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An invitation to open branches of international banks in Iraq
25/06/2012 0:59
BAGHDAD - Al Sabah
called on the Member of the economy and investment MP Ibrahim Rikabi to the need to permit the opening of branches of international banks solid in the country to boost investment forward.
said Rikabi: The companies major investment needs to global banks prudent to deal with it being used technology of modern banking in its dealings banking to secure their money and to open special funds for lending to economic projects in the country.
He added that the failure of the banking sector one of the reasons for making investors reluctant to come to Iraq for investment, which led to make the movement of investment in the country is weak, stressing the importance of providing invitations to international banks are known to open branches in the country.
He pointed out: that the idea of opening branches of international banks in Iraq would create an atmosphere competitive between Iraqi banks as well as it was moving international experience developed in this area to the banking sector, which will gain the latter a development and rebound. consists of the banking system in Iraq from the forty-three banks as well as the Bank central and distributed according to ownership between (7) state banks and (30) banks waged, including (7) Islamic banks in addition to (6) foreign banks.
In spite of the Investment Law No. 13 of 2006 had excluded the investment in the banking sector of its provisions but the investment in the banking sector takes its legal framework on the basis of legal central bank No. 56 of 2004, banks No. 94 of 2004, with a minimum of the founding of a bank in Iraq 100 billion Iraqi dinars (ie, up to $ 85 million).
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