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Iraq was ranked 180 out of 189 countries in the process of extending credit, while experts attributed this decline to the inefficiency of the Iraqi banks.
The expert in banking affairs Khalil grace Diab for "Ply News", "It is possible the credit process is defined as lending and borrowing operations, because those who have the money does not have to be able to invest on their own, and the credit would transfer these funds from the first to the For the second loan. "
"It may be done directly between the owner of the money and the borrower and the so-called direct credit, there is another side is done by banks, which play the role of financial intermediation between the parties and be mediating indirect ie mediation between those who have a surplus of money and who do not have the fiscal surplus, in other words , any who have the cash is not available. "
Diab added that "credit should be fundamental to the economy it prevents the funds remain disabled or frozen and business can direct their business or expand in this capital increase production and can be summed up the importance of bank credit two things first is to increase production where it can be industrial, agricultural and new service projects Created as well as existing development which ones are in need of a lot of money outweigh own resources for these projects. "
And that "The second thing is to increase consumption and bank credit here can consumers get some consumer durables and other goods in spite of their inability to pay its value at the present time. "
He pointed out that "bank credit is aimed at the distribution of financial resources on the different economic activities which plays an important role in the distribution of the financial resources available to the banking system in the various sectors, as well as the operation of the frozen economic resources by bank credit where it can take advantage of the frozen funds are as can be Credit facilitate trade exchange process using a document that represents a count of bank credit as forms provides an easy method of payment in foreign trade. "
Diab explained that "there are types of credit by the type of investment, there are two types of credit consumer credit and the second production, The first type is easy for someone to get the money needed to meet the consumer their needs including food or Disco vs. owed on the loan interest, and this is riba (forbidden in Islam) and that need to exploit the lender the borrower, and the imposition of harsh conditions it ".
He said, "Credit productive it is money that provides the entrepreneur with a view to the use of funds in a business or industrial, agricultural, and this benefits the lender and the borrower in usurious loans, and classified the credit period in terms of duration as if be short, medium or long and calculates interest on this basis the bank ".
Diab pointed out that "and the dimensions of the suspicion of usury for such transactions, calling Islam a partnership between the owner of the money, the investor until the process does not fall under the usury forbidden in Islam, and agree on the distribution of profit or loss ratios, as may be agreed on a partnership period construed after the project the whole of the investor. "
To that shows the Iraqi private banks association member Ahmed Abdullah al-Khafaji's "Ply News", that "Iraq ranks 180 out of 189 countries in the process of extending credit, and this proportion is weak relative to the number of banks that are operating in Iraq and their capital in excess of the 6 trillion dinars .
Khafaji stressed that "the reason behind the decline in those important process in the banking sector is due to poor efficiency of some Iraqi banks, whether government or civil and here the role of the Central Bank of Iraq, comes the need for the developer and the leader and cultured for this process and outlined her role."
It consists of the Iraqi banking system of 54 banks, including seven state banks Islamist, one of them newly established, as well as 23 commercial banks special distributed by nine Islamic banks, and there are also 15 branches of foreign banks, and there are many institutions that do some banking, including 34 firm conversion Mali, and nearly 200 belonging to the banks foreign exchange company or deal with the banks, with the Loan Guarantee Company and to finance small and medium enterprises, with two companies for services electronic banking and smart card, in addition to nearly 800 branch subsidiary banks and distributed all over the governorates of Iraq.
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The expert in banking affairs Khalil grace Diab for "Ply News", "It is possible the credit process is defined as lending and borrowing operations, because those who have the money does not have to be able to invest on their own, and the credit would transfer these funds from the first to the For the second loan. "
"It may be done directly between the owner of the money and the borrower and the so-called direct credit, there is another side is done by banks, which play the role of financial intermediation between the parties and be mediating indirect ie mediation between those who have a surplus of money and who do not have the fiscal surplus, in other words , any who have the cash is not available. "
Diab added that "credit should be fundamental to the economy it prevents the funds remain disabled or frozen and business can direct their business or expand in this capital increase production and can be summed up the importance of bank credit two things first is to increase production where it can be industrial, agricultural and new service projects Created as well as existing development which ones are in need of a lot of money outweigh own resources for these projects. "
And that "The second thing is to increase consumption and bank credit here can consumers get some consumer durables and other goods in spite of their inability to pay its value at the present time. "
He pointed out that "bank credit is aimed at the distribution of financial resources on the different economic activities which plays an important role in the distribution of the financial resources available to the banking system in the various sectors, as well as the operation of the frozen economic resources by bank credit where it can take advantage of the frozen funds are as can be Credit facilitate trade exchange process using a document that represents a count of bank credit as forms provides an easy method of payment in foreign trade. "
Diab explained that "there are types of credit by the type of investment, there are two types of credit consumer credit and the second production, The first type is easy for someone to get the money needed to meet the consumer their needs including food or Disco vs. owed on the loan interest, and this is riba (forbidden in Islam) and that need to exploit the lender the borrower, and the imposition of harsh conditions it ".
He said, "Credit productive it is money that provides the entrepreneur with a view to the use of funds in a business or industrial, agricultural, and this benefits the lender and the borrower in usurious loans, and classified the credit period in terms of duration as if be short, medium or long and calculates interest on this basis the bank ".
Diab pointed out that "and the dimensions of the suspicion of usury for such transactions, calling Islam a partnership between the owner of the money, the investor until the process does not fall under the usury forbidden in Islam, and agree on the distribution of profit or loss ratios, as may be agreed on a partnership period construed after the project the whole of the investor. "
To that shows the Iraqi private banks association member Ahmed Abdullah al-Khafaji's "Ply News", that "Iraq ranks 180 out of 189 countries in the process of extending credit, and this proportion is weak relative to the number of banks that are operating in Iraq and their capital in excess of the 6 trillion dinars .
Khafaji stressed that "the reason behind the decline in those important process in the banking sector is due to poor efficiency of some Iraqi banks, whether government or civil and here the role of the Central Bank of Iraq, comes the need for the developer and the leader and cultured for this process and outlined her role."
It consists of the Iraqi banking system of 54 banks, including seven state banks Islamist, one of them newly established, as well as 23 commercial banks special distributed by nine Islamic banks, and there are also 15 branches of foreign banks, and there are many institutions that do some banking, including 34 firm conversion Mali, and nearly 200 belonging to the banks foreign exchange company or deal with the banks, with the Loan Guarantee Company and to finance small and medium enterprises, with two companies for services electronic banking and smart card, in addition to nearly 800 branch subsidiary banks and distributed all over the governorates of Iraq.
[You must be registered and logged in to see this link.]
