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Iraq requires for sophisticated banking ambiance


07 Jan 2013
Hadi Abbas, who is the Member of the Finance Committee of the National Alliance Deputy Secretary, says that Iraq does not have advanced technology banking environment, resulted in a large gap between the regional and international banks’ works. Abbas said that the major reason, which is stopping the international banks discreet work in Iraq because of the absence of sophisticated banking environment and also legal legislation adapted to the evolution in the world of banking. He also added that the Central Bank is in need for establishing mechanisms and conditions of regional banks require to be updated to work with new technologies and new tech expansions to facilitate their dealings with worldwide banks and attracted to open branches in Iraq to contribute to the promotion of the economic growth process in the country. Iraq has got a banking system, which consists of 43 banks as well as the Central Bank and circulated by the property 7 and 30 Al Ahli Bank including 7 in addition to the Islamic banks 6 foreign banks. Although the investment law No. 12 of 2006 had excluded investment in the banking sector of its investment in the banking sector takes its legal structure based on Central Bank Law No. 56 of 2004, banks no. 94 of 2004, the minimum to set up a bank in Iraq, 100 billion Iraqi dinars, which is approximately 85 million dollars. Source: [Al Ikhbariyah News Agency]
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