on modern economic management mechanism.

Mohammad Reza noted that major investments are reluctant to risk working in Iraq and we must reassure legal security environment in the country, thus undermining the raids but all promotional efforts to invest in Iraq.

Finally we call on Mohammad Reza, to hold the real manipulators revealed our economic but call for addressing problems with the mechanisms of the law and the Constitution away from the noise and methods that harm the economic interests of the country.

Detect the presence of corruption in private banks

The case seems to have roots and no one knows the reasons for that and came through a member of the Iraqi Parliament's integrity Jawad alshahili, who said that Central Bank Governor Abdel Basset Turki was the first to talk about corruption in the private banks and the alshahili of PBS that there are a number of private banks seized more than sixty-five percent of the sales of the currency the Central Bank indicating that this proportion increased to seventy-five percent thereafter.

Alshahili said while talking to the orders prevent travel and reservation of funds against a number of businessmen, including the owner of a bank accused of corruption in the auction currency and managed to leave Iraq to the Jordanian capital of Oman.

Alshahili also disclosed the names of the companies and persons involved in the importation of explosives detection devices, indicating that there is a company represented by one Interior Ministry equipped with explosives detectors, 60 for $ 20 billion in addition to other companies, adding that representatives of these companies involved received the full amounts of the contracts with the Ministry of the Interior.

But economic and financial expert Hussein Salman shammari, Managing Director of Al Huda bank confirms: the banks demonstrated conclusive evidence of effective contribution in support of the national economy, particularly with regard to investment and project financing in various alatengahat ... Noting that private banks have several functions including the lead role in the support and development of the economy, creating jobs for researchers of both genders to provide cash to many traders, businessmen and money as well as SME support wetnmbh and the development of human resources.

Shammari lauded the role of the Governor of the Central Bank (Abdel Basset Turki) and the administrative and economic wisdom in containing the crisis and handled with the utmost professionalism and accumulated experience where contact with all parties and resolve the obstacles that I got with alkzaa and overcome constraints in coordination with the Association of private banks in Iraq Central Bank issued a detailed statement between the media and public opinion in all the circumstances of the case and how to tackle it with the participation of stakeholders, experts and technicians of the economies concerned such sensitive issues

So says economist Bassam Hamid Jassim: that private banks is one of the most important elements of the advancement of the economic reality of the country, especially with regard to supporting reconstruction projects being carried out here and there in the fold-in various fields of specialization and industrial, commercial and other terms sought these banks to provide the support required
He added: this economic networking required would contribute to the development of the Iraqi economy since it does not comes on profitability as some people think, but the steps are based on the scientific foundations of Informatics draws real database, clear and through scientific experienced and competent economic policy that supports and increases the capacity of the Iraqi economy and investing in Iraqi minds and return to the product of scientific research in universities and research centers and other specialized scientific institutions and academic and research studies To all the details that contribute to the revitalization of the economy.

He continued: The private banks was and is a pioneer in supporting and developing the national economy through its operations support for investment projects and wide in all areas In addition to the submission loans There are also books escrow companies and contractors working in campaigns ages and construction and that the private banks have proven their worth was performed Make the testimony of the people respect and competence as reduced red tape and marked by the speed and quality of services provided to citizens and can be seen through the significant growth in the volume of deposits in the budgets of those banks and attract customers significantly, which came after an interruption for decades to keep pace or further major developments that have occurred in the industry global banking, which began these banks to keep pace modern techniques and sophisticated and there are programs to develop capability and skill associate at the sessions of internal and external lifted actually competencies and abilities Out of this communication and the state's interest banks eligibility and support there were statements of mission formed in the government's determination to take a number of measures to develop the sector banking in the country in order to be able to keep up with the volume of investments expected in the coming years and that this action is in the legislation of a law that would strengthen the role of private banks in the investment process and raise capital and to note that the Central Bank of Iraq relies too much on increasing the role of private banks in the process economic during the coming period to be able to support investment projects and the provision of soft loans for such projects in addition to other activities.

Forced merger

Fellow journalist Raja said: Re-opening of Iraqi banks eligibility as one of the important mechanisms for development and that emerged two decades ago in an unfavourable economic conditions because of the UN sanctions, after the change of regime and Iraq transition has not yet settled and these banks now more than forty small banks capital limited and limited areas of work and not getting Government support, direct or indirect,

non-sophisticated family administrative, technical, resulting in some delays and warned That economic crises like the global crisis caused by the collapse of some banks in the United States and Europe.

He added: This is prompting the government to form a committee of economists to make recommendations to save the situation and even stimulate this sector but with conditions perhaps the most important and most difficult merger due to the nature of these banks and due to the nature of the family for banks Iraqi civil Some stakeholders and observers would those banks that there are other ways to address the reluctance to work banks rather than impose a merger it through the application of existing laws that allow the Central Bank of Iraq in his capacity as the control intervention in order to save the situation by various means to control because the nature of the family of the banks do not favor the merger because the family could lose the right to management and control of resources and operations on the private banks that the Iraqi working to expand the scope of its work and go to different areas for investment and funding and cooperation with the public sector and not exclusively on the banking side. Among the crippling conditions set by the government to private banks for their support and included in the package of incentives is to raise the minimum capital to $ 250 million in order to force it to integration because it means the withdrawal of some banks from the market any bankruptcy and can cause confusion.
He continued: the lesson is not in the capital but in confidence must get banks through its operations. required package of legislation through which the Government can make important economic source private banks as in other developed countries that used those banks to serve the economy.

The experience of private banks

The experience of private banks in Iraq began in late 1992 of the last century has begun the practice of banking activity in Iraq late time compared to the rest of the Arab countries and neighboring countries and then opened six other banks operating Islamic banking format .. In spite of the recent experience in Iraq for domestic banks and that it is going to play an important role in supporting the Iraqi economy and promote investment process and pay بالماكنة economic forward and called some economists state institutions and the Ministry of Finance and Central Bank of Iraq to facilitate the work of these banks and encourage them to achieve economic benefit and development so lead role, which was founded for him and the central government to provide the necessary facilities to private banks until proven: that the experience of the private banks started in Iraq late has preceded us in this area most of the neighboring countries and the Arab civil and it's nature as an investment development and social citing that private banks do not provide loans awaiting the return of the money, but is funding projects after studying economically and involved profit and loss with investors, and it aims to achieve a common interest between the two parties leading in the end to run optimally economic resources and reduce unemployment, and this requires the support and backing from the government to these banks until proven itself and exert its activity in financial markets. said: that the presence of substantial resources and Off not find them an outlet to turn into capital useful to its owner or benefit the national economy and Development, and the private banks which sometimes free of usury and this corresponds to Alhariahalasalamah and the presence of the shortcomings of large financial Off with large segments of the owners of the money Iraq's Arab and Islamic countries and other countries of the third world or the most prominent reasons for the trend towards thinking intellectuals building eligibility banking institutions to invest capital and provide developmental interest of the national economy.

And the experiences of the different sectors of the community and governmental banks important tributary streams of activating trade and financial speculation push the national economy forward is playing an important role in public and private funds are invested in various projects of benefit to the client and State and this is what we all have to move capital and investment.

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