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Imposing guardianship on Zain Iraq Bank reveals the extent of the deterioration in the banking reality
August 6, 2024 Last updated: August 6, 2024
Independent/- The Central Bank of Iraq placed the “Zain Iraq Islamic Bank” under guardianship, in a step that reflects the improper practices and unsatisfactory performance of the bank’s management, which threatens the independence and integrity of the Iraqi banking system.
According to an official document obtained by Al-Independent, the decision of the Board of Directors of the Central Bank, No. 165 of 2024, was issued in accordance with the provisions of Article 59 of the Iraqi Banking Law No. 94 of 2004.
Jalal Abdullah Salman was appointed as trustee of the bank, in accordance with the provisions of Article 60 of the same The law, and is granted the powers specified in accordance with this decision. faces
The banking reality in Iraq major challenges that negatively affect the stability of the financial system and investor confidence.
These challenges include mismanagement of some banks and their lack of transparency and good governance.
The recent decision to impose guardianship on Zain Iraq Islamic Bank reflects the weakness of the supervisory procedures and internal controls in this bank.
The Central Bank of Iraq is the body responsible for supervising the banking system and ensuring its stability.
However, criticism is growing about the effectiveness of this oversight and its ability to detect and prevent financial abuses in a timely manner.
The decision to impose guardianship on the “Zain Iraq Islamic Bank” indicates the delay in supervisory intervention, which raises questions about the feasibility of the preventive measures taken by the Central Bank.
Oversight of banks and the Central Bank must not be limited to them alone, but the
Iraqi Council of Representatives must have an effective role in following up and monitoring financial and banking performance.
However, the House of Representatives' oversight role appears weak and often ineffective, leaving the door open to further violations and improper practices.
The absence of parliamentary oversight contributes to the exacerbation of financial problems and weakens confidence in the Iraqi financial system.
In conclusion, the decision to impose guardianship on “Zain Iraq Islamic Bank” reflects the urgent need for radical reforms in the banking system and strengthening financial oversight by the responsible authorities.
It requires joint cooperation between the Central Bank, banks, and the House of Representatives to ensure the stability and safety of the financial system in Iraq.
https://mustaqila.com/مصرف-زين-العراق/
August 6, 2024 Last updated: August 6, 2024
Independent/- The Central Bank of Iraq placed the “Zain Iraq Islamic Bank” under guardianship, in a step that reflects the improper practices and unsatisfactory performance of the bank’s management, which threatens the independence and integrity of the Iraqi banking system.
According to an official document obtained by Al-Independent, the decision of the Board of Directors of the Central Bank, No. 165 of 2024, was issued in accordance with the provisions of Article 59 of the Iraqi Banking Law No. 94 of 2004.
Jalal Abdullah Salman was appointed as trustee of the bank, in accordance with the provisions of Article 60 of the same The law, and is granted the powers specified in accordance with this decision. faces
The banking reality in Iraq major challenges that negatively affect the stability of the financial system and investor confidence.
These challenges include mismanagement of some banks and their lack of transparency and good governance.
The recent decision to impose guardianship on Zain Iraq Islamic Bank reflects the weakness of the supervisory procedures and internal controls in this bank.
The Central Bank of Iraq is the body responsible for supervising the banking system and ensuring its stability.
However, criticism is growing about the effectiveness of this oversight and its ability to detect and prevent financial abuses in a timely manner.
The decision to impose guardianship on the “Zain Iraq Islamic Bank” indicates the delay in supervisory intervention, which raises questions about the feasibility of the preventive measures taken by the Central Bank.
Oversight of banks and the Central Bank must not be limited to them alone, but the
Iraqi Council of Representatives must have an effective role in following up and monitoring financial and banking performance.
However, the House of Representatives' oversight role appears weak and often ineffective, leaving the door open to further violations and improper practices.
The absence of parliamentary oversight contributes to the exacerbation of financial problems and weakens confidence in the Iraqi financial system.
In conclusion, the decision to impose guardianship on “Zain Iraq Islamic Bank” reflects the urgent need for radical reforms in the banking system and strengthening financial oversight by the responsible authorities.
It requires joint cooperation between the Central Bank, banks, and the House of Representatives to ensure the stability and safety of the financial system in Iraq.
https://mustaqila.com/مصرف-زين-العراق/
