Banking Committee Member: Banking Law limits the current work of the private banks should be amended

Member of the Committee considered the economic and investment banks, Salman al-Moussawi current law that limits the work of private banks, stressing the need for modified opens to the private sector to operate freely.

He said in a statement to all of Iraq [where] the day that “the banking sector from the jurisdiction of the Finance Committee in developing the resources of Iraq, but the result of the work of those institutions is reflected on the Iraqi economy pushed us to engage as partners in supervising the work of financial institutions, including government banks and the Central Bank of Iraq.”

He added that “the most important thing is to modify the application of the Banking Act, because the current law limits the work of private banks and gives weight to the banks until the government that in some cases prevent state institutions from doing business with private banks and this is not true.”

Moussawi said the need to “give a chance for the private sector to establish and make a lot of banking services in addition to make way for entering into partnerships with international banks and should be given loans in the field of banking facilities.”

And on the spread of Islamic banks pointed out that “Islamic banks have proved successful in the world and Iraq is supposed to be the first in this field and work to encourage Islamic banks is that the private sector and citizens do not like to deal only with banks that offer interest on deposits, but there is another method follows the in Islamic banks through the employment of the money and entered in the specific projects that are before the preparation of the feasibility study.