|
Welcome to Kurdistan sky scrapers forum. Hope you enjoy your visit. You're currently viewing our forum as a guest. This means you are limited to certain areas of the board and there are some features you can't use. If you join our community, you'll be able to access member-only sections, and use many member-only features such as customizing your profile, sending personal messages, and voting in polls. Registration is simple, fast, and completely free. Join our community! If you're already a member please log in to your account to access all of our features: |
- Pages:
- 1
- 2
| KURDISTAN | BANKING SECTOR | |
|---|---|
| Topic Started: 20th November 2012 - 02:25 AM (55,537 Views) | |
| Qandil | 20th November 2012 - 02:25 AM Post #1 |
|
International Bank - Hawler  |
 
|
 
|
| ALAN | 24th November 2012 - 04:47 PM Post #2 |
|
Bank of Salaam - Duhok:  |
|
|
| ALAN | 24th November 2012 - 04:47 PM Post #3 |
|
North Bank - sulaimani |
|
|
|
| ALAN | 24th November 2012 - 04:48 PM Post #4 |
|
Bank of Kurdistan - Sulaimani  
|
|
|
|
| ALAN | 24th November 2012 - 04:48 PM Post #5 |
|
Central bank of Kurdistan - Erbil  
|
|
|
|
| ALAN | 4th December 2012 - 08:36 PM Post #6 |
|
Emad Ahmed stresses importance of World Bank's support for Kurdistan Regional Government Emad Ahmed, Deputy Prime Minister of Kurdistan Regional Government, on Monday, December 3, received Fared Belhadj, head of the Middle East Department in the World Bank and Mary Helen Head of Iraq Branch of the World Bank. During the meeting, they discussed ways of coordination between the World Bank and the Kurdistan Regional Government; Belhadj talked about activities carried out by the World Bank in collaboration with the Ministry of Planning, emphasizing the World Bank’s keenness to participate in the reconstruction process in Kurdistan Region. Mr. Ahmed, for his part, said Kurdistan Region is witnessing a remarkable progress and that many companies and foreign investors are working here, stressing that Kurdistan Regional Government support the private sector in order play its role in economic activities. He stressed the importance of the World Bank role in supporting the Kurdistan Regional Government and the transfer of experience to the cadres of the Kurdistan Regional Government to develop the process of reconstruction and provide better services to citizens. PUKmedia 04-12-2012 11:39:18 |
|
|
|
| ALAN | 11th December 2012 - 05:42 PM Post #7 |
|
Barzani confirms the need to unify the region’s banks to improve the financial system Shafaq News / President of Kurdistan Regional Government (KRG), Najervan Barzani confirmed the need to unify the region’s banks in Erbil and work on improving the financial system in coordination with the relevant authorities in Baghdad. A statement issued by the Presidency of KRG, reported for "Shafaq News", that "the Council of Ministers of Kurdistan Region held on Monday evening, a meeting chaired by Najervan Barzani in the presence of his deputy, Imad Ahmed." The statement said that "Barzani expressed his thanks to the efforts of the Ministry of Finance and Economy of the KRG, which played an active role in the management of the Ministry of Finance and Economy and organize and direct instructions." The statement added that " Barzani stressed the need to unify the banks of the region in Erbil and Sulaymaniyah and consolidate all their work and work to resolve the problems and obstacles that stand in front of its unification and work to improve the financial system in the region in a better way and in coordination with the relevant authorities in Baghdad." KRG had been split into two departments in mid-nineties of the last century after the infighting and after the decision to unite the two administrations by the agreement of the main ruling parties in the region; Kurdistan Democratic party (KDP) and Patriotic Union of Kurdistan (PUK), but some aspects of administrative duplication is still observed in some joints of the government despite the efforts to overcome it. |
|
|
|
| ALAN | 16th December 2012 - 08:57 PM Post #8 |
|
Somar private bank - Hewler |
|
|
|
| ALAN | 11th January 2013 - 02:25 PM Post #9 |
|
Banking in Kurdistan: North Bank's Viewpoint of Banking in 2013 First question will be related to the banking sector in general. It is a relatively new domain in Iraq and there are many things to be done. KRG used to be a socialist system so private banks didn't really exist. It is now slowly developing and business people have grouped and created the first banks. There are foreign partnerships of course because the banks need capital. What is your overview of the banking sector in comparison to other countries? As you mentioned, private banking is new in both to Kurdistan. North Bank first started its operation in early 2004 and at that time we had some old socialist laws. In early 2004, there was a new law called the Ambassador Bremer law that enacted new banking laws in Iraq. That definitely created many conflicts between the old and new laws, in determining which laws to follow, but little by little most of these conflicts were bypassed. Some of the old socialist laws still exist; however, we try to bypass them in the daily matters. As discussed, the banking sector is very new in this area. We came from a Kurdish domain family and we had the idea of opening a bank after the changes in Kurdistan in early 2003. We decided at that time to start this venture and we first licensed and opened North Bank in April 2004. Since then, we have had a very strong record of growth; we have increased our capital by more than 100 times in the past four years. Today in terms of total assets, we are the number one bank in the whole of KRG, by a far distance from the second closest bank. According to our records for the third quarter of 2012, we have more than 1,374 billion Iraqi dinars in assets which is a little more than US $1.1 billion. Starting a business in Kurdistan in particular was not very easy and there were many challenges; however, our services were much needed and over the course of the years North Bank has been successful in providing all the services that are needed in the business community in this area. There is a number of foreign banks, in particular from Lebanon, that entered the market and received a license from the Iraqi Central Bank and the authorities. This will of course create competition between local banks and the newcomers. We know that the Lebanese banks are very aggressive and have good people. For example, when they entered Jordan they aggressively took market share. What is your strategy to deal with this kind of competition? This market is very new and it is an open market. The size of the economy in Kurdistan in particular and Iraq in general is so big that there is room for another hundred banks to enter the market. The banks that are here have very limited effects on the market because they are mostly involved in receiving deposits and limited letters of credit and money transfers. So we don't look at these banks as competition at all. Competition comes if you actually get involved in the daily market business, which is the policy that North Bank is following. North Bank is the largest bank in terms of giving loans and we surpass the second closest bank in this area by at least three times. We welcome any other banks to do business in this area. Every bank has its own specialty and a new variety of expertise would definitely help this important sector to grow, be it in Iraq or particularly in Kurdistan. Today, cash is the safest method both in Kurdistan. What we are trying to do is to gain the confidence of the people... We want them to know that if they keep their money with us, it will be safer, we will provide more services, and we will help them with their daily matters and business. What are the prospects for the growth of the banking market in the whole of Kurdistan? Every year we have at least 50 or 60 percent growth. Some years we had 200 percent growth. It doesn't mean we are particularly good; it means we are very small compared to the overall size so we can be extremely big in the near future. Once we are confident we can provide the services, we will grow better and become bigger. We are a little hesitant in expanding ourselves because the biggest challenge is the staff, their training and the ability to provide the needed services.  We have had a lot of challenges but our biggest challenge today is to find the right people who will be able to serve our customers. This challenge is due to one particular reason. In Iraq, there were only two main governmental banks, then called Rashid and Rafidain, and the employees of these banks from 1980 to 2003 could not travel outside of KRG. The period lasted 23 years and for 13 years out of those, everyone was under a very strict embargo. They actually did very little inside Iraq as well; it was mostly paycheques or changing money or things like that. There was absolutely no international division for transferring money, letters of credit, guarantees, or any other international business. In Iraq, it was closed and this also included the KRG at the time. So our current problem is that we have some very senior people, over the age of 60, who are supposed to have 40 years of experience but they are very distant from the actual banking world of today. Then there is the younger generation, who are only about 8 years old, who were born after 2003. So we are now trying to employ the youngest of the older generation. One of the examples is that we are unable to find a substitution for an employee who is 72 years old.Iraqi Dinars - currency in Kurdistan Banking, like every other sector, is a business and you need the correct people to make it work. We have been fortunate through our corresponding relationships and through our daily practice to have trained a group of staff in this new way of commerce. We have retrained the younger generation from the old system; these are the people who were sitting in their homes but they know the basics of banking. We try to promote them and send them out for training in surrounding countries. The US were kind enough to provide us with a lot of training; it was limited but it was still helpful. One of the other challenges is the banking market itself. People in Iraq don't have confidence in banking. They have seen many banks go bankrupt and they deposits got lost. What are the policies of the Central Bank? Are they going to introduce an insurance plan for deposits? Also, how do you deal with the fact that people are used to dealing with cash and no credit cards? Money is a very delicate matter. When you lose money, you don't like it. This is another one of our main challenges. Since 2003, more than 30 different licenses have been given to 30 different banks in Iraq. Some of them have done well and have a very clean record and some, unfortunately, have failed in their operations. However, this is a very normal situation during the establishment of any new venture. When you do a marathon, a thousand people participate and probably only a few people finish. In New York around 8,000 people run the marathon but not necessarily all of them reach the finish line. Today, cash is the safest method both in Kurdistan. What we are trying to do is to gain the confidence of the people - the business community and the entire population. We want them to know that if they keep their money with us, it will be safer, we will provide more services, and we will help them with their daily matters and business. We promote businesses by giving them loans and we also provide services for travel. We are now providing credit cards which can be used internationally. We have a very big loan department that provides services to business people and individuals who want to buy cars and so on. We have processed more than 5,000 car loans in 2011 and 2012 so far and this figure will increase as well. North Bank Project: Al-Jaff TowersSo all of this is a way to gain the trust of the people and one or two bad experiences during this process are not going to stop us. The same thing happens anywhere else; even solid, long-standing organizations went down due to different situations. In KRG, most of our banks, and I do accept that some of us have some problems, are on the right track and the Central Bank has a policy of watching the banks very closely to make sure they are on the right track. Are you fully satisfied with the country's monetary policy or is there a room for improvement? The Central Bank watches us closely and we are very happy for this because the more they watch us, the more we try to improve. This is something that doesn't worry us; on the contrary, we appreciate it. However, implementing the practices of the contemporary world of banking is not going to happen in KRG overnight or very soon. First of all, law and order must return to the country. The inspections of the market must return to normal and after that we will be on the right track. I think two years from now, most of our banks will be accredited internationally and we will be among the bigger players in the region. Do you believe in the long-term future of Iraq? I have no other choice; I must believe because it's my country. We stayed here during the worst period of the Kurdish history. We are happy that we stayed and we are doing much better than those who left. The people who left and had no faith in the country found themselves isolated and they are now coming back. When I attend conferences and meetings and then return to Kurdistan after traveling, I have a hard time finding a seat on a plane going back to any part of Kurdistan , especially to Erbil or the whole KRG area. You have to make sure you book your tickets in advance to get a seat – and I view this as a very good sign. Five years ago there was no airport in Kurdistan and now we have flights coming in from all over the world, including direct flights. If you look at the skies, you will see a lot of traffic over the city of Erbil and this is the same for any other places in which they have airports in KRG. All the planes coming to KRG are full or have a high occupancy. The hotels are also difficult to book - these are all very good signs. When the traffic is the other way around (outbound), then it is a worry, but today the traffic is incoming. |
|
|
|
| ALAN | 11th January 2013 - 03:46 PM Post #10 |
|
Kurdistan International Bank Wednesday, 09 January 2013 Interview with Bustam Al-Janabi, Managing Director (CEO) of Kurdistan International Bank  Bustam Al-Janabi, Managing Director (CEO) of Kurdistan International Bank Let's discuss the banking system in Kurdistan. Based on your deep understanding of what Iraq went through, could you give us an overview of the current banking system and compare it to what had existed in the past? Since 2003 we have open economic policies within the whole of Iraq and the Kurdistan region. Banking plays a major role in economic development; it is the foundation for economic growth in many sectors whether financial, construction, agriculture, industry, housing etc. Down to 2004 there were very few private banks - they were non-existent in Kurdistan there were just a few. Now in recognition of their importance, the legal framework has been changed to enable them to flourish, expand and exercise their full potential. Kurdistan International Bank was set up in this new environment and started operations in 2005. It is one of the leading banks and it is a pioneer. It is the biggest bank in the Kurdistan region and is one of the major banks, if not the second bank of Iraq as a whole. We expanded rapidly in terms of deposits and in all aspects of the financial sector: profitability, growth and capital. Last week we doubled our capital from 150 billion dinars to 300 billion dinars. The requirement from the Central Bank is 250 billion Iraqi dinars.  Kurdistan International Bank, Logo of Kurdistan International Bank KIB We expect to have more work and to participate in a lot of joint ventures in cooperation with international companies and banks. In fact, we expanded our correspondent relationship with a lot of international banks in Western Europe, the Gulf, America etc. Kurdistan International Bank is hoping to diversify its products and services. Just recently we signed a new contract with MasterCard in order to offer new products and to diversify geographical locations, to be able to disperse throughout the country. We also have Visa cards, we imported over one hundred ATM machines and we have started installing them in malls, city centres and so on. Our profits this year compared to those last year have almost doubled and we expect to grow in this way. Although we provide comprehensive banking services, we are investment oriented and based on Islamic banking. We do a lot of joint ventures, musharaka and murabahah and mudharabah. All the taxi cars you see have been imported by us from Japan. Replacing the old cars provides lots of employment opportunities for many people and this will have a good effect on the environment. It is an environmentally friendly project. We have also started to import buses. So, to put the record straight, is Kurdistan International Bank an Islamic bank? Yes, Kurdistan International Bank is purely an Islamic bank. Of course we do all comprehensive banking services including LG, LC and rapid money transfer through Western Union. And we are expanding this line and we also have other joint ventures. Since 2003 a lot of restrictive legislation has been abolished or revised with the aim to liberalise the economy and the payment system, principally to adopt an up to date payment system that is fully automated in coordination with the Central Bank of Iraq. Now it is almost fully online. A question about regulations on the market: what has been implemented in terms of Basel II Accords? Some banks in Lebanon are already compliant with Basel III. You know we always observe compliance, firstly with the regularity instructions from the Central Bank of Iraq, the Registrar of Companies and also compliance with the Shariah Board. I think that the new Basel instructions emphasise the importance of capital - to increase and gear up the structure of Share-capital. Relying more or your own resources than on outside financing in order to get capital adequacy ratio is very important. So in this sense, we are fulfilling a major part of this amendment or agreement which is to have a sort of highly geared structure to increase capital instead of outsourcing or borrowing. In all aspects we observe capital adequacy ratios; we have high or well above minimum ratios and we are trying to expand whenever the opportunity arises.  Kurdistan International Bank - new building in Erbil In terms of international partnerships, what has been done within the banking system? Is it possible to transfer money from the United States or from Europe? Yes, of course. Since 2003 a lot of restrictive legislation has been abolished or revised with the aim to liberalise the economy and the payment system, principally to adopt an up to date payment system that is fully automated in coordination with the Central Bank of Iraq. Now it is almost fully online.Our new banking system also provides this facility of online operations; you can get your reports and records updated daily. This will help to prepare periodical statements and accounting etc. Also we can have investment in terms of holdings and balances outside the country, for liquidity and transactions to settle our obligations, using Swift and rapid Money Transfer etc. as well as we observe Anti-Money Laundering Procedures and so on. Now, one of the major challenges many banks are facing here in the Kurdistan Region is that people don't use credit cards or loans, they use cash. A lot of people don't have financial or banking awareness. Sometimes they prefer to keep their money to themselves and do their transactions on a cash basis. Now you will see a trend of increased volume of bank deposits as people become acquainted with the new instruments and tools. Since we installed the visa accounts and ATM machines people have and continue to use them more and more during and outside of working hours. There is an increased awareness of the new ways of dealing with banks. I think in the future people will have an even greater awareness and will participate more actively in banking. Thus we will be able to attract deposits and channel them into projects to help finance operations for economic development. |
|
|
|
| ALAN | 15th May 2013 - 01:44 PM Post #11 |
|
Emerald bank - Hawler Main Branch - Erbil Salahadinn Street - Erbil Opposite to Sheikh Cholee Mosque Sheikh Cholee Street http://www.emeraldbank.net/locations.html
|
|
|
|
| ALAN | 22nd May 2013 - 07:34 PM Post #12 |
|
Despite Progress, Banks in autonomous South Kurdistan Remain Underdeveloped and Mistrusted By Armando Cordoba ERBIL, Kurdistan Region – Due to a traditional mistrust of saving money at banks and a banking system still largely in its infancy, most people in the autonomous Kurdistan Region (KRG) prefer to keep their money at home. “People don’t trust banks because there is no guarantee that their money will be safe,” says Rizgar Hassan, a 41-year-old shopkeeper in Erbil. Hassan acknowledges that he needs a bank account to keep his savings and enjoy other benefits, but like many other Kurds he still remains reluctant about trusting the evolving Kurdish banking system with his hard-earned cash. Majed Mala, the manager of the Erbil Investment and Finance Bank, says the banks have done everything in their power to gain the people's faith. “When they don’t put money in the banks, that is their choice,” he adds. But Khalid Habib, executive manager of the Kurdistan International Bank for Investment & Development, says that people are unaware of developments in banking, and blames the government for not educating them. Shler Adnan, 24, who has lived in Erbil all her life, says, "When I say there is no trust, it's not because I don't have trust in banks. I say it because the whole idea is something new to the Kurdish people," Years of war and persecution are partly to blame for this cold relationship between banks and people in the region. To escape persecution, especially under ousted Iraqi dictator Saddam Hussein who was overthrown a decade ago, the Kurds often had to run for the mountains on short notice. At times like these, the little money they had was best kept at home for a quick getaway. Under Saddam, most banks were state owned, allowing them to routinely seize private assets, delete accounts and pass conflicting regulations. This subsequently left the people of Kurdistan "weary of banks, a legacy that continues today," according to a recent report from the Investment Group LLC. Since gaining autonomy after 2003, the Kurdistan Region has created its own economic system, which includes advancements in developing a sustainable banking system. According to the Kurdistan Board of Investment, 16.67 percent of the region’s capital investment is dedicated to the banking sector, which constitutes about $2.3 billion in investment projects. The ruling Kurdistan Democratic Party’s (KDP) own bylaws state that it remains committed "to rebuild and activate the financial and banking sector of Kurdistan and to rehabilitate them to gain the trust of the citizens." To date, Kurdistan consists of two state-owned central banks, 14 state-owned regional banks and 30 privately owned banks with branches spread across the region, the report states. "Despite the involvement of foreign branches and the continued growth of local banks, the banking sector of Kurdistan requires further modernization and development,” it adds. “The continued operation of local banks coupled with further involvement from established foreign banks is expected to force the changes in current banking regulations," it says. But these commitments do little to reassure news of banking irregularities reported by the media. In the past three years, the Federal Bank of Erbil has had two incidences of billions gone missing due to corruption and embezzlement. In 2012, $25 billion Iraqi dinars ($21.4 million) went missing, reportedly embezzled by a bank worker and private contractor. Just two years earlier, 2.4 billion Iraqi dinars went missing from the same bank and led to the arrest of the head of the bank and his accountant. Reports from Sulaimani indicate that banks have been unable to pay individuals and small businesses the money that is owed to them, because leaders from the Patriotic Union of Kurdistan -- the ruling party in the area – withdrew billions from banking deposits after news last December that PUK leader Jalal Talabani – who is also Iraq’s president -- had suffered a stroke. “At present, each card-issuing bank operates its own system. Because not every point of sale is connected to every system, no one card will work everywhere,” according to USAYS’s Financial Development Project. In November, the CIB and USAYS’s Iraq Financial Development Project on “Integrating the Banking and Financial Sector” held a conference in Istanbul, Turkey proposing a solution to “connect all of ATM machines and credit card point-of-sale scanners to a common platform.” With the help of investment and other foreign banks coming into the market, the banks could have the ability to give the people of Kurdistan the banking system that is promised to them, but investment professionals say that may not be the case. Herish Muharam, head of the Kurdistan Board of Investment, says in the report with Invest Group, that red tape by CBI creates a major deterrent for foreign investors and banks in the Kurdistan Region. He says that even though small projects have progressed, he still does not see a very significant, positive or tangible intervention from the banks in the investment sector. http://rudaw.net/english/business/21052013 |
|
|
|
| Brendar | 22nd May 2013 - 11:38 PM Post #13 |
|
Salar
|
Will these banks ever implement ATMs anytime soon?
Edited by Brendar, 22nd May 2013 - 11:38 PM.
|
|
|
|
| FeyliKurd | 24th May 2013 - 12:00 AM Post #14 |
|
Save Kobani and Shingal!
|
|
|
|
|
| ALAN | 14th June 2013 - 02:25 PM Post #15 |
|
Eastern Kurdistan - Sardasht bank Advisor: Mr M.Farhadi Place : Kordestan State Area building : 49000 sq.m No. of storey : 7 http://ccccoiran.com/P11.aspx
|
|
|
|
| Brendar | 9th July 2013 - 10:48 PM Post #16 |
|
Salar
|
Banking System in S.Kurdistan and i-rack |
|
|
|
| RawandKurdistani | 10th December 2013 - 01:44 AM Post #17 |
|
Surchi/Xoshnawi
|
Harir Bank, the only bank in the town
|
|
|
|
| ALAN | 29th January 2014 - 10:10 AM Post #18 |
|
Kurdistan International Bank (KIB)
|
|
|
|
| Hevar | 30th January 2014 - 03:48 AM Post #19 |
|
Cîdar Yekem
|
Cool, where is this bank located? I guess this bank got high fee in case to withdraw money if i use my Swedish mastercard on it :/ |
|
|
|
| Halo | 30th January 2014 - 05:01 AM Post #20 |
|
Têkoşer
|
Dest Xosh for the link! This company Chehel Cheshmeh is fully Kurdish and look at all their projects! The steel structure of Shary Jwan for example was made by them! KRG should employ them rather than turkish and persian ones. The Minister building was built by them, Baharan Residential Complex , Dream Land Hotel in Dokan, they are also behind the Master Plan Of Koya University and much more. Look at their great resume!: http://www.ccccoiran.com/images/resume/resume.pdf Chehel Cheshmeh is one of the greatest summits of Zagros chain of mountains with an elevation of 3183 m located within the geographical area of Saghez and Marivan cities (Kurdistan-Iran) which Sefidrood (Ghezal Ozan) river has organized from its abundant amplitudes. Chehel Cheshmeh Company was also established in 1968 in the beautiful and historical city of Saghez by the founding board with ordinary memorandum of partnership and started its activity. This Company concluded the first contract with Tehran Gendarmerie Technical Engineering Department in 1969(1348 A.H.S) for building some border police stations of Kurdistan Province, and completed the Baneh-Bayandreh border police stations and Sardasht line in 1971. The company continued its activity through implementing local projects, and finally in 1978, it was registered under No.81 in Saghez City Deeds & Documents Registration Department where it continued its building activities until 1990 when transferred its main office to Tehran in order to expand its activates and was registered at Tehran General Department of Companies’ Registration & Industrial Ownership. From that time, under the graces of God, good management and using technical and engineering abilities, it has been known as a creditable, active, and famous Company which has implemented many projects.We hopes to have active participation and attendance at international levels and register the successful implementation of civil projects in our activities record. Chehel Cheshmeh Company has rank 1 in construction and ranks 3 in installation & equipment and rank 5 in water from Tehran province management and planning organization. Having relied on obtaining valuable experiences in implementing various projects during very long years of activity, it has achieved special abilities so that at the present time, the technical engineering groups of this Company are able to implement all constructional Activities in the field of educational, cultural, sport, trade , administrative, residential, Industrial centers through concrete and metal structures. Also, Chehel Cheshmeh Company has successful experiences and records in the field of building water transfer lines, wastewater, and central heating system and air conditioning. Using experienced experts, computer equipment, and designing software related to civil works, this Company is already presenting various technical services such as design, structural computations, drawing, and strengthening the implemented strikers. For this purpose, the Status Software 2000 has been prepared by Company’s software group in order to draw up statement of balance, estimation, and calculation of qualification based on the list of price, which is used, by the group and other colleagues. The foundation of this residential tower was built by them and guess the name of the highway?  Kurdistan Highway. It's a tehran landmark.
Edited by Halo, 30th January 2014 - 05:05 AM.
|
|
|
|
| ALAN | 14th February 2014 - 09:21 PM Post #21 |
|
Rich people of Sulaimani finance government-owned banks Wednesday, 12 February 2014 14:47 Shafaq News / Sulaimani province revealed on Wednesday , initiating a national campaign to fund the government banks with the necessary liquidity to ensure a part of delayed salaries of the employees. Staff in government departments has gone on strike in Sulaimani as a result not receiving their salaries last January. The press secretary of Sulaimani province , Raman Othman told “Shafaq News " , that “ the fund-raising campaign involves the Chamber of Industry and Commerce in Sulaimani , Investment Authority, a branch of Sulaimani and a number of businessmen and investors . Othman added that these parties expressed their willingness to coordinate with the Central Bank of the regional governments’ banks to finance the necessary cash flow to pay staff salaries and pay contractors to complete their projects and prevent stopping it . South Kurdistan is passing through liquidity shortage crisis which led to delay the payment of salaries and a confusion in government departments and institutions . Othman explained that an agreement has been reached after a meeting of the Governor of Sulaimani , Behrouz Mohammed Saleh with these bodies , contact investors and Kurdish businessmen inside and outside the region to participate in this campaign , pointing out that the campaign received a huge response from investors and businessmen who showed their willingness to help the government in overcoming the current crisis . http://www.shafaaq.com/en/business/8895-rich-people-of-sulaymaniyah-finance-government-owned-banks-.html |
|
|
|
| ALAN | 27th February 2014 - 02:15 AM Post #22 |
|
KRG’s Central Bank Director: There is money in public banks, but no reserves 26.02.2014 Shwan Barzinji The Director General of the Central Bank in the Kurdistan Regional Government (KRG), Adham Karim Darwish, announced that there are no reserves in Kurdistan’s public banks and that private banks have sent them money. Despite the current financial crisis in the KRG, no Kurdish banks have faced bankruptcy yet. In an exclusive interview with BasNews, Darwish confirmed that due to the instructions given to banks by the KRG’s Central Bank, no private or public banks have faced bankruptcy in spite of the current financial crisis that has been sanctioned by the central government of Iraq. “We won’t say that these banks are problem free. It is clear that banks in both the KRG and the rest of Iraq face many problems. Some of the banks, especially private ones, have opened recently and have less experience. Yet none of the banks have gone belly-up,” Darwish explained. He pointed out that, “In recent years, we have benefitted from the private banks in the KRG; we have asked them to loan us money. But with the current financial crisis, we have not asked them yet because they cannot cover such debt for the long term. However, many of them have expressed their willingness to provide assistance and deposited money in public banks, including individuals.” There are currently 73 private banks in the KRG, whose capital is estimated to be around 18 trillion Iraqi Dinar, 15% of which has been put in the Iraqi Central Bank in Baghdad. This is based on the Central Bank’s rule that without this, private banks are not allowed to open and operate in the whole of Iraq. “In addition to the 73 private banks, there are 84 public banks. We don’t say there is no money in the public banks, but rather capital reserve. When Baghdad refuses to send us our budget share, these public banks do not have the full ability to provide us the required budget,” Darwish explained. The Central Bank in Baghdad currently has USD $80 billion in reserves. According to the rule of the central bank, 17% of this money should be deposited in the Central Bank branch in the KRG, but the central government has neither sent this share nor have they agreed to send the $3 billion that they owe the KRG. Regarding the revenue from oil exports and the request for debt relief from other foreign banks, Darwish told BasNews that, “This revenue doesn’t go to the Central Bank, but rather to the Ministry of Finance. The Central Bank has not asked for debt relief from any foreign banks, but perhaps the KRG has.” copyright © 2013 basnews |
|
|
|
| Brendar | 4th March 2014 - 09:52 AM Post #23 |
|
Salar
|
Barzani opens branch of Standard Chartered Bank International in the capital, Erbil Erbil - In ceremony took place this evening, Monday 03/03/2014 in the capital Erbil, Barzani the Prime Minister of the South Kurdistan unveiling of the logo Standard Chartered Bank International , which is the first branch of the bank in the South Kurdistan. During the ceremony, which took place in the presence of Hugh Evans, British Consul General and a number of ministers in the government of the region and high-level officials of the bank in question and businessmen, Mr. V Shankar Branch Manager, Middle East, North Africa and America speech, in which he welcomed the Prime Minister of the South Kurdistan and guests, stressed that without support of the Kurdistan Regional Government, to enable the bank of the opening of its branch in the region, also pointed out that the history of this bank back for more than 150 years, that his presence in Iraq is not talking, heading to the South Kurdistan this gravity is a great opportunity for success, pointed out that this bank will provide a significant sector of the economic and investment in the region various fields. For his part, Barzani Prime Minister of the South Kurdistan during his speech, thanked the British Embassy in Iraq, the British Consul General in the region and the governing body of the Standard Chartered Bank, highly appreciated the efforts for the opening of a branch of this bank in the South Kurdistan, also praised the role of the Ministry of Finance and Economy in support This project in the region, expressing his hope that this project will be the beginning of more to encourage the advent of other international banks to the South Kurdistan. Barzani explained that the economy of the South Kurdistan has witnessed during the last period advanced fast and wide, and is expected to testify this sector further growth and progress in the future. He also pointed to the floor during the citizens pursuit of the South Kurdistan during the last period to take advantage of natural resources, which was the source of their woes in the past. Therefore reiterated that the Government of the Territory seek in earnest to take advantage of its wealth and prosperity for the citizens of the South Kurdistan. The Prime Minister added, saying: can not be any economic sector in the context of the new world order alone and without correlation networks of global investment success. He expressed confidence that the presence of the bank will be a contributing factor to enter the global markets, investment, private and public sector banks in the past did not play an important role in this area. Barzani did not hide the new challenges in front of the citizens of the South Kurdistan and these include challenges facing institutional and modernization of the financial sector and banks. Regarding the importance of the existence of this bank in the region, announced that the Bank will help further the development of financial activities in the South Kurdistan, citizens and local merchants and encourage them to participate in the global financial activities in many areas were deprived of the region in the past. As highlighted at the same time the possibility that the presence of this bank in the region faced the task of the global trading community and would achieve the growth and advancement of economic and commercial side of the South Kurdistan. In the axis of the word, the prime minister called the citizens and traders to careful consideration and think about how to use their wealth to finance her best and latest ways, and expressed confidence that the Branch Standard Chartered Bank will help in the decision-paced toward understanding the new system of international banks. Barzani expressed his wishes for the success of the Standard Chartered Bank in Erbil. He stressed the readiness of the Kurdistan Regional Government in support of this bank and all other international banks wishing to work in the South Kurdistan in the future. For his part, Mr. Hugh Evans, British Consul General to the region was delighted to participate in this ceremony, and pointed out that Standard Chartered Bank operates over 150 years, stressed the importance of the existence of this bank in the South Kurdistan, especially in the field of financial and banking services and participation in strengthening and enhancing Economic relations between the South Kurdistan and Britain, and in particular the existence of more than 120 British companies now operating in the South Kurdistan. As pointed out at the same time the British ambassador the announcement ceremony of the opening of this branch of the bank in the region over the past month. He explained that the economy of the South Kurdistan is growing by 10% annually, and that the South Kurdistan live a secure and stable atmosphere within the region is full of security risks because of countering terrorism. The British Consul General said that the South Kurdistan is rich in natural resources, is enormous, is considered one of the tourist attractions mission in the region, and evidence that enjoys the title of the capital of tourism at the level of the Arab countries. After that, the unveiling of the slogan Bank was declared the opening of its branch in the capital city of Erbil. The Standard Chartered Bank is one of the banks within the 74 Banks in the South Kurdistan, estimated the total wealth of these banks about 18 trillion and 500 billion dinars, a part of this international banks. Under the instructions of the Ministry of Finance requires each bank capital worth 250 billion dinars to get a work permit by the government, to be supervised by the central bank in Erbil and Sulaimani. http://rudaw.net/Sorani
|
|
|
|
| ALAN | 4th March 2014 - 12:22 PM Post #24 |
|
The public bank should have all the income from KRG border income and oil revenues but at the moment both PUK and PDK send their funds to EU banks !? What are they scared of an uprising!? 
|
|
|
|
| ALAN | 4th March 2014 - 03:50 PM Post #25 |
|
Bahrain and Kuwait Banks open branches in south Kurdistan [13:55] 14/Mar/02 PNA - Bank of Bahrain and Kuwait (BBK) announced planning to open a branch in Kurdistan during the current year after a study of the market. "The expansion in South Kurdistan will be the next step to the bank , if the study of market led to positive results," The executive chief of the bank , Abdul -Karim Bujeery said in a statement briefed by " Shafaq News". He added that the company appointed advisers to explore the situation there , the results of the study will appear after 8 weeks . The Bank of Bahrain and Kuwait is in the process of studying new investment products in different markets in the framework of the Bank's commitment to provide opportunities for investors who have high levels of liquidity who are waiting for the right opportunity to invest their money ; as the ratio of risk versus return is appropriate. http://www.peyamner.com/English/PNAnews.aspx?ID=333094 |
|
|
|
| 0 users reading this topic | |
53_01.jpg (73.83 KB)| Go to Next Page | |
| « Previous Topic · Infrastructure & Finance news · Next Topic » |
- Pages:
- 1
- 2
3:35 AM Sep 2