A bank expert: the need for introduction of advanced electronic systems in banks to give confidence to foreign investors

Baghdad (newsletter) … Improved banking expert called to the need for attention to the banking sector through the introduction of advanced electronic systems in its work for the purpose of granting the necessary confidence for foreign investors to invest in Iraq.

I know (News News Agency): to develop the banking sector with modern technology has become an urgent need at the moment to boost investment in the country, the fact that the investor today needs a modern banking system is his money on potential risks.

He noted that the banking sector plays a key role in attracting investors into the country.

He added: the Iraqi banking sector is at present underdeveloped sectors and dominated by bureaucracy due to shy away from developments in the world and unable to interact with global banks, called on the Federal Government to seek to improve this sector through the use of modern technology in the management of banks, in addition to opening regular training courses for personnel working in this vital sector.

And Iraq’s banking system consists of forty-three banks as well as the Central Bank and distributed by the property (7) and (30) Al Ahli Bank including (7) in addition to Islamic banks (6) foreign banks.

Although the investment law No. 13 of 2006 had excluded investment in the banking sector of its investment in the banking sector takes its legal framework based on Central Bank Law No. 56 of 2004, banks no. 94 of 2004, the minimum to establish a bank in Iraq 100 billion Iraqi dinars (around 85 million dollars