A warning from Al-Rafidain regarding granting advances and loans

[yota691]

The Central Bank denies stopping the loan initiative for the Housing Fund and explains

2023.04.08 - 12:18

 

Baghdad - people  

On Saturday, the Central Bank clarified the reasons for delaying the financing of the housing fund, while stressing that the loan initiative did not stop.  

  

 

  

The Deputy Governor of the Central Bank, Ammar Hamad Khalaf, said in a statement to the official agency, followed by "NAS", (April 8, 2023), that "the initiative of the Central Bank of the Housing Fund has not stopped, but there are measures within the Central Bank that caused delays in funding the fund."  

  

Khalaf added, "The Fund's announcement that the allocation has run out and that it has not allocated other amounts within the initiative came due to the increasing demand for housing loans."  

  

The Housing Fund announced earlier that it had stopped lending within the Central Bank's initiative due to the exhaustion of allocations and the failure to allocate other amounts within the initiative, which forced the Fund to lend from within its own resources.  

[yota691]

A directive from Al-Sudani’s office to the Central Bank regarding employee advances (document)

2023.04.08 - 13:48

 

 

  

Baghdad - people   

The Prime Minister’s Office directed to stop deducting employee advances for this month, on the occasion of Eid Al-Fitr.  

  

  

  

  

  

[yota691]

Central Bank: The housing fund loan initiative has not stopped

 

money and business
   

Economy News - Baghdad
Today, Saturday, the Central Bank clarified the reasons for delaying the financing of the housing fund, while stressing that the loan initiative did not stop.

 

The bank's deputy governor, Ammar Hamad Khalaf, told the official news agency, "The central bank's initiative for the housing fund has not stopped, but there are procedures within the central bank that caused delays in funding the fund."

 

He added, "The Fund's announcement that the allocation has run out and that it has not allocated other amounts within the initiative came due to the increasing demand for housing loans."

 

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Views 128

Added 04/08/2023 - 12:19 PM

[yota691]

Al-Sudani directs to stop deducting employee advances for this month

 

money and business
   

Economy News - Baghdad
On Saturday, Prime Minister Muhammad Shia’a al-Sudani directed the suspension of deductions for employee advances for this month, on the occasion of Eid al-Fitr.

 

And a document issued by the Prime Minister’s Office came: “Based on the Prime Minister’s directive to take what is necessary, by directing government and private banks to stop deducting employee advances for this month on the occasion of Eid Al-Fitr.” 

 

 

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61 views

Added 04/08/2023 - 2:07 PM

[yota691]

The Central Postpones the deduction of the employee loan premium for the month of April

• Time: 04/10/2023 15:58:45
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• Read: 247 times

  

{Economic: Al Furat News} The Central Bank of Iraq announced that it has postponed the deduction of the employee loan premium for the month of April.. to be continued

[yota691]

Al-Rasheed sets the date for submitting personal advances to employees and security personnel

• Time: 04/11/2023 12:35:52
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• Read: 936 times

  

{Economic: Al Furat News} Al-Rasheed Bank announced, on Tuesday, the date of releasing personal advances to employees and members of the security forces to repatriate their salaries at the bank.

The bank said, in a brief statement received by {Euphrates News}, that "the beginning of next week has been determined, the beginning of applying for advances, and through the application of the Rasheed Bank."

[yota691]

The Central Bank gives good news to retirees and the military regarding their loans

• Time: 04/12/2023 22:50:51
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• Read: 6,656 times

  

{Economic: Al Furat News} The Central Bank of Iraq decided to include all employees, retirees, and military personnel by stopping the deduction of (personal loans and advances) for the month of April.

And a statement to the bank's media, a copy of which was received by the {Euphrates News} agency, stated that "and further to the Prime Minister's directive regarding stopping the deduction of the advance payment for employees during the month of April of 2023 on the occasion of Eid Al-Fitr, the Central Bank of Iraq decided, in light of the previous directive, to include all employees, retirees, and military personnel by stopping Deduction (personal loans and advances) for the month of April only of the current year.

[yota691]

Clarification from 'Reconstruction and Housing' about the 60 million loan

2023.04.13 - 21:16

 

Baghdad - Nas  

Today, Thursday, the Construction and Housing Fund issued a clarification regarding the 60 million loan, while specifying the repayment period.  

  

 

  

The director of the Fund’s Planning Department, Ahmed Hashem Abd, said, in a statement to the official agency, followed by “NAS” (April 13, 2023), that “the loan for the Construction and Housing Fund according to Law 32 of 2011 differs from the initiative of the Central Bank,” noting that “all amounts issued From the fund, it is without interest, except that there are administrative charges of 2 percent that are taken for a period of 15 years, which is a fixed amount.  

  

He explained, "The fund, according to the law, targets all groups, meaning that every Iraqi between the ages of 18 and 65 years can obtain a loan," noting that "the number of loans granted in the fund has reached 200,000 borrowers since 2005 until now, while The number of implemented housing units is about 200,000 units.  

  

Abd added, "The land area of the applicant for the loan must not be less than 100 square meters of exchange property."  

  

He pointed out, "The loan amounts are granted as a maximum of 50 million in Baghdad and 40 million in the districts and districts, and as a result of the high prices for building houses and their cost, the Fund's Board of Directors decided to submit a request to the Board of Trustees, and the approval of the Council of Ministers was obtained yesterday to raise the lending ceiling in Baghdad and the provinces." And the centers of the districts, and the amount of the loan became 60 million dinars, equally for all.  

[yota691]

An informed source: Al-Rafidain is preparing a new mechanism for launching construction and renovation loans for residential homes

• Time: 04/14/2023 11:42:16
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• Read: 1,469 times

  

{Economic: Al Furat News} An informed source revealed that the Rafidain Bank continues to stop granting its loans for the purposes of construction and restoration of residential homes and other loans granted to citizens.

The source attributed to {Euphrates News} agency the suspension of loans "in order to establish an appropriate mechanism and smooth procedures for granting them."
He added, "After the completion of this mechanism, the loans will be launched again."

[yota691]

Al-Rasheed launches the supplementary loan for employees and members of the security forces

2023.04.18 - 14:48

 

Baghdad - people  

Rasheed Bank announced, on Tuesday, the launch of the supplementary loan for employees and members of the security forces.  

  

 

  

And the bank said in a statement, which “NAS” received a copy of, (April 18, 2023), that “the general manager, Bassem Abd Ali Youssef, directed the release of the supplementary advance for employees and members of the security forces from the citizenship of their salaries with the bank.”  

  

He called on "those wishing to apply to enter the special link to apply electronically," noting that "those who have a personal loan can apply for the supplement."  

  

And the bank warned "from dealing with offices and third parties."  

[yota691]

In the document, the Central Bank directs to stop deducting advances and loans for retirees and employees

• Time: 04/18/2023 22:42:20
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• Read: 3,094 times

  

{Economic: Al Furat News} The Central Bank of Iraq directed all banks to stop deducting advances and personal loans granted to retirees and employees.

 

According to the bank's statements, which {Euphrates News} obtained a copy of, that "and based on the directive of the Prime Minister {Muhammad Shi`a al-Sudani} who reported to the bank, it was decided to stop deducting advances and personal loans granted to each of {retirees, military personnel and employees} for this month only and on the occasion of the blessed Eid al-Fitr."

[yota691]

At a value of 25 million dinars.. Al-Rafidain issues advances for employees and retirees

2023.04.19 - 21:40

 

Baghdad - Nas  

Today, Wednesday, the Rafidain Bank announced the launch of advances for employees and retirees amounting to 25 million dinars.  

  

  

The bank said in a statement, which “NAS” received a copy of (April 19, 2023), that it “announces the launch of a new batch, which is allocated from the predecessors of employees and employees of the Ministry of Interior and Defense through electronic payment tools.” And defense, which starts from 5 million to 25 million.  

  

And the statement indicated that "the disbursement of that advance was done by informing the customer by sending him a text message informing him of granting him the advance, after he completed all the procedures to grant it to him and disbursed it through the Master Card, to which the financial balance was filled," calling on "the beneficiaries of that advance to review the branches The bank or exchange outlets to receive the advance.  

  

The statement added, "The bank continues to work on granting new meals from advances, successively, according to schedules and timetables, for applicants through the electronic application of Al-Rafidain Bank."  

  

Rafidain Bank also announced the launch of a new batch of advances allocated to civil and military retirees through electronic payment tools.  

  

The bank said that "the pensioners' advance meal was granted, which starts from 5 million to 25 million," indicating that the disbursement of that advance was done by informing the retiree by sending him a text message notifying him of granting him the advance, after he completed all the procedures to grant it and spend it through the Master Card to which the financial balance has been mobilised.  

  

The bank called on retirees to "review the bank's branches or exchange outlets to receive the advance. The statement added that the bank continues to work on granting new portions of advances, successively, according to schedules and timetables for applicants through the electronic application of Al-Rafidain Bank."

[yota691]

Al-Rasheed proceeds to raise the first batch of electronic advances

• Time: 04/20/2023 15:07:29
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• Read: 182 times

  

 

Al-Rasheed Bank is starting today to raise the first batch of electronic advances
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Today, Thursday, April 20, Rasheed Bank has begun raising the first batch of advances for employees, members of the security forces, supplementary advances and contracts, and all applicants’ requests will be submitted successively
He warned those wishing to apply against dealing with fictitious offices or those who claim to be associated with the bank, 
and stressed that submission is exclusively through the application of the Rasheed Bank.  

[yota691]

Rasheed Bank proceeds to raise the first batch of electronic advances

sweeteners |Today, 15:09 |

    

 

Baghdad today -  

Rasheed Bank announced today, Thursday, the start of raising the first batch of electronic advances.

And the bank stated, in a statement received by (Baghdad Today), that it "has begun to raise the first batch of advances for employees, employees of the security forces, supplementary advances and contracts, and all applicants' requests will be submitted successively."

The bank warned, according to the statement, "those wishing to apply against dealing with fictitious offices or those who claim to be associated with the bank."

And he stressed, "The submission is exclusively through the application of the Rasheed Bank."

 

 

[yota691]

Al-Rasheed launches the first batch of electronic advances

2023-04-27 02:13

 

Shafaq News/ The government "Al-Rashid" Bank started, today, Thursday, to raise the first batch of advances of employees and members of the security forces, supplementary advances and contracts.

 

 

He added, in a statement, received by Shafaq News Agency, that all applicants' requests will be submitted successively, warning those wishing to apply against dealing with fictitious offices or those claiming to be associated with the bank. 

 

And the bank confirmed in its statement that the submission is exclusively through the application of the Rasheed Bank. 

[yota691]

Association of Banks: We are not a lending institution

Expenses
   

Economy News - Baghdad
Today, Thursday, the Association of Iraqi Private Banks announced a two-pronged cooperation with the US Agency for Development, while indicating the existence of two lending portfolios, one of which is for small and medium enterprises.

 

The executive director of the association, Ali Tariq Al-Mustafa, told the official news agency, "Cooperation with the US Agency for Development included providing expertise to build the capabilities of banks, and writing the policy paper that will be formally presented to all stakeholders."

 

Al-Mustafa added, "There is no funding from the US Agency for Development for the purpose of lending," pointing out that "the financing is from Iraqi banks that are available from deposits or from the initiative of the Central Bank of Iraq."

 

And he explained, “The Central Bank’s initiative is directed at the banks directly, and from them it goes to the beneficiaries,” noting that “the Association of Banks is an institution that works to stimulate and facilitate procedures and develop the capabilities of banks, to develop the lending process, so it is not a lending institution.”

 

He continued, "The allocation of funds from the Central Bank to banks is diverse, and there is a lending portfolio for the Real Estate, Industrial and Agricultural Bank and the Housing Fund, in addition to that there is a lending portfolio directed to small and medium enterprises through the private banking sector."

 

 

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Views 93

Added 04/27/2023 - 2:30 PM

[yota691]

In the document... financial initiatives for the Central Bank, including loans and advances

• Time: 04/30/2023 09:39:46
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• Read: 1,781 times

  

{Economic: Al Furat News} The Central Bank of Iraq informed all licensed banks of its initiatives within the framework of achieving price stability, which is the main objective of monetary policy, as well as contributing to supporting economic growth.

The initiatives included the continuation of financing small and medium enterprises, in addition to advances and loans.

[yota691]

Al-Rafidain launches a new batch of advances for this segment

2023.05.06 - 09:10

 

Baghdad - Nas  

Al-Rafidain Bank announced, on Saturday, the electronic launch of a new batch of advances from the Popular Mobilization Forces.  

  

  

And the media office of the bank stated in a statement, which “NAS” received a copy of, (May 6, 2023), that “a new batch of advances from the crowd, starting from five million dinars and up to 25 million dinars, has been disbursed.”  

  

He pointed out that "the advances were raised through electronic cards, similar to the employees of the Ministry of Interior and Defense, who are citizens whose salaries are on the bank, after the bank started granting them advances."  

  

He pointed out that "the bank is continuing to grant advances to the fighters of the Popular Mobilization Forces in appreciation of the sacrifices they made in defending the homeland, and the issuance of advances will be in the form of meals and according to schedules and timings."  

[yota691]

Al-Rasheed begins raising a new batch of electronic advances

• Time: 05/22/2023 09:46:38
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• Read: 858 times

  

{Economic: Al Furat News} Rasheed Bank announced, today, Monday, the start of raising a new batch of electronic advances.

A statement of the bank, received by {Euphrates News}, stated that "Al-Rashid Bank has started raising a new batch of advances for employees, employees of the security forces, supplementary advances and contracts, and all applicants' requests will be submitted successively."

He warned "those wishing to apply against dealing with fictitious offices or those who claim to be associated with the bank," stressing that "the submission is exclusively through the application of the Rasheed Bank."

[yota691]

In the document.. Al-Rafidain grants loans to purchase investment housing units and repay it over 20 years

• Time: 06/02/2023 12:55:32
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• Read: 2,210 times

  

{Economic: Al Furat News} Al-Rafidain Bank announced that it granted loans to citizens and employees to purchase investment housing units.

According to the bank's instructions for loans, which {Euphrates News} obtained a copy of, "the maximum loan limit for the purchase of a housing unit is 300 million dinars."
And according to the bank’s terms and conditions, “financing the purchase of housing units does not exceed 85% of the value of the housing unit, provided that the customer pays the value of the down payment of no less than 15% of the value of the housing unit, which is paid in advance through the customer’s account with the bank or by submitting a receipt to that effect. It confirms its receipt by the investor's accounting unit.
Al-Rafidain set the loan amount from 100 million dinars to 300 million dinars, according to the price of the housing unit.
The loan period is 20 years, the interest rate is 6%, with a grace period of 6 months.

[yota691]

They described it as "incapacitating" .. Iraqis criticize the mechanisms of a government bank to buy housing with "usurious" loans

2023-06-03 05:45

 

Shafaq News/ Today, Saturday, citizens criticized the instructions issued by Al-Rafidain Bank regarding the benefits of loans for the purchase of investment housing units, which they considered not helping to achieve the purpose, while economists described the mechanism for granting credit in Iraq as the "worst" among the countries of the world.

 

Citizen Ahmed Namir said in an interview with Shafaq News agency, "The annual interest for a loan of 100 million dinars over a period of 20 years will be 160 million dinars with interest," describing it as "incapacitating."

 

He added that "treating the housing crisis with such usurious loans cannot be solved," calling for "the need to activate the Housing Fund and the Real Estate Bank to grant interest-free loans instead of resorting to banks that show no mercy to anyone."

 

For his part, citizen Ali Aref said in an interview with Shafaq News agency, "The mechanisms and instructions of Al-Rafidain Bank regarding housing loans do not help in granting facilities for the purpose of purchasing housing units, but rather they came for trading and achieving the maximum possible profits."

 

He also pointed out that "these instructions and incapacitating loans will not help solve the housing crisis in Iraq, but will increase real estate prices in Iraq, especially if we know that housing units in vertical construction, or what is known as apartments, will increase their prices to more than 150 million dinars."

 

Economic opinion

 

"Any financing or granting a loan for the purpose of purchasing housing units must be at low costs, i.e. soft financing, with long periods and low interest," said economist Muhammad al-Hassani to Shafaq News agency, noting that "banks in this way are not financing development, but rather commercially with the intent of profit."

 

He added, "The mechanism for granting credit in Iraq is the worst among the countries of the world in terms of funding, complex instructions, and very high interest," adding that "the guarantees and mechanisms are difficult, and the mechanism for collecting interest is unfair, as the interest rate remains full on the principal amount until the end of repayment without deducting the amounts." Outstanding.

 

A number of government banks, especially Al-Rafidian and Al-Rasheed Banks, are competing to grant various and many loans according to mechanisms and instructions that may sometimes be strict, while some citizens suffer from difficulty in obtaining these loans compared to countries in the world, in which these loans are often directed towards the optimal investment for them.

 

 

[yota691]

 

Rasheed Bank begins raising a new batch of electronic advances

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16:22  2023-06-11  8  local 0

 

Rasheed Bank announced today, Sunday, the start of raising a new batch of electronic advances for employees and members of the security forces, supplementary advances and contracts.

 

A bank statement said, "The bank has started raising a new batch of advances for employees and members of the security forces, supplementary advances and contracts," noting that "all applicants' requests will be submitted successively."

 

The bank's statement called on "all Nakheel card holders to enter the update link in order to update their data so that the bank can grant them the advance," warning against "dealing with fictitious offices or those who claim to be associated with the bank."

 

[yota691]

Al-Rasheed begins to raise a new batch of electronic advances

• Time: 06/15/2023 09:13:39
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• Read: 1,040 times

  

{Economic: Al Furat News} Al Rasheed Bank announced, today, Thursday, the start of raising a new portion of electronic advances for members of the security forces.

And the bank's media stated in a statement received by {Euphrates News}, that "the bank has begun to raise a new batch of advances for employees and members of the security forces, supplementary advances and contracts, and all applicants' requests will be submitted successively." 

The bank called, according to the statement, "all Nakheel card holders to enter the update link in order to update their data so that the bank can grant them the advance," warning against dealing with fictitious offices or those who claim to be associated with the bank. 

He stressed that "the submission is exclusively through the application of the Rasheed Bank."  

[yota691]

Rasheed Bank begins raising a new batch of electronic advances

 

2023-06-16 09:12

Shafaq News/ Al-Rashid Bank announced today, Friday, that it has started raising a new batch of advances for employees and members of the security forces, complementary advances and contracts, stressing that all applicants’ requests will be submitted successively.

In today's statement, the bank called on all Nakheel card holders to enter the update link in order to update their data so that the bank could grant them the advance.

 

The statement also warned against dealing with fictitious offices or those who claim to be associated with the bank, stressing that submission is exclusively through the application of the Rasheed Bank.

[RJG]

Al-Rafidain announces the suspension of electronic advances temporarily

Economy |   07:15 - 03/07/2023

 

 

 

 

Baghdad - Mawazine News
Al-Rafidain Bank announced today, Monday, the temporary suspension of electronic advances.

The bank stated, in a statement, received by Mawazine News, that "the promotion of advance transactions provided through the Ki services application from Al-Rafidain Bank has been temporarily suspended."

The statement added, "All applicants will be paid in the coming days after completing the grant procedures."

He added, "The suspension of receiving electronic advances transactions temporarily and until further notice came as a result of the entry into force of the allocation granted for advances and loans."

And he indicated, “The bank will announce the date for re-submission after completing the grants for all applicants and currently registered.”

And he continued, "The bank continues to collect the monthly installments from the borrowers, as the deduction is done electronically." Ended 29 / m 

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