The banking sector development promotes investment activity

5/24/2016 0:00

BAGHDAD - Hussein al-Tamimi Tgb
The involvement of the banking sector in the investment business represents an important focus by rotating the wheel of progress in the Iraqi market, which includes all aspects of construction and reconstruction, which are in dire need for an effective banking sector participant or financier for various projects.

Executive Director of the Association of Iraqi banks Ali Tariq said that a large investment business in Iraq, the size of this perceived by the international and local specialized companies and it needs great efforts to the abundance of jobs in all regions of Iraq, which can be a powerful economic force in the world, pointing out that he could be described as tiger eighth the size of the wealth they possess.

Move funds

He added in an interview with «morning» that the success of the investment activity and size require the banking sector active and sophisticated possesses high flexibility in moving funds supported by legal legislation that facilitates the activity and ensure that banking regulation to suit the requirements of the country's economic, pointing to the importance that there be freedom of the banking sector in the entry investment partnerships or direct investments that must be regulated by the new legislation.

Tariq pointed to the importance of developing the work of private banks in Iraq, the law and give them greater freedom and flexibility to participate in the investment environment, pointing to the existence of banking experts who can develop and identify threats and trends to this thread.

Development of systems

And the need to work on the introduction of advanced banking products contribute to raising the level of services provided to a slice of beneficiaries at all levels individuals or companies whether local or international, indicating that the association encourages all banks on the direction for the development of products that offer to the customers through the introduction of new and sophisticated systems commensurate with the requirements of all customers.

Tariq said the development of the banking sector is one of the goals of the main association, pointing to the importance of becoming our banking sector is able to compete with banks, regional and international, stressing that raising the ceiling of products that would activate the capital cycle and provide liquidity for banks and contributes to the large cluster of cash chunky attract home to the labor market, urging to modify the legal framework of Iraqi private banks to enable them to participate in the actual direct investment activities.

New Projects

He was among in an interview that the investment projects problems not only funding ,, where domestic private banking system requires, and through specialized research and strategies units, create and strengthen mechanisms alliance with discreet executive and engineering local and international companies as well as with international companies and institutional investors to enter alliances with them for the purposes of operating and management and marketing in the planned entry partnerships in the implementation of projects, whether rehabilitation projects to units of existing or new projects completely.

Tariq between the end of his speech the importance of working on human resources in the development of the banking sector and empowered them from the banking business and advanced systems the world has seen, pointing out that the Association adopt an annual training plan for banking talent in the various joints of the banking business.