Islamic Bank is approaching the country's declaration of bankruptcy

Today, 19:02

Baghdad / Doors reference news
Early detection of an economist, Wednesday, for a major financial crisis experienced by the country's Islamic Bank resulted from the misguided policies and giant projects that pushing the bank accounts where near what led up to the announcement of the bankruptcy.

The spokesman said the policy of the President of the Board of Directors Aras Habib Mohammad Karim, near of Dr. Ahmad Chalabi, and its dependence on Iraqi businessman known Essam al-Asadi, which owns more than 30 percent of the shares of the bank, led to a big bankruptcy in the coffers of the bank. Where the latter implicate bank speculation real estate giant, but significant declines in real estate prices led to material unexpected losses. Especially after what he made of the citizens of the withdrawal of the assets as a result of the security situation in the country.

The citizens had complained earlier reluctance winning in a drag-and repeated the bank's apology for the lack of liquidity for payment in the case of request for it.

It is worth mentioning that Essam al-Asadi has sold a number of pieces of land and real estate owned in Jadriya, which some attribute to the desire of al-Asadi to repay bank debt and save what can be saved.

In a related development, the Central Bank of Iraq had said earlier that he is committed to providing the necessary liquidity to domestic banks all. But the weakness of feasibility, planning and the entry of banks is greater than the physical potential projects study led to an acute shortage of hard currency and the national currency, which led to the announcement of many of these banks from bankruptcy.