Member of the Finance Committee: Iraq needs for sophisticated banking environment to attract international banks to work in

Baghdad (newsletter) … Member of the Finance Committee of the National Alliance Deputy//Secretary Hadi Abbas, Iraq lacks advanced technology banking environment resulted in a large gap between the work of local and international banks.

He said Abbas (News News Agency): the main reason preventing the global banks discreet work in Iraq due to the lack of sophisticated banking environment and absence of legal legislation adapted to the evolution in the world of banking.

He added that the Central Bank is required to establish mechanisms and conditions of local banks need to be updated to work with new technologies and new tech developments to facilitate their dealings with global banks and attracted to open branches in Iraq to contribute to the promotion of the economic development process in the country.

The banking system in Iraq 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)

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