Governmental and parliamentary recommendations formed the supreme body for banking reform

[k98nights]

Governmental and parliamentary recommendations formed the supreme body for banking reform

 

 

 

24/2/2014 12: 00 am

Baghdad – Farah pumice

In order to establish a sound banking system that supports and contributes to the economic growth in Iraq, called on the Finance Committee in the House of representatives after consultations with Government and private agencies to form a superior body for banking reform with legislative environment services allow the development of banks in line with current and future developments.

The report, prepared by the Finance Committee on the reform of the banking system requirements in Iraq and submitted to the Cabinet, 24 recommendations to develop public and private banks.

Banking supervision

According to the report obtained by the "morning", the Commission urged the formation of a body to supervise and control the banking on the banking and financial institutions are linked to the Council of representatives, with the amendment of the current Bank Act guaranteeing the use of definitions and legal terms clear legal language, and modify the text of the Banking Act No. 94 of 2004 in line with the nature of the banking activity and specific articles that have prevented banks from investment activities which are at the heart of its work, as well as the revision of laws relating to monetary policy as corporate law and securities Finance and investment.

The Finance Committee chaired by MP Haider Al-Ibadi had recently held a seminar with the participation of a number of managers of State-owned banks, experts and professionals in the banking sector and the representatives of the Iraqi Central Bank to view the final report of the Commission on the requirements of the reform of the banking system in Iraq, said Al-Abbadi, the Finance Committee has been preparing for three years after hiring international experts, on the banks of the private and public sectors.

The deposit insurance Corp.

The Committee report also recommended establishing a company to guarantee the deposits in private banks as well as the establishment of the credit guarantee and the creation of a central fund to finance private banks for the financing of development projects in accordance with the conditions and restrictions on participation between Government and private banks, as well as the Islamic banking law legislation giving the right for Islamic banks to own movable and immovable property, sale and lease and lease including land owned and leased for agriculture, industry, tourism and housing.

The report called for (who is 76 pages) to the importance of encouraging banks to open more branches and offices in the various governorates of Iraq to increase density, and a future plan for mergers between private banks to create large banking units can occupy an important space of local banking.

Specialized banks

The Committee stressed the need to activate the role of the State specialized banks (agricultural, industrial, and real estate) and transfer functions of comprehensive specialized banks banks according to the objectives for which it was created to accelerate the development and effective operation of private banks to hire large financial liquidity in the credit and increasing its contribution to the development of economic sectors and increasing the amount of credit to private banks and allow them to accept deposits and acceptance of instruments drawn by government departments.

And keep abreast of developments, the report called for introduction of modern means in banking as a comprehensive system, credit cards and banking update in line with technological progress and linking banks with one network makes it easy to deposit and withdrawal.

The Committee also recommended making it easier for foreign banks to open branches and remove the complexities of government departments, and activating the role of the Union and the Assembly of Iraqi banks, with the diversification of banking products and services, develop and create new products, and promoting the concept (quality management) and their integration in banking operations, planning, application and continuous improvement of quality management systems according to international standards.

 

http://www.alsabaah.iq/ArticleShow.aspx?ID=65191

 

[Off-the-grid]

At first I feared they were trying to wrest control away from the CBI, but now I see this as a good and necessary step.  I think the CBI has been pushing for this for a while.

 

This brings us closer.

 

Peace and Prosperity

[mrref]

Here we go again more FORMING wow...

[sandfly]

THANKS