Bank Expert: Iraq needs a well-developed banking system

optimized banking expert blamed the declining investment in the country’s underdeveloped banking system and lack of security stability, stressing the need for a sophisticated banking system to attract foreign investors and to facilitate financial transactions for investors.

He said: the promotion of investment process in the country requires a well-developed banking system works according to the modern technology to facilitate the work of foreign investors who intend to invest in Iraq.

He added: the Iraqi banking system remains underdeveloped and works according to the old traditional systems which make most investors are reluctant to invest in the country, because foreign investors looking primarily for advanced banking system in the investment environment that is willing to invest.

The banking system in Iraq consists of forty-three banks as well as the Central Bank and distributed by property (7) and banks (30) private banks, including Islamic banks (7) in addition to (6) foreign banks.

Although the investment law No. 13 of 2006 has excluded investment in the banking sector of its investment in the banking sector takes its legal framework based on Central Bank Law No. 56 of 2004, banks no. 94 of 2004, the minimum to establish a bank in Iraq 100 billion Iraqi dinars (around 85 million dollars).