Why Jordanian National Bank And Gulf Banks? Economist Explains
May 9, 2024 Baghdad/Iraq Observer Economic expert Abdul Karim Al-Issawi said:
“Today, foreign banks operating in Iraq, including banks owned by Jordanian shareholders, stand out for their confidence rooted in relations with international correspondent banks, and this makes them work in a more serious banking manner.
In contrast, Iraqi banks face... Local challenges in building relationships with correspondent banks due to their leadership that is unable to develop management professionally.”
Al-Issawi told the Iraq Observer Agency: “The leadership of Iraqi banks has affected the confidence of international bodies in them, in addition to concerns about their ownership and association with suspicious figures, which hinders their development and progress.”
He continued: “This was not limited to Jordanian banks only, as it revealed the adoption of other Emirati and Gulf banks in Iraq, and this reality will displace Iraqi banks because they are weak.”
He pointed out that: “The Iraqi banking reality may turn into an oligopolistic market.”
But he stressed that the United States of America has not lifted the sanctions on government banks that were imposed on some of them because they were accused of dealing with Iran and Syria, which are subject to strict American sanctions. https://observeriraq.net/لماذا-الاهلي-الاردني-والمصارف-الخليج/
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