Major global financial institutions working to develop the Iraqi banking sector
At a conference of the Association of private banks with (I fc)
as it seeks private Iraqi banks to find ways of widening the circle of its activity in the provision of banking services collide obstacles laws and red tape, ugly and bureaucracy in dealing with the institutions of the state, but this time it has had a chance gold could offset the wastage of time to no avail when offered the largest financing institution of international assistance for the advancement of the private banking sector. this Alfrshhaoha Banking Conference organized by the Association of private banks in Iraq in cooperation with the International Finance Corporation (I fc) wing of the financial International Monetary Fund recently held in Arbil, with the participation of 48 of the representatives of the private banks.
To shed light on this conference met with the “morning” with the Executive Director of the Association of private banks, Abdul Aziz al-Hassoun, who explained to us that the conference dealt with topics centered around them discussions throughout the day.
first topic is how to open ports to handle the outside with international banks in the empowerment of Iraqi banks to open letters of credit guaranteed by this institution, which has 289 banks spread across 92 countries.
The second issue concerns the possibility of this institution in the investment of financial surpluses by contributing to the capital of Iraqi banks. He Goldfinch to the level of representation for this institution in the conference included a team of Alkhbraalmsúlan in the Middle East, Europe and the Near East have provided detailed analyzes on the Foundation’s programs in various fields and facilities available and the requirements necessary to provide support for the banking system of Iraq and assist in the expansion of the global financial market and strengthen its role in financing economic activity in Iraq.
As heard team to the main activities undertaken by the banking system in Iraq, where it touched on the research by the Chairman of Board of Directors of Bank of the UNESCO International Wadi Handal to the experience of some private banks and affiliated under the umbrella company bank guarantees.
Financing Small and Medium Enterprises in Iraq, which has achieved success remarkable. hinted Goldfinch that talks and meetings minor took place between some banks and a team of experts to agree on a program to communicate and to activate the project, which Sbacr him by approaching the institution for a number of private banks to agree to develop mechanisms for cooperation and work together.
He Goldfinch at the end of his statement that the prospects that have emerged during the conference indicate that the Foundation prefer to classify the banking exclusion of dealing with banks bearing the characteristic family is not by the institution only Anmamn by the parties to the global financial markets as well, referring to the need to pursue this type of banking style of governance and good governance and the separation of management from ownership and use of international standards in banking to be treated applicable.
to that occurring for the morning banking expert and remains exclusively The Board of Directors North Bank Nawzad dry about the importance of such forums aimed at developing the performance of the banking promise of this conference the opportunity golden especially in the handling and dealing with one of the largest financial institutions in the world, including Athih us benefit from their experience long.
He said that this institution came up with ideas may open our doors to banking relationships with banks in the world and this in itself is a major goal we seek to achieve, how us if the opportunity came to us without the trouble of Auged other words, how to deal with this opportunity?
says Nawzad dry we beginning to be careful with this opportunity no to be thinking a specific including raised us from the ideas and work within its borders in order to Anfhl and lose the opportunity, what we need from this institution at this point that we learn how we are dealing with such a great activity in dealing with the financial institution of this size no need to be take advantage of their expertise and training of our staff bank on how to deal with international banks to avoid the mistakes and losses that may result due to inexperience eight race has a capacity of large financial do not need loans and aid.
He noted that the Iraqi private sector buys through currency auction, organized by the Central Bank Iraq is $ 150 to $ 280 million a day and since approximately four years, but these amounts indicate the possibility of the Iraqi economy and the capacity of the Iraqi private sector? But let me show you something else that the bank grows and expands through its services to the business community and the Iraqi private sector and this requires opening credits parallel of what is owned by the private sector of the potential mentioned in the context of my talk and to meet the requirements of basic and here are unable to banks to cover large orders because of their dealings with banks of neighboring countries who can not afford the size of the economic but also provide you with 35 percent in the coverage of credits makes the Iraqi banks set conditions difficult in dealing with the Iraqi trader for no reason, but because of the inability of banks around the guarantee of our needs, so find in this institution the opportunity to expand ceilings reliability guaranteed by banks World of the institution, amounting to 289 banks and are available in various countries of the world. revealed dry for that this institution gives you immunity and protection of Chapter VII sanctions, and this is the biggest asset of the banking sector in particular and Iraq in general because it allows you to dispose of your money freely and away from the contraband. acknowledged dry that there are problems face the banking sector in Iraq, mostly due to poor experience in the banking performance, especially when dealing with global financial institutions and said that, I find it is important to starting to take advantage of Almasshhzh in the training of cadres bank on the nature and form of handling and dealing with it in the first stage and build bridges of relationship that qualify banks, and when that is possible to request loans and support required, and this way we hope not to mis and the loss of the opportunity and thus the reputation of banks well before the international banks and ease of handling.
He noted that the banking relationship is limited and restricted with the banks of Jordan, Lebanon, Kuwait, UAE, Bahrain and more recently with Turkish banks and the banks alone do not cover the size of the Iraqi economy, as I require and need the opportunity to showcase the investment (I fc) in providing assistance and promote the active participation of the private banking sector to the level of ambition to participate in the process of nation-building and economic development objectives.