August 6, 2024 Last updated: August 6, 2024 Independent/- The Central Bank of Iraq placed the “Zain Iraq Islamic Bank” under guardianship, in a step that reflects the improper practices and unsatisfactory performance of the bank’s management, which threatens the independence and integrity of the Iraqi banking system.
According to an official document obtained by Al-Independent, the decision of the Board of Directors of the Central Bank, No. 165 of 2024, was issued in accordance with the provisions of Article 59 of the Iraqi Banking Law No. 94 of 2004.
Jalal Abdullah Salman was appointed as trustee of the bank, in accordance with the provisions of Article 60 of the same The law, and is granted the powers specified in accordance with this decision. faces
The banking reality in Iraq major challenges that negatively affect the stability of the financial system and investor confidence.
These challenges include mismanagement of some banks and their lack of transparency and good governance.
The recent decision to impose guardianship on Zain Iraq Islamic Bank reflects the weakness of the supervisory procedures and internal controls in this bank.
The Central Bank of Iraq is the body responsible for supervising the banking system and ensuring its stability.
However, criticism is growing about the effectiveness of this oversight and its ability to detect and prevent financial abuses in a timely manner.
The decision to impose guardianship on the “Zain Iraq Islamic Bank” indicates the delay in supervisory intervention, which raises questions about the feasibility of the preventive measures taken by the Central Bank.
Oversight of banks and the Central Bank must not be limited to them alone, but the
Iraqi Council of Representatives must have an effective role in following up and monitoring financial and banking performance.
However, the House of Representatives' oversight role appears weak and often ineffective, leaving the door open to further violations and improper practices.
The absence of parliamentary oversight contributes to the exacerbation of financial problems and weakens confidence in the Iraqi financial system.
In conclusion, the decision to impose guardianship on “Zain Iraq Islamic Bank” reflects the urgent need for radical reforms in the banking system and strengthening financial oversight by the responsible authorities.
It requires joint cooperation between the Central Bank, banks, and the House of Representatives to ensure the stability and safety of the financial system in Iraq. https://mustaqila.com/مصرف-زين-العراق/
The Governor Of The Central Bank Chairs The Meeting Of The Supervisory Committee On The Restructuring Process Of Rafidain Bank
August 05, 2024 The supervisory committee for the restructuring process of Rafidain Bank met under the chairmanship of His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, and in the presence of the committee members from the Ministry of Finance and the advisors of the Prime Minister and the advanced staff at the Central Bank of Iraq, as well as the presence of the international consulting company (Ernst & Young). Ernst & Young).
The progress of work on the plan adopted by the government was reviewed in coordination with the Central Bank within the framework of the expanded program to reform the banking sector, improve its performance and services, and achieve financial stability.
The attendees discussed the process of organizing the administrative, financial and technical structure of Rafidain Bank, to move towards the best global banking practices.
It is worth noting that the aforementioned committee holds a monthly meeting under the chairmanship of the Prime Minister to provide a presentation on the steps taken and to monitor the progress of the process and provide guidance regarding it.
Central Bank of Iraq information Office August 5, 2024 https://cbi.iq/news/view/2631
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