Duke
11-28-2010, 08:26 PM
Central Bank approves licenses for the four banks, the capital of each of them $ 212 million
Sunday, 28 October 2 November 2010 23:03 | |
Banking sources said Iraq's «life» that the Central Bank of Iraq and approved a preliminary to grant licenses to four new banks, Each with a capital of 250 billion dinars ($ 212 million) paid him a hundred billion dinars.
It added that the new banks are the «development» and «Semiramis» and «pot» and «independence», and with it brings the total private banks operating in Iraq 35 banks, end of the year, except for the branches of Arab and foreign banks operating in Iraq, of which there are seven branches, which «Arab Banking Corporation» (Bahrain) and «the Agricultural Bank of Turkey» and «Byblos Bank» Lebanese and «Intercontinental Bank» Lebanese and «Bank of Beirut and the Arab countries» Lebanese and «Bank Melli» Iran and «Bank of Abu Dhabi Islamic».
The Director-General of the Department of banking and credit control in the «Central» Walid Idi Abdul Nabi, told «life» «that there are opportunities for joint cooperation to establish new banks or branches of foreign banks or posts in the capital of existing banks, to strengthen the capacity of the sector's contribution to development through project lending productivity ».
He added that the urgent need to expand in the granting of licenses to new banks, and support private sector development initiatives, pointing to the possibility of establishing a foreign-owned banks in the form completely.
He pointed out that the high number of private banks in Iraq, including the Islamic and non-Iraqi, and multiple branches of government banks, «come against the backdrop of economic philosophy and the new policy under which the banking and financial sector, and increasing investment opportunities after the promulgation of Act 13 of 2006 and amendments that accompanied it».
The head of the investment in the «Iraqi Company for Bank Guarantees» Chairman of the Board «Ashur International Bank» Wadi Nuri al-Handal called to amend the Banking Act, particularly Article 28, which prevent the participation of private banks in investment projects and companies in different sectors, such as industry. He added that the percentage of bank credit to GDP in the country does not exceed four percent.
He added that «the decline in demand for bank credit sector in the Iraqi market due to high interest rates charged by the sector, which impacted negatively on the overall performance of banks, in addition to the negative implications of security risks and legislative, which prevent the restoration sector debt,« and investment assets ».
He called for setting up a company to ensure all types of credit, and benefit from the experience of «company bank guarantees Iraq», which in charge of promoting small and medium enterprises across the economic feasibility of granting loans for the implementation of projects in different sectors
http://www.theiraqiobservatory.com/observatories/economic-obs/national-income/671------------212--.html
Sunday, 28 October 2 November 2010 23:03 | |
Banking sources said Iraq's «life» that the Central Bank of Iraq and approved a preliminary to grant licenses to four new banks, Each with a capital of 250 billion dinars ($ 212 million) paid him a hundred billion dinars.
It added that the new banks are the «development» and «Semiramis» and «pot» and «independence», and with it brings the total private banks operating in Iraq 35 banks, end of the year, except for the branches of Arab and foreign banks operating in Iraq, of which there are seven branches, which «Arab Banking Corporation» (Bahrain) and «the Agricultural Bank of Turkey» and «Byblos Bank» Lebanese and «Intercontinental Bank» Lebanese and «Bank of Beirut and the Arab countries» Lebanese and «Bank Melli» Iran and «Bank of Abu Dhabi Islamic».
The Director-General of the Department of banking and credit control in the «Central» Walid Idi Abdul Nabi, told «life» «that there are opportunities for joint cooperation to establish new banks or branches of foreign banks or posts in the capital of existing banks, to strengthen the capacity of the sector's contribution to development through project lending productivity ».
He added that the urgent need to expand in the granting of licenses to new banks, and support private sector development initiatives, pointing to the possibility of establishing a foreign-owned banks in the form completely.
He pointed out that the high number of private banks in Iraq, including the Islamic and non-Iraqi, and multiple branches of government banks, «come against the backdrop of economic philosophy and the new policy under which the banking and financial sector, and increasing investment opportunities after the promulgation of Act 13 of 2006 and amendments that accompanied it».
The head of the investment in the «Iraqi Company for Bank Guarantees» Chairman of the Board «Ashur International Bank» Wadi Nuri al-Handal called to amend the Banking Act, particularly Article 28, which prevent the participation of private banks in investment projects and companies in different sectors, such as industry. He added that the percentage of bank credit to GDP in the country does not exceed four percent.
He added that «the decline in demand for bank credit sector in the Iraqi market due to high interest rates charged by the sector, which impacted negatively on the overall performance of banks, in addition to the negative implications of security risks and legislative, which prevent the restoration sector debt,« and investment assets ».
He called for setting up a company to ensure all types of credit, and benefit from the experience of «company bank guarantees Iraq», which in charge of promoting small and medium enterprises across the economic feasibility of granting loans for the implementation of projects in different sectors
http://www.theiraqiobservatory.com/observatories/economic-obs/national-income/671------------212--.html