Altnumeihaaadh take its role in the restructuring of banks, a first step to establish a comprehensive bank

3/26/2016 0:00

BAGHDAD - Mostafa Hashemi
Academy economist said: that the circumstance that Iraq is going through need to have a functioning banking sector to lead its real role in supporting the Iraqi economy and society, which was the most prominent target of the establishment and spread of private banks.

He said the economic academic Dr. Essam Mahouelle in an interview for »Sabah» that Iraq has a number of good Not from private banks that originated in the nineties of the last century in order to be involved in supporting the development process along with the seven government banks.

He said it is essential that the private banking sector to reconsider its role in the economic process in conjunction with the Central initiative to grant productivity and development loans to the public, calling at the same time the need to start a new timing of development through the study of the idea of ​​integration to set up a cartel, a bank and a national (Universal Bank development ) is capable of implementation of infrastructure projects, especially as the country needs such a bank to take over the financing of vital projects.

Mahouelle He noted that the restructuring of the sector is essential as a first step leading up to the establishment of such a bank or a banking union because the separation of administration from the capital makes private banks active financial institutions rather than institutions or just family firms limited activity.

He pointed out that Iraq has witnessed in recent years the entry of branches of foreign banks into the arena that requires the presence of a virtual competition between local banks and foreign counterparts provided that they are equal to the purpose of the service economy.

Mahouelle there and saw very limited number of private banks that operate efficiently in the arena according to the standards enabled it to gain the confidence of the public and the slide was not bad from the depositors.

And operating in Iraq, 41 private banking financial institution that falls under the umbrella of private banks, which was founded in 2004 and comprises 24 commercial banks nationally, along with seven Islamic banks and 6 foreign banks in addition to the presence of four of the chock banking business banking companies association.