Economic Summary
Legal amendment and investment banks
According to a member of the economic and investment commission in the House of Representatives Qusay Juma Ebadi, the importance of a legal amendment and investment banks format to facilitate the work of investors and encourage them to invest in Iraq.
Ebadi said in a press statement that the Iraqi banking sector needs to support the government to restructure and bring it up to date with international banks by amending its law format that allows him to invest and participate to create a discreet banking system is attractive for investment.
He added: that the Investment Law No. (13) for the year (2006) lacks some paragraphs and necessary materials which can in turn help to facilitate the task of investors to work in Iraq and ensure their rights, pointing out that Iraq is an integrated environment for investment but repellent to investors because FAQ aggravating issued by laws and boring routine and long in reviewing the state departments.
Noteworthy that the banking system in Iraq consists of forty-three banks as well as the Central Bank and distributed by property (7) government and banks (30) waged, including banks (7) Islamic banks, in addition to (6) of foreign banks.
Although the Investment Law No. (13) for the year 2006 has excluded investment in the banking sector of its provisions, but the investment in the banking sector takes its legal framework based on the legal central bank No. (56) for the year 2004, banks No. (94) for the year 2004, with a minimum to create a bank in Iraq (100) billion Iraqi dinars (around 85 million dollars).
