Member of the economy: investment process need to restructure the banking system in Iraq
On: Wednesday 18/7/2012 6:18
Baghdad (news) .. Said a member of the Committee of Economy and Investment MP / National Alliance / Abdulabas broadly, that the investment environment of Iraq need to restructure the banking system through modern technological enter in their work to boost investment in the country.
He said Xiaa (of the Agency news): The most global investment firms do not have the money a great investment, but depend on the loans granted by banks in the construction of their projects, referring to the Iraqi banking sector does not have a bank is able to finance investment projects.

He added that the restructuring of the banking system is the best way for the success of the investment process in the country through the introduction of electronic devices of modern banking and the use of international expertise in the field of information and technological development, to encourage investors to come to Iraq.

He pointed out: that the central bank seeks to integrate a group of small banks with little capital to form a bank and one is able to finance investment projects in the country, but was having difficulties in this regard, the fact that most private banks, "banks' families," it is difficult to unify management.

It is noted that the banking system in Iraq consists of forty-three banks as well as the central bank and distributed according to ownership between (7) banks and government (30) my family, including Bank (7) Islamic banks in addition to (6) foreign banks.

In spite of the Investment Law No. 13 of 2006 had excluded the investment in the banking sector of its provisions but the investment in the banking sector takes its legal framework on the basis of legal central bank No. 56 of 2004, banks No. 94 of 2004, with a minimum of the founding of a bank in Iraq 100 billion Iraqi dinars (ie, up to $ 85 million (. / Finished