Musawi urges to grant private banks more facilitations

Baghdad (IraqiNews.com) Member of the Parliamentary Economy and Investment Committee, Salman al-Musawi, stressed that “The current Banks law limits the work of the local banks,” assuring the need to “amend it to grant further authorities for the private sector to function freely.”

He said in a statement to IraqiNews.com “It is the responsibility of the Ministry of Finance to supervise the banking sector but the bad performance of those institutions which is reflected negatively on the Iraqi economy, prompted us to contribute in the supervision on the financial departments, including the governmental banks and the Central Bank of Iraq.”

MP Musawi stressed the need to “Give a chance for the private sector to establish and offer a lot of banking services in addition to allowing the Private Banks to establish partnerships with international banks and it should be given opportunity to offer loans in the field of banking facilitations.”

As for the Islamic banks, he referred that “The Islamic banks proved success in world and Iraq is supposed to be the first in this domain in encouraging the Islamic banks.”