Hims to {Morning}: TBI achieves the objectives of the reformist government

10/4/2017 12:00 am

The first product in the banking sector

Baghdad / Farah Al-Khafaf

In line with the directions of reforming the Iraqi economy through the development and strengthening of the productive sectors and the financial sector and banks, the Director General of the Iraqi Bank for Trade Faisal Al-Hims to continue to achieve the objectives of the government through the introduction of new tools and products to achieve financial liquidity to rotate the economy.

The Iraqi Trade Bank (TBI), the producer of "Tstahl" for the first time in Iraq, to ​​encourage citizens to deposit and savings in the correct ways followed by the world, to keep money from theft and loss in homes, as well as the entry of this money the economic cycle in the country, Achieving sustainable development in the medium and long term.

Products and support tools

"The Iraqi Trade Bank is working to strengthen competition in the banking sector and to introduce new tools and support products to this sector that will strengthen its strength in the country and give a positive image to the international community," he said in a statement.

The Director-General of this product promised a new idea stimulated the citizen to deposit his money in the bank and the possibility of withdrawing at any time desired, especially as the objectives of the Bank is the credibility, transparency and mutual trust, indicating that this product is the beginning of the way to open new horizons with citizens to seek to be The Iraqi Bank of Trade (TBI) has the first to introduce such products, which do not contradict the requirements and instructions of the Central Bank.

Expand the trust network

Al-Homs advised his bank to offer products and instruments similar to the TISLAH (Tasahl) product, which is aimed at owners who own a commercial and non-residential property.
He pointed out that these products and services are aimed at the local beneficiary and help to expand the network of trust between the public and the bank.

He pointed to the competition of other banks in the same direction and trying to provide products and services similar to the services of (TBI), returned a positive and healthy, will be reflected on the banking sector and the Iraqi economy in general, especially as Iraq is a large country with wealth and density of large population, And the banking sector, through the development of services and providing the best to the customer.

The idea of ​​the product (Tstahl) that the citizen to deposit 500 thousand dinars to enter in three withdrawals carried out by the bank in a transparent and supervised by the Central Bank, the value of the monthly award of 10 million dinars for certificates passed by 15 days, and 40 million dinars for certificates passed by the issuance 90 days, to enter into a semi-annual draw, or the annual withdrawal of the large value of 100 million dinars for certificates passed 180 days.

Objectives of economic reforms

The Director General said that the Bank conducted a questionnaire to the extent of accepting a worthy idea before it was put on the market, and recorded positive results. However, the public turnout exceeded the results of the questionnaire and expectations, in response to the desire of the citizen to experience new banking products after the bank has strengthened public confidence in it, They want to hoard money in the houses and deposit them in the bank, and this is consistent with the objectives of the government within the framework of economic reforms.

The Iraqi Trade Bank has achieved the amount of 3 billion and a half billion dinars of the participation of about 7,000 holders of the certificate of deposit (Tstahl), according to Hymes, pointing out that the purpose of the new products to provide liquidity and investment to enter the economic cycle, thus moving the wheel of economy in the country, Filing does not bear the payment of added interest.

As for the product (opportunity), the general manager concluded that it is a loan for commercial real estate owners exclusively, the method of granting and repayment depends on the value of the income from the commercial property is similar to commercial financing, which depends on the profitability of the company, which is the source of payment, Depends on future cash flows instead of collateral, indicating that this product is awaiting the approval of the Central Bank, which is considered the main support for banks in the country.