The head of the parliamentary finance committee, Atwan Al-Atwani, presented eight proposals to develop banking services for Iraqi banks, while he called on banks to open branches outside Iraq and finance investment opportunities.
Al-Atwani said, during the “Finance and Banking Services” conference, which was attended by the correspondent of “Economy News”, “It is necessary to move towards the banking sector, to address the problems of the Iraqi economy, by financing productive projects, and the use of financial tools to finance the budget deficit.”
Al-Atwani stressed the need for banks to finance investment opportunities, which contributes to the growth of the economy, and turn them into indispensable institutions.
The head of the parliamentary finance committee warned that Iraqi banks have a long history and prestigious status, but they were subjected to the wrong policies of the former regime, which led to their scaling.
Al-Atwani suggested 8 points for the development of banking, which are:
1- Providing banking institutions with efficient financial and technical staff, and ensuring the development and rehabilitation of their tools and capabilities by involving them in training courses outside Iraq on modern methods of banking dealing, and completing banking transactions by modern methods.
2- Equipping banks and banks with modern advanced systems in all fields and financial activities and introducing the ATM service for all banks.
3- Establishing quality measurement centers in all banks and activating their role by receiving developmental ideas and visions, while honoring the owners of ideas that prove their success in practical fields.
4- Opening the horizons of cooperation and coordination between Arab and international banks and banks; for the purpose of benefiting from the experiences of those financial institutions that preceded us in development in order to achieve a qualitative leap in Iraqi banks and reduce the time factor to ensure that we join the advanced in the banking industry.
5- Encouraging scientific studies and research aimed at developing outstanding performance in our financial institutions, and by translating those studies and research from a theoretical reality into a tangible practical reality reflected positively at the economic level.
6- Studying the possibility of opening new branches for local banks, outside Iraq for the purpose of expanding the circle of banking activity, providing the best services and attracting more customers to these banks.
7- Approving the basic principles for the use of interest, to ensure increased deposits, and to ensure that the process is safe from the national currency from counterfeiting and addressing issues related to money laundering.
8. It should be referred to the efforts of the legislative and executive authorities at the present time in developing the financial system and banking institutions through their quest to achieve and approve the relevant laws, which have reached final stages, which are:
A- The draft securities and commodities law, which seeks to regulate the financial markets and control trading operations in a way that enhances the process of the economy.
B. The draft law of the Center for Banking Studies, which aims to develop the scientific banking business and raise the level of professional performance of the banking system.
T- The draft law of Islamic investment instruments, which aims to create and diversify investment tools in the Iraqi financial market.
