Prime Minister’s Advisor: Amendment of private banks to the banking law development

Prime Minister’s Advisor / Iraq Press /: Amendment of private banks to the banking law development

BAGHDAD – Iraq Press – April 1 2015

Prime Ministers Advisor - Amendment of private banks to the banking law developmentThe Iraqi government unveiled a modified civil law known as commercial banks and banking law to the development of banking law.
Economic Adviser to the Prime Minister, the appearance of Mohammed Saleh, L / Iraq Press / “The private banks Law No. 94, said for the year 2004 a good law does not exist in paragraphs any mention, but the parliamentary finance committee has proposed to amend the law within the developments that have taken place during the last ten years that have passed problems legislation on the current law. ”
The benefit of “Accordingly, the amendment will include Article 28 of Law No. 94 of 2004, which requires private banks or the so-called commercial banking law to own shares in the creation of an airline or owning farmland or industrial,” he said, adding that there is “a new law is work on it with respect to banks, which the government of the Islamic Banking Act and expressed great optimism on the draft law, which was written by international experts under the supervision of the economy by the World Bank as his. ”

“The Islamic Banking Act (Modern Banking Act) totally depends on the profit and loss and Halal and Haram and that in case the vote will monitor him about 250 billion dinars,” adding that “Islamic banks will give impetus to the advancement of the banking sector Mikhalq flown competitive interbank Iraqi as well as it will help to accelerate investment growth through the encouragement to work and reconstruction and speculative stocks. ” Admiral ended