Khbayrmala: law must be modified format allows banks to invest in the banking sector

Baghdad (news) .. Called financial expert Khaled al-Bayati, to the need to amend the Banking Act General format support financial and banking sector in the country.

Bayati said (of the Agency news) Friday: The Banking Act current number (94) for the year (2004), contains the items and materials are inconsistent with the work government and private banks, as well as he does not recognize Islamic banking has made banking system is regular.

added: should amend the current law or new legislation format allows investment in the banking sector and encourage the introduction of systems of modern banking in their work, to organize the work of local banks and help them to contribute Effective development of the country’s economy.

expert suggested: use laws neighboring countries to amend some paragraphs Banking Act current contributes to the advancement in the banking sector branches of government and private, that neighboring countries have made significant strides in the banking field in terms of the use of technology and modern systems.

and had proceeded to the Banking Act year year ( 2004) at the time of the ruling the U.S. civil administrator of Iraq Paul Aramer. mentioned that the banking system in Iraq consists of forty-three banks as well as the Central Bank and distributed according to ownership between (7) state banks and (30) Bank Ahli including (7) Islamic banks in addition to ( 6) foreign banks.