Corporate Governance In Iraqi Banks... Enhancing Transparency And Efficiency, 11 JUNE

 Corporate Governance In Iraqi Banks... Enhancing Transparency And Efficiency

 Time: 06/10/2024 Read: 1,378 times   {Economic: Al Furat News} Corporate governance is one of the most important factors that contribute to enhancing the performance and safety of the banking sector.

By applying sound governance principles, banks can improve their efficiency and risk management, and enhance investor and customer confidence.

In Iraq, banks have made great strides in applying corporate governance principles, with support from the Central Bank of Iraq and the Iraqi Deposit Insurance Company.

These efforts have contributed to improving the performance of the banking sector and increasing its transparency, which has had a positive impact on the Iraqi economy in general.

Singapore's experience in the field of corporate governance in the banking sector is an example to follow.

 The Monetary Authority of Singapore (MAS) has implemented a set of stringent governance standards, including

   disclosure and transparency requirements,

   defining the responsibilities of the board of directors and executive management, and

   periodically evaluating banks' performance.

 These efforts have made Singapore a global financial center with an excellent reputation for transparency and integrity.

 In Iraq, the Iraqi Deposit Insurance Company can play a greater role in enhancing corporate governance in banks, by encouraging banks to adopt international best practices in this field, and providing training and guidance to members of the boards of directors and executive management.

It can be said that the Iraqi Deposit Insurance Company represents an inspiring success story under difficult circumstances.

Through its vital role in protecting depositors’ funds and enhancing confidence in the banking system, the company contributes to building a strong and stable national economy.

As its efforts in development and innovation continue, the Iraqi Deposit Insurance Company promises to be an essential pillar in achieving sustainable economic development in Iraq.

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