Specialists: local banks were not affected by the security situation and growing by 10%

Specialists: local banks were not affected by the security situation and growing by 10%

09/11/2014 15:56 GMT

Specialists - local banks were not affected by the security situation and growing by 10 percentFollow-up – and babysit – : Despite the extraordinary security conditions experienced by the country during the last few months, but the local banks experiencing ongoing activity and an increase in financial deposits and growing up rate of more than 10% during the third quarter of the current year, according to experts and specialists in the financial and banking affairs , where Benoit that private banks have fully prepared in the financing of small and medium enterprises and contribute to the promotion of economic development, calling for the federal government to deal with private banks and encourage active participation in the financing of investment projects of the country to contribute.
Expert in financial and banking affairs Mohsen Ali, confirmed that “local banks experiencing continuous growth during the past period and began to work as true and introduced in the work of some advanced systems, which encouraged customers to deposit their money and increase their confidence in them,” adding that “enhance mutual trust between banks and customers an important factor for the development of the work of local banks. ”

Ali said that “recent data released by the Association of Iraqi banks indicated the presence of significant growth in the activity of banks in the third quarter of the current year 2014, reaching a growth rate of more than 10%, and this is a good proportion of what is going through the country from the difficult security conditions and military operations continuing. ”

Ali revealed, for “the intention of some of the Iraqi private banks to open branches in some of the neighboring countries in the region and, particularly after the development of their work and increase their profits,” calling on the government to “deal with private banks to contribute to the financing of investment projects of the country.”

For his part, said Executive Director of the Association of private banks Abdul Aziz Hassoun to: “The private banks grew by 15% in the last year, and we expect that in the current year growth up to more than 15%,” unlikely “impressed by the work of local banks, the security situation of the country.”

Hassoun said that “the private banks are willing to contribute to the financing of small and medium-sized enterprises, because of their large financial assets after increasing financial deposits where”, stressing that “the government should strengthen confidence in banks civil and deal with them in the financing of projects and the granting of loans.”

He called Hassoun, the government and the House of Representatives to the need for legislation Iraqi Banking Act because of its great importance in local banks to support and develop. ”

For his part, saw the financial expert, Nazim nice Ani, that “private banks need to be real and effective support by the Iraqi state, especially from the Iraqi Central Bank, on their affairs,” noting that “it is through the amendment of the Banking Act, which is unfair because he missed a lot opportunities to Iraqi banks and the size of its work and its evolution. ”

He called Ani, to “allow the government departments develop financial deposits in private banks,” returned that “it contributes to moving the financial activity and revive the domestic market.”

He said financial expert, that “the availability of deposits constitutes a powerful leverage for any bank,” explaining that “deposits held by banks constitute the ratio of cash liquidity, which is essentially a high liquidity should be reduced through the launch of new loans to citizens what contributes to move money and directing them to serve the country’s economy “.

Ani and stressed the importance of “private sector support by increasing loans to small and medium-sized projects, and to facilitate the task of the owners to provide new income for them, and create more jobs, as a result, the national economy revives.”

Islamic banks in Iraq, announced earlier, the establishment of the association meets the current stage through which the requirements of the country’s economy, and the importance of Islamic banking in addition to support small and medium enterprises to tackle unemployment and the provision of services to beneficiaries.

A member of the International Union of Arab Bankers and Managing Director of the Islamic National Bank Sadiq al-Shammari, said in a statement, “The Islamic banking now has a broad base despite the recent activity in Iraq and has achieved success in terms of its spread in the provinces,” noting that “the Iraqi society has considerable experience in the field activation of small and medium enterprises, something which will help Islamic banks to raise the possibilities of investment portfolios for all banks to provide the necessary loans in line with the objectives of expanding the banking service Islamic private and conservative lending for Islamic banks to stimulate the students excellence in universities and the owners of small and Crafts laboratories up to 25 billion dinars (about $ 22 million) as part of its program to achieve social and developmental responsibility. ”

He Shammari for “hope that holds the Islamic Association of Banks They include nine banks as well as Islamic windows in the Rafidain and Rasheed Bank Mesopotamia, achieve a better level of performance based on Islamic banking in Iraq in addition to the goal of communicating with its counterpart in the world, has become widespread in 57 State and attracted assets of more than $ 3 trillion is currently available in more than 600 bank in the world which constitutes an annual growth rate exceeding 30 percent of the market share of the banking business, which confirms that the Islamic finance operations has become attracting more attention from the international community and his investment. ”

Iraq has 56 banks, six of which government is Mesopotamia, rational, real estate, industrial, agricultural, trade TBI, and 30 regional banks and 20 Arab or foreigner. SS