April 28, 2010Economic Iraq: private banks ... New window to support the economy and national development
بغداد - الصباح BAGHDAD - morning
Increased in the recent activities of private banks, whether civil or commercial in the works of the Islamic financial intermediation and monetary circulation and to increase their capital to participate in the banking business, which led to the events of a quantum leap in the banking sector in Iraq
In terms of increase in the number of private banks in Iraq from 17 banks in 2003 and for 100 branches to only 30 banks and 600 branches in the year 2010 by 22 commercial banks, traditionally, 8 Islamic banks, which also contributed to the revitalization of fact, investment and head with that question through a new support or carry out investment projects across the country and various sectors.
Says Faik Nasser Hussain Executive Director and the agency for the Association of Banks, Iraqi Special: It has been that the banks through several stages in a series of developments and changes to the modern system of investment banks, which contribute to strengthening the economies of the country and the development of economic and human resources which, within the studied plans for the advancement of sects with through the preparation of software banking system is modern and an increase in the banking and investment cooperation with foreign banks. The adoption of the credit cards to work in Iraq, and that Nokia Iraqi citizens need to move money in large quantities while on the move from one place to another, but can carry only a credit card, now known as such plastic cards, which would ensure that exposure to paper money theft or damage during pregnancy, a system adopted by the private banks and not others is thus considered a breakthrough is calculated during the current stage.
He adds: We have approached the Ministry of Finance to adopt a credit card in the disbursement of staff salaries and left the traditional way in the transfer of large amounts of exposure to the risk of theft, and others, and instead work by setting salaries in the financial accounts, the staff member concerned to withdraw Maizhae of money according to his desire, and need or put as accounts under way or in savings within the banking transaction modern and civilized much better than the traditional method of disbursement of salaries.
He continues: It is the actions taken by banks to be linked electronically all its branches in Baghdad and the provinces in order to facilitate the filing of exchange between this branch or that, and that does not exist in government banks, under which citizens can deposit of money in a bank in the province of Basra, for example, checked out of the bank's branch in Baghdad, and so on .. . .
He points out that private banks and under evaluation by the central bank in 2009 to budget the financial year 2008, and by controlling the Audit Department on the ground in the central bank, got the banks to positive comments ranged between good and very good at according to a global assessment of banks called (CAMELS), which based on the measurement of capital banks and movement in the market and the asset quality and management efficiency, and how liquidity and the sensitivity of the impulsive, the market and the risks and act in accordance with the indicators, a true indicator for measuring the performance of the bank adopted by all circles of the global financial, where the evaluation results for the nine banks to assess very good rating and thirteen banks on the degree of good out of twenty-seven banks questioned evaluation by the Department of Audit on the ground in the Central Bank of Iraq.
Adds in those we have mentioned are very different from the statements issued by the Ministry of Finance that private banks could not perform the role assigned to them in economic activity in Iraq, make the ministry back on its decision to assist and support those banks for failing to carry out the tasks assigned to them, a statement that appeared in the media recently, the Ministry of Finance is the regulator of banks eligibility, but the central bank as the sector responsible for the accountability of the banks in case of lack of control over the liquidity ratio or its credit standing and non-recovery of debts and not to put financial allocations needed to cover Mkhatralaitman.
In the eyes of Mahmoud Mohamed Mahmoud, an economic advisor to the Bank of Kurdistan for Investment and Development has stated that the duties of private banks for contributing to the national economy is the most important contribution in the investment and development in the long term by working with investment projects, medium-and long-term any of the (3-5) years, taking adequate safeguards to develop the economy and national wealth and utilization of human resources and the elimination of unemployment and employment, as evidenced by an increase of capital of private banks from 30 billion dollars to 160 billion dollars at the moment.
He adds that the Bank of Kurdistan expressed his willingness to form a kind of partnership and alliance with the Islamic banks other similar view to the implementation of investment projects and major development in the sectors of infrastructure, tourism and service first and foremost the construction of complexes of the population, which succeeded the Bank in financing and supporting a number of them in the region of Kurdistan, and the stage future will witness the entry of Islamic banks in the combined financing and implementation of important projects in the housing sector which needed to be large sums required by the cost of implementation.
alsabah
