Approve the establishment of the “Iraqi Deposit Insurance Company” with a capital of 100 billion dinars
The Ministry of Commerce’s registration department on Wednesday approved the establishment of the Iraqi Deposit Guarantee Company with the contribution of 42 banks.
The Central Bank of Iraq said in a statement received by “Economy News”, “Based on the duties of the Central Bank of Iraq provided for in its law and in order to ensure the stability of the banking sector and increase confidence in it, this bank announces the approval of the Department of registration of companies in the Ministry of Commerce Establishment of the Iraqi Deposit Guarantee Company / Mixed “, pointing out that this was” based on the provisions of Article 19 of the Companies Law No. 21 of 1997 amended. ”
The statement added that the company was established “with the contribution of 42 banks, including 6 government banks and 21 Iraqi private banks, and 15 Arab and foreign banks, as well as the National Insurance Company and the public pension fund / state pension fund,” noting that the company’s capital “100 billion dinars.”
Deposit insurance companies have been found to support efforts to stabilize the financial and banking system. Source