Experts: the banking sector in Iraq needs to develop
Experts said that the banking sector in Iraq suffers from many problems, and is one of the sectors hit by defaults, it has not benefited so far from the technological revolution that has invaded the world, and led to the development of banking systems significantly. Dr. Adnan Farhan from the University of Basra, said that… “the sector Iraqi banking is one of the sectors lagging too, and dominated by the bureaucracy. has shifted to the Goods Exchange, does not have the ability of high lending or interaction with international banks. ” Farhan said that “this significant negative effects, notably that it does not give foreign investors the necessary confidence, are suffering from funding problem, as well as with local contractors who have to take advances from the state, and this is not Sahsah scientifically. ” As Dr. Thoraya Khazraji Professor, Faculty of Management and Economics at the University of Baghdad, has said showed “that Iraq suffers from a scarcity in the number of banks, as of the 37 banks only a few, and if compared with a population of Iraq distorted religions that per hundred thousand people, one bank, while the global rate applicable is the one bank per thousand people, and this is what drives citizens to keep money in their homes. ” she added Khazraji “The number of banks business a little too, and that the government banks accounted for only 20% of the number of banks in Iraq, which is not the task of granting loans and make remittances, but other actions such as buying and selling cars and this prompted investors to look for other sources of funding. ” As for Dr. Sami Jumaili of Anbar University has stressed that “the Iraqi banking sector suffers from underdevelopment, because it gives credit to various sectors such as industry and agriculture in order to improve these sectors, while those loans go to other areas other than those identified for it.” In the opinion of Jumaili that the government seek to improve the sector resorting to the use of modern technology in the management of banks in addition to the open regular training courses for staff working in this vital sector.