Banking: the banking system “fragmented” and the need to establish a major contributor to Bank

Banking: the banking system “fragmented” and the need to establish a major contributor to Bank
On: Tuesday 07/03/2012 13:15

Baghdad (news) .. Suggested that the Executive Director of the Association of private banks Abdul Aziz Hassoun, establishment of the bank a significant contributor to the result from the merger of banks, civil small with the government to prop up and support the strategic projects in the country.
said Goldfinch (of the Agency news) said on Tuesday: The banking system in Iraq, scattered and has no active role in contribute to the process of investment, despite having substantial funds, but suspended, and lacks the presence of Bank major shareholder with a capital of high-helps to finance large investment projects in the country. He added, should be encouraged private banks small to integrate with the support of the government sector in order to establish a bank developmental internationally and contributing to investment operations to advance investment in the country as is the case in all countries of the world. It is noteworthy 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 of my family, including (7) Islamic banks in addition to ( 6) foreign banks. In spite of the Investment Law No. (13) for the year 2006 excludes investment in the banking sector of its provisions, except that the investment in the banking sector takes its legal framework on the basis of legal central bank No. 5 (56) for the year 2004 and the bank number (94 of 2004), with a minimum of the founding of a bank in Iraq (100) billion Iraqi dinars, ie up to (85) million dollars. / Finished / 8. d. Q /
Source: ikhnews