The banking sector: the battle for reform before profits | #Dinar with Qais Al-Murshed
My video explanation of this:
0:18
Dinar with Qais Al-Murshed
0:23
Welcome. The banking sector in Iraq faces a crucial challenge. Before it seeks profit,
0:29
it must engage in a comprehensive reform battle that rebuilds trust, develops services, and establishes a modern financial system.
0:37
capable of driving the economy forward. Details after we continue with this report.
0:46
The reforms of the international consulting firm Oliver Wyman constitute a comprehensive framework for restructuring
0:53
the Iraqi banking sector and modernizing its systems and practices in a way that ensures consistency with the requirements of
1:01
global markets and international compliance requirements. These reforms are not limited to a technical or
1:09
administrative aspect only, but extend to establishing the principles of transparency, developing financial oversight, and stimulating
1:16
innovation in banking services. In the local context, the Iraqi government is clearly determined
1:23
to proceed with banking reform, recognizing that the financial sector represents a fundamental pillar
1:31
to support economic growth and attract foreign investment. Although some banks
1:38
are trying to claim a lack of readiness or the need for a longer period, market indicators and developments
1:45
in the global economy confirm that time does not wait for laggards.
1:50
Reform here is neither an administrative aspect nor a superficial innovation. Rather, it is a survival necessity to ensure the ability
1:58
of banks to meet international regulatory requirements and implement anti-money laundering
2:06
and terrorist financing systems, in addition to developing digital payment channels and providing services through electronic systems
2:12
in a way that enhances customer confidence and improves operational efficiency. It can be extrapolated from the current situation
2:20
that the government is proceeding with implementing this vision step by step with Mounting pressure on
2:27
slow-moving institutions, sending political and economic messages that those who do not adhere to the standards
2:35
of development will find themselves outside the equation of the contemporary market, according to Dinar Zaid al-Mustaf's program
2:43
Al-Iraqiya News
2:52
On this topic, with me in the studio is the economic and banking advisor, Mr. Samir al-Nusairi
2:57
Welcome, Mr. Samir, and the researcher in financial banking affairs, Dr. Mustafa Akram Hantoush. Welcome, Dr. Mustafa. Welcome again, my guests.
3:03
Dear Sir, I will start with you, Mr. Samir. Are there real banking reforms at the present time?
3:11
To what extent can these reforms contribute to changing the reality of the banking system?
3:17
Banking in Iraq. Please, Mr. Samir. Thank you very much, Dr. Qais. Greetings to you and to
3:24
Your honorable viewers. We welcome you. A warm welcome, Mr. Samir.
3:30
The comprehensive banking reform project. Yes, it is. The truth is that this project
3:36
was launched on April 7, 2025, by Zain in cooperation between the Central Bank and the company
3:43
Oliver: Yes, this company is the Al-Haqeeqa Consulting Company
3:48
concerned with development according to international standards
3:54
Okay, all the banks are our private banks
4:01
By the way, this project includes private commercial banks, both traditional and Islamic
4:08
Okay, all the banks are the truth
4:15
have agreed to work on this project, Zain and Al-Haqeeqa after it was launched and after it launched
4:21
the new initiative a week or ten days ago. These banks, in fact, did not
4:31
object to this project, but rather expressed some observations
4:37
Zain and Al-Haqeeqa, the project as it came in the meeting
4:48
the consultative meeting that took place for the private banking sector, exactly, in the association Iraqi private banks support
4:57
This project is good in general and in detail, but a
Dinar with Qais Al-Murshed
0:23
Welcome. The banking sector in Iraq faces a crucial challenge. Before it seeks profit,
0:29
it must engage in a comprehensive reform battle that rebuilds trust, develops services, and establishes a modern financial system.
0:37
capable of driving the economy forward. Details after we continue with this report.
0:46
The reforms of the international consulting firm Oliver Wyman constitute a comprehensive framework for restructuring
0:53
the Iraqi banking sector and modernizing its systems and practices in a way that ensures consistency with the requirements of
1:01
global markets and international compliance requirements. These reforms are not limited to a technical or
1:09
administrative aspect only, but extend to establishing the principles of transparency, developing financial oversight, and stimulating
1:16
innovation in banking services. In the local context, the Iraqi government is clearly determined
1:23
to proceed with banking reform, recognizing that the financial sector represents a fundamental pillar
1:31
to support economic growth and attract foreign investment. Although some banks
1:38
are trying to claim a lack of readiness or the need for a longer period, market indicators and developments
1:45
in the global economy confirm that time does not wait for laggards.
1:50
Reform here is neither an administrative aspect nor a superficial innovation. Rather, it is a survival necessity to ensure the ability
1:58
of banks to meet international regulatory requirements and implement anti-money laundering
2:06
and terrorist financing systems, in addition to developing digital payment channels and providing services through electronic systems
2:12
in a way that enhances customer confidence and improves operational efficiency. It can be extrapolated from the current situation
2:20
that the government is proceeding with implementing this vision step by step with Mounting pressure on
2:27
slow-moving institutions, sending political and economic messages that those who do not adhere to the standards
2:35
of development will find themselves outside the equation of the contemporary market, according to Dinar Zaid al-Mustaf's program
2:43
Al-Iraqiya News
2:52
On this topic, with me in the studio is the economic and banking advisor, Mr. Samir al-Nusairi
2:57
Welcome, Mr. Samir, and the researcher in financial banking affairs, Dr. Mustafa Akram Hantoush. Welcome, Dr. Mustafa. Welcome again, my guests.
3:03
Dear Sir, I will start with you, Mr. Samir. Are there real banking reforms at the present time?
3:11
To what extent can these reforms contribute to changing the reality of the banking system?
3:17
Banking in Iraq. Please, Mr. Samir. Thank you very much, Dr. Qais. Greetings to you and to
3:24
Your honorable viewers. We welcome you. A warm welcome, Mr. Samir.
3:30
The comprehensive banking reform project. Yes, it is. The truth is that this project
3:36
was launched on April 7, 2025, by Zain in cooperation between the Central Bank and the company
3:43
Oliver: Yes, this company is the Al-Haqeeqa Consulting Company
3:48
concerned with development according to international standards
3:54
Okay, all the banks are our private banks
4:01
By the way, this project includes private commercial banks, both traditional and Islamic
4:08
Okay, all the banks are the truth
4:15
have agreed to work on this project, Zain and Al-Haqeeqa after it was launched and after it launched
4:21
the new initiative a week or ten days ago. These banks, in fact, did not
4:31
object to this project, but rather expressed some observations
4:37
Zain and Al-Haqeeqa, the project as it came in the meeting
4:48
the consultative meeting that took place for the private banking sector, exactly, in the association Iraqi private banks support
4:57
This project is good in general and in detail, but a
5:04
This project, in reality, means that the recipient must
5:10
know what this project is about. What are its primary goals? Good, because now we must not transfer the talk of the street to the media.
5:19
Economic media is truly a very dangerous media, more dangerous than political media.
5:27
Because the economy comes first, and when it is transmitted, it is transmitted.
5:33
Economic news other than its reality may affect
5:38
the regime, the truth, or the political situation in the country. Good.
5:44
Therefore, this project aimed for a goal.
5:50
The main one is to build a solid, modern, comprehensive, and flexible banking sector.
5:58
Good, in addition to building a
6:04
This sector, after the reform process is completed, will contribute to building a
6:10
rapidly growing national economy. Good, and it will provide ample opportunities for the unemployed.
6:18
Aha, the other important aspect is to create a competitive environment for those working in the banking sector.
6:26
and achieving sustainable returns.
6:31
and rewarding returns for shareholders in this sector. In addition to other basic goals. Among them
6:38
Expanding financial inclusion is the truth
6:45
Enhancing digital transformation and supporting
6:50
Cybersecurity and activating electronic payments, in addition to restoring
6:57
Confidence in the banking sector. Another important aspect is increasing bank financing in the sector.
7:03
Banking, which is the real work of the banking sector, is another important aspect: attracting foreign investment.
7:10
With all these goals, there is another goal that the government and the Central Bank are thinking about: restoring
7:19
Our 28 banks that were restricted will be rehabilitated. The reform process will be completed within
7:28
the specified period of two to three years.
7:36
Return to the market. This means that this project, according to the bank's vision,
7:42
The Central Bank, according to the Central Bank's vision, is to help these banks return to the market again.
7:49
After they qualify and after The repair is underway, but excuse the interruption, Mr. Samir. Let's go.
7:56
To a break, then we'll return to complete the rest of the episode.
8:08
Welcome back, dear viewers. Back with the economic and banking advisor, Mr. Samir Al-Nusairi. Welcome back, Mr. Samir.
8:15
But, Mr. Samir, we've reached the but.
8:20
I mean, before, but okay, we interrupted the private banking truth.
8:27
With its traditional, commercial, and Islamic branches. Okay, these are the goals you mentioned.
8:33
They believe in them, okay, a great belief. Okay, and they confirmed them. The truth is, the truth of the meeting.
8:39
The consultative meeting that took place before, meaning they discussed the project.
8:45
Okay, but the paragraphs that were mentioned and the mechanisms that were mentioned.
8:53
With the initiative or what was mentioned in the project. Yes, the truth is that there are notes.
This project, in reality, means that the recipient must
5:10
know what this project is about. What are its primary goals? Good, because now we must not transfer the talk of the street to the media.
5:19
Economic media is truly a very dangerous media, more dangerous than political media.
5:27
Because the economy comes first, and when it is transmitted, it is transmitted.
5:33
Economic news other than its reality may affect
5:38
the regime, the truth, or the political situation in the country. Good.
5:44
Therefore, this project aimed for a goal.
5:50
The main one is to build a solid, modern, comprehensive, and flexible banking sector.
5:58
Good, in addition to building a
6:04
This sector, after the reform process is completed, will contribute to building a
6:10
rapidly growing national economy. Good, and it will provide ample opportunities for the unemployed.
6:18
Aha, the other important aspect is to create a competitive environment for those working in the banking sector.
6:26
and achieving sustainable returns.
6:31
and rewarding returns for shareholders in this sector. In addition to other basic goals. Among them
6:38
Expanding financial inclusion is the truth
6:45
Enhancing digital transformation and supporting
6:50
Cybersecurity and activating electronic payments, in addition to restoring
6:57
Confidence in the banking sector. Another important aspect is increasing bank financing in the sector.
7:03
Banking, which is the real work of the banking sector, is another important aspect: attracting foreign investment.
7:10
With all these goals, there is another goal that the government and the Central Bank are thinking about: restoring
7:19
Our 28 banks that were restricted will be rehabilitated. The reform process will be completed within
7:28
the specified period of two to three years.
7:36
Return to the market. This means that this project, according to the bank's vision,
7:42
The Central Bank, according to the Central Bank's vision, is to help these banks return to the market again.
7:49
After they qualify and after The repair is underway, but excuse the interruption, Mr. Samir. Let's go.
7:56
To a break, then we'll return to complete the rest of the episode.
8:08
Welcome back, dear viewers. Back with the economic and banking advisor, Mr. Samir Al-Nusairi. Welcome back, Mr. Samir.
8:15
But, Mr. Samir, we've reached the but.
8:20
I mean, before, but okay, we interrupted the private banking truth.
8:27
With its traditional, commercial, and Islamic branches. Okay, these are the goals you mentioned.
8:33
They believe in them, okay, a great belief. Okay, and they confirmed them. The truth is, the truth of the meeting.
8:39
The consultative meeting that took place before, meaning they discussed the project.
8:45
Okay, but the paragraphs that were mentioned and the mechanisms that were mentioned.
8:53
With the initiative or what was mentioned in the project. Yes, the truth is that there are notes.
9:01
Issue, not objections from Zain. Important notes related to capital requirements.
9:07
Money and capital increase. Capital requirements mean capital increase.
9:12
Within a ceiling, meaning a specific one. Zain and the subject.
9:19
The strategic partner who is actually included in
9:26
with the project and its ownership structure.
9:32
And the Iraqi banking environment and the circumstances the sector is going through.
9:38
Iraqi banking has been Zain for two years now.
9:43
The Iraqi private banking sector is actually going through complex and difficult circumstances.
9:48
Yes, and these circumstances are due to the restrictions.
9:55
As I mentioned, 28 banks are prohibited from using the dollar.
10:05
I mean, foreign banking deals with
10:10
international banking with countries around the world. Zain, and this actually made up 50% of our banking sector. It is
10:19
Its activity is weak, and its activity is limited to real business and activities.
10:26
Internal banking is completely routine. We must admit that our banks were
10:34
mostly dependent on foreign remittances, which represented a significant amount of real revenue for them.
10:41
Good. Therefore, when this activity declined, it actually declined and weakened. Some of our
10:50
workers were laid off, and some of our branches
10:58
in the governorates were actually reduced. In fact, they decreased significantly. In addition to all of this, this is the reality.
11:06
Things made, in addition to the real international variables that were reflected in the Iraqi
11:13
economy and were reflected in the Iraqi banking sector, which made some banks
11:20
work weak. In addition to that, the troubled banks Originally
11:26
Its weakness has increased. Yes, that's why they face it. They believe these banks believe.
11:33
that they will face difficulty in implementing all these requirements within these mechanisms.
11:40
Okay, thank you, Mr. Samir. Turn to the researcher in financial banking affairs, Dr. Mustafa Akram Hantoush. Welcome, Dr. Mustafa.
11:45
Welcome. The banks did not expect that at any moment in time they would reach this stage. That's it.
11:53
They built them correctly, Dr. Mustafa. Now we are not talking about the solid banks that are coming, striving to develop themselves, that are struggling, that are trying
12:00
to change their reality, trying to be banks in the full sense of the word. They did not expect that
12:08
they would reach this stage in any moment in time. Yes, the beginning. Dr. Welcome, Professor Samir Ghali.
12:14
And welcome to your dear viewers. The answer is no, it was not expected that Arriving
12:20
Banks have reached a stage where they are restricting the dollar.
12:26
Implementing standards requires significant banking efforts. Some difficult obligations were not expected.
12:33
Before the banking system began to move in this direction, the Iraqi banking system was one of the easiest systems.
12:38
Because it didn't delve deeply into banking operations. Professor Samir said, "What is the difficulty of banking?"
12:44
You engage in banking operations, bring in deposits, and grant loans. Of course, this is a huge responsibility, and banks
12:51
transfer capital through a complex credit operation involving many theories that may result in
12:58
losses that lead to major problems. This is the depth of the liquidation process, which is the risk factor.
12:58
Losses that lead to major problems. This is the depth of the liquidation process, which is the risk factor.
Issue, not objections from Zain. Important notes related to capital requirements.
9:07
Money and capital increase. Capital requirements mean capital increase.
9:12
Within a ceiling, meaning a specific one. Zain and the subject.
9:19
The strategic partner who is actually included in
9:26
with the project and its ownership structure.
9:32
And the Iraqi banking environment and the circumstances the sector is going through.
9:38
Iraqi banking has been Zain for two years now.
9:43
The Iraqi private banking sector is actually going through complex and difficult circumstances.
9:48
Yes, and these circumstances are due to the restrictions.
9:55
As I mentioned, 28 banks are prohibited from using the dollar.
10:05
I mean, foreign banking deals with
10:10
international banking with countries around the world. Zain, and this actually made up 50% of our banking sector. It is
10:19
Its activity is weak, and its activity is limited to real business and activities.
10:26
Internal banking is completely routine. We must admit that our banks were
10:34
mostly dependent on foreign remittances, which represented a significant amount of real revenue for them.
10:41
Good. Therefore, when this activity declined, it actually declined and weakened. Some of our
10:50
workers were laid off, and some of our branches
10:58
in the governorates were actually reduced. In fact, they decreased significantly. In addition to all of this, this is the reality.
11:06
Things made, in addition to the real international variables that were reflected in the Iraqi
11:13
economy and were reflected in the Iraqi banking sector, which made some banks
11:20
work weak. In addition to that, the troubled banks Originally
11:26
Its weakness has increased. Yes, that's why they face it. They believe these banks believe.
11:33
that they will face difficulty in implementing all these requirements within these mechanisms.
11:40
Okay, thank you, Mr. Samir. Turn to the researcher in financial banking affairs, Dr. Mustafa Akram Hantoush. Welcome, Dr. Mustafa.
11:45
Welcome. The banks did not expect that at any moment in time they would reach this stage. That's it.
11:53
They built them correctly, Dr. Mustafa. Now we are not talking about the solid banks that are coming, striving to develop themselves, that are struggling, that are trying
12:00
to change their reality, trying to be banks in the full sense of the word. They did not expect that
12:08
they would reach this stage in any moment in time. Yes, the beginning. Dr. Welcome, Professor Samir Ghali.
12:14
And welcome to your dear viewers. The answer is no, it was not expected that Arriving
12:20
Banks have reached a stage where they are restricting the dollar.
12:26
Implementing standards requires significant banking efforts. Some difficult obligations were not expected.
12:33
Before the banking system began to move in this direction, the Iraqi banking system was one of the easiest systems.
12:38
Because it didn't delve deeply into banking operations. Professor Samir said, "What is the difficulty of banking?"
12:44
You engage in banking operations, bring in deposits, and grant loans. Of course, this is a huge responsibility, and banks
12:51
transfer capital through a complex credit operation involving many theories that may result in
12:58
losses that lead to major problems. This is the depth of the liquidation process, which is the risk factor.
12:58
Losses that lead to major problems. This is the depth of the liquidation process, which is the risk factor.
13:03
The Iraqi liquidation system wasn't built on risk tolerance. It was built on the basis of massive trade that needed...
13:10
Dollar transfers. Banks actually provide capital, so they enter the liquidation system.
13:16
They tell you, "Even if I make a profit, I'll make a profit from the dollar." Then came the localization of salaries. They're practical and profitable to some extent.
13:22
This wasn't the idea or the depth. Some of the criteria we've talked about a lot, like commerce.
13:27
and others, didn't push the liquidation system into the unfortunate operations. They violated the minimum limits.
13:33
The criteria in the liquidation system are accustomed to quick profit.
13:38
Of course, I'll start talking about the banks that were established in 2019 because I don't work well. We didn't have time to work.
13:44
We didn't have time for the coronavirus and the restrictions that followed. But there are old banks.
13:50
Immediately after the collapse, yes, they worked and made profits from this income. The banking system that brought it to this point
13:57
Today, there is a very important point: Iraqi society is not very interactive. This is public opinion.
14:03
God has an opinion, but society as a society tells you that we did not enter or benefit from the liquidation system because it does not
14:09
It has operations. Yes, this is a fundamental mistake that we should have paid attention to. The banking system should have paid attention to it.
14:15
Before it happens, okay? Now, in general, for those who come, we learn. Today, we stand before the threshold of banking reform.
14:21
Well, banking reform today is represented by an American company, Oliver & Ayman.
14:26
Oliver & Ayman, but even the citizen must have a thought process. The banking system has been subjected to restrictions.
14:32
We want to see. I want to know what the people are doing. What is Oliver & Ayman's company? What did it bring you?
14:38
After restricting the liquidation system, Doctor, from the dollar and preventing many banks from transferring money under it. Principle
14:43
Auditing, investigation, and other matters, of course, not money laundering, OFAC, restrictions, and international sanctions.
14:48
We only have two, approximately: OFAC, and this is published on the OFAC page: the Bureau of Investigation. The rest are restrictions, a ban on dollars, and an audit of this.
14:56
Under this title, the activities are cancelled. Yes, good. Here, there is a problem. We are talking about more than one.
15:02
Just suspicions and doubts, exactly, resulting from many reasons: the Central Bank and the banking system.
15:09
They said, "We want a solution. We want dollar transfers. We want to work. We want good." So, an agreement was reached. There is a giant consulting firm.
15:16
They offer consulting called Oliver and Ayman Zain. They offer financial consulting. It is a well-known American company.
15:21
Good. Since they are an American party, and the sanctions issued by the Treasury are part of them, they are a well-known international company.
15:28
And among other major companies, the Central Bank has opened up to them, saying, "Let's apply." We have a consultation, but if you want us to reach solutions, the company has worked on a study.
15:36
The banking sector is not being reformed at the beginning. The study will begin in October 2024. The sector will be studied.
15:42
The Iraqi bank was studied by the company after the company studied the liquidated sector.
15:50
The report will be in the fourth month of this year, 2025. Good. The report was translated into actual procedures before.
15:56
Two weeks. Yes, good. What are the actual procedures so that they are clear? Of course, this is technical. No, we are entering into an opinion.
The Iraqi liquidation system wasn't built on risk tolerance. It was built on the basis of massive trade that needed...
13:10
Dollar transfers. Banks actually provide capital, so they enter the liquidation system.
13:16
They tell you, "Even if I make a profit, I'll make a profit from the dollar." Then came the localization of salaries. They're practical and profitable to some extent.
13:22
This wasn't the idea or the depth. Some of the criteria we've talked about a lot, like commerce.
13:27
and others, didn't push the liquidation system into the unfortunate operations. They violated the minimum limits.
13:33
The criteria in the liquidation system are accustomed to quick profit.
13:38
Of course, I'll start talking about the banks that were established in 2019 because I don't work well. We didn't have time to work.
13:44
We didn't have time for the coronavirus and the restrictions that followed. But there are old banks.
13:50
Immediately after the collapse, yes, they worked and made profits from this income. The banking system that brought it to this point
13:57
Today, there is a very important point: Iraqi society is not very interactive. This is public opinion.
14:03
God has an opinion, but society as a society tells you that we did not enter or benefit from the liquidation system because it does not
14:09
It has operations. Yes, this is a fundamental mistake that we should have paid attention to. The banking system should have paid attention to it.
14:15
Before it happens, okay? Now, in general, for those who come, we learn. Today, we stand before the threshold of banking reform.
14:21
Well, banking reform today is represented by an American company, Oliver & Ayman.
14:26
Oliver & Ayman, but even the citizen must have a thought process. The banking system has been subjected to restrictions.
14:32
We want to see. I want to know what the people are doing. What is Oliver & Ayman's company? What did it bring you?
14:38
After restricting the liquidation system, Doctor, from the dollar and preventing many banks from transferring money under it. Principle
14:43
Auditing, investigation, and other matters, of course, not money laundering, OFAC, restrictions, and international sanctions.
14:48
We only have two, approximately: OFAC, and this is published on the OFAC page: the Bureau of Investigation. The rest are restrictions, a ban on dollars, and an audit of this.
14:56
Under this title, the activities are cancelled. Yes, good. Here, there is a problem. We are talking about more than one.
15:02
Just suspicions and doubts, exactly, resulting from many reasons: the Central Bank and the banking system.
15:09
They said, "We want a solution. We want dollar transfers. We want to work. We want good." So, an agreement was reached. There is a giant consulting firm.
15:16
They offer consulting called Oliver and Ayman Zain. They offer financial consulting. It is a well-known American company.
15:21
Good. Since they are an American party, and the sanctions issued by the Treasury are part of them, they are a well-known international company.
15:28
And among other major companies, the Central Bank has opened up to them, saying, "Let's apply." We have a consultation, but if you want us to reach solutions, the company has worked on a study.
15:36
The banking sector is not being reformed at the beginning. The study will begin in October 2024. The sector will be studied.
15:42
The Iraqi bank was studied by the company after the company studied the liquidated sector.
15:50
The report will be in the fourth month of this year, 2025. Good. The report was translated into actual procedures before.
15:56
Two weeks. Yes, good. What are the actual procedures so that they are clear? Of course, this is technical. No, we are entering into an opinion.
16:03
Nothing. The first option for Iraqi banks is until August 31, 2025.
16:12
They come and sign the contract. What does it say? Or a pledge that Al-Zaid will be the bank's chief financial officer. We are banks.
16:20
We have 400 billion, some of it 250, some of it 300. You know, some sanctions have made no one work, so increasing the capital has become insignificant.
16:26
Okay, so this is the first option. They increase their chief financial officer. The bank increases its capital by 400 billion and pays
16:32
$2.4 million annually for three years, excuse me, for four years.
16:38
Okay, okay, what does this option provide for him? If he saves 400 billion and pays 2.4 million annually, then
16:45
$1 million for this reform program will provide him with a savings of $1 million. After four years, he will be freed from sanctions.
16:52
In return, I mean, other things. This is the first option. Okay. I'm not giving my opinion or anything. I want to explain.
16:57
The options later. We'll talk about opinions. The second option is merger.
17:03
The banks merge together. This is an option. If imposed, no. You choose from them. The first option.
17:08
We talked about it. No, this is an option within the reforms. If imposed, the reforms must be merged.
17:14
You don't merge. It just becomes 400 billion and you pay 2.4 or 4 million dollars. That means you either have a roof over your head or you have a bank account.
17:21
The money is 400, 400, or 2. This is the second option. A group of banks merge.
17:28
With the ownership structure limitations. Okay, the ownership structure has limitations that require 10% of the shares.
17:34
The relatives are the family. We have all the years, both previous and current.
17:39
Some argue that most bank management in Iraq is family management. Some say... For you
17:45
Okay, there are managements and families around the world that have their own banks, but as for the actual work of the banks, do you compare these?
17:52
The banks or these families that run banks in Iraq with the same families and management that run banks in many countries?
17:59
Now, there are people in Iraq who have very respectable families and are highly educated, and there are also people.
18:05
They are like them. There are people, by God, who sold people's money and fled. So there are comparisons. There are respectable families.
18:11
Good, and there are respectable partners, too. There are people, by God, who are not. They are like the liquidated sector.
18:17
There are some of us, and there are some of us. Okay, so we come to the second option, merger, but let's pay attention to the merger structure.
18:24
Ownership, according to the procedures, we said 10% for relatives, and 5% is required. There must be a partner. Others
18:30
The difficulty of the merger lies in the understandings. How can four, five, eight, or six banks come together?
18:37
They can become a bank and pay $1.3-3 million per year for four years. Fine.
18:42
On the condition that after four years, they are supposed to be released from compliance and enter the third option liquidation system.
18:48
And the sweetest part is liquidation. Fine, of course, these options are like this.
18:54
This liquidation option does not cover the bank that wants to strive to develop itself.
Nothing. The first option for Iraqi banks is until August 31, 2025.
16:12
They come and sign the contract. What does it say? Or a pledge that Al-Zaid will be the bank's chief financial officer. We are banks.
16:20
We have 400 billion, some of it 250, some of it 300. You know, some sanctions have made no one work, so increasing the capital has become insignificant.
16:26
Okay, so this is the first option. They increase their chief financial officer. The bank increases its capital by 400 billion and pays
16:32
$2.4 million annually for three years, excuse me, for four years.
16:38
Okay, okay, what does this option provide for him? If he saves 400 billion and pays 2.4 million annually, then
16:45
$1 million for this reform program will provide him with a savings of $1 million. After four years, he will be freed from sanctions.
16:52
In return, I mean, other things. This is the first option. Okay. I'm not giving my opinion or anything. I want to explain.
16:57
The options later. We'll talk about opinions. The second option is merger.
17:03
The banks merge together. This is an option. If imposed, no. You choose from them. The first option.
17:08
We talked about it. No, this is an option within the reforms. If imposed, the reforms must be merged.
17:14
You don't merge. It just becomes 400 billion and you pay 2.4 or 4 million dollars. That means you either have a roof over your head or you have a bank account.
17:21
The money is 400, 400, or 2. This is the second option. A group of banks merge.
17:28
With the ownership structure limitations. Okay, the ownership structure has limitations that require 10% of the shares.
17:34
The relatives are the family. We have all the years, both previous and current.
17:39
Some argue that most bank management in Iraq is family management. Some say... For you
17:45
Okay, there are managements and families around the world that have their own banks, but as for the actual work of the banks, do you compare these?
17:52
The banks or these families that run banks in Iraq with the same families and management that run banks in many countries?
17:59
Now, there are people in Iraq who have very respectable families and are highly educated, and there are also people.
18:05
They are like them. There are people, by God, who sold people's money and fled. So there are comparisons. There are respectable families.
18:11
Good, and there are respectable partners, too. There are people, by God, who are not. They are like the liquidated sector.
18:17
There are some of us, and there are some of us. Okay, so we come to the second option, merger, but let's pay attention to the merger structure.
18:24
Ownership, according to the procedures, we said 10% for relatives, and 5% is required. There must be a partner. Others
18:30
The difficulty of the merger lies in the understandings. How can four, five, eight, or six banks come together?
18:37
They can become a bank and pay $1.3-3 million per year for four years. Fine.
18:42
On the condition that after four years, they are supposed to be released from compliance and enter the third option liquidation system.
18:48
And the sweetest part is liquidation. Fine, of course, these options are like this.
18:54
This liquidation option does not cover the bank that wants to strive to develop itself.
19:00
No, I feel that the inactive bank, whether it's the bank that was previously liquidated, was not previously understood. Previously, the understanding was that any bank that
19:06
would go with the first option, and the second would go to liquidation. Now, no, I think that when it comes to a plan
19:11
The reform that we're going into detail about, which the Central Bank is undertaking in this case, there may be
19:17
A case of flexibility, meaning liquidation is a fantasy, but if there is a bank, for example, increasing the capital,
19:24
What is an increase in the capital, Doctor? By the end of this year, of course, an increase in capital.
19:29
It's a valid topic, but it has a time frame. My master's thesis was about increasing the capital of banks.
19:35
Well, what happens when capital is increased? When the capital is increased, it doesn't happen in a short time. Indicators and returns?
19:41
What happens to stocks? Do they decline with an increase in capital? It may be within the criteria, but with a period of time. Possible
19:46
The Central Bank is actually moving towards extending the period, giving them seven years after two years.
19:52
As a result, the decision is implemented, but of course, this is an option for the Central Bank. Its difficulty lies in increasing the capital now, 2.4 4.
19:59
One million dollars, a pair. Later, we'll understand what this amount will be used for. I don't think there's a liquidation option. There's some talk now.
20:07
I don't think anyone would go for it, except for bankrupt banks. But Zain Bank and these procedures have some sort of...
20:15
There's no flexibility with some other matters. An accredited auditing company. A timeline.
20:21
This is it. This is what Oliver and Ayman's reforms look like. If we go into some other depth later, okay?
20:28
Up to you, Dr. Mustafa Sayed Samir. What is the value, for example, of 250 billion?
20:34
We want to compare the capital. What about any Iraqi bank that the Central Bank has requested to increase its capital?
20:40
Banks up to 400 billion Iraqi dinars, which is roughly close to $300 million. Okay.
20:46
If we want to compare $300 million in capital for an Iraqi bank with at least an estimate of
20:52
Banks in neighboring countries, let's say Turkey, let's say Iran, let's say Saudi Arabia, let's say nothing.
20:59
Nothing, it has no value. Why are you objecting? If you allow us, if you allow us, please, Mr. Sam.
21:04
The subject of capital, we are the real notes. I believe that
21:09
its importance comes or the importance of noting the banking sector's importance in this.
21:17
Do you remember? Yes, two years ago, at the end of the 23rd, the middle of the 23rd.
21:24
Dr. Mustafa and I also talked about capital on this program.
21:31
Right, when the Central Bank requested an increase and specified In his time, six months later, he said, until December 31, 24, then later.
21:43
These banks, whose terms were restricted, were extended to six months and given flexibility.
21:51
The capital issue is old and not innovative.
21:57
The bank is not an innovation for this company, right? From 2023, from 2023, there are many considerations.
22:03
Related to expanding activity, related to Basel requirements.
22:09
I mean, this fact is not new, but the problem is the issue of the 28 banks and the banks.
22:19
The other fact, whose activity is also weak, is this.
22:25
I mean, I announced the subscription several times, but the truth is, no one participated. I announced the subscription, and it became a kind of...
22:33
From the meaning of frustration in this regard, because this is related to a lack of confidence.
22:41
Lack of Citizens' confidence in subscribing to these banks, which are already restricted, is considered...
22:48
Penalized is restricted. He tells you that it is punished, and of course, the punishment is not restricted.
22:55
Its activity has weakened, so this is the truth from my point of view.
No, I feel that the inactive bank, whether it's the bank that was previously liquidated, was not previously understood. Previously, the understanding was that any bank that
19:06
would go with the first option, and the second would go to liquidation. Now, no, I think that when it comes to a plan
19:11
The reform that we're going into detail about, which the Central Bank is undertaking in this case, there may be
19:17
A case of flexibility, meaning liquidation is a fantasy, but if there is a bank, for example, increasing the capital,
19:24
What is an increase in the capital, Doctor? By the end of this year, of course, an increase in capital.
19:29
It's a valid topic, but it has a time frame. My master's thesis was about increasing the capital of banks.
19:35
Well, what happens when capital is increased? When the capital is increased, it doesn't happen in a short time. Indicators and returns?
19:41
What happens to stocks? Do they decline with an increase in capital? It may be within the criteria, but with a period of time. Possible
19:46
The Central Bank is actually moving towards extending the period, giving them seven years after two years.
19:52
As a result, the decision is implemented, but of course, this is an option for the Central Bank. Its difficulty lies in increasing the capital now, 2.4 4.
19:59
One million dollars, a pair. Later, we'll understand what this amount will be used for. I don't think there's a liquidation option. There's some talk now.
20:07
I don't think anyone would go for it, except for bankrupt banks. But Zain Bank and these procedures have some sort of...
20:15
There's no flexibility with some other matters. An accredited auditing company. A timeline.
20:21
This is it. This is what Oliver and Ayman's reforms look like. If we go into some other depth later, okay?
20:28
Up to you, Dr. Mustafa Sayed Samir. What is the value, for example, of 250 billion?
20:34
We want to compare the capital. What about any Iraqi bank that the Central Bank has requested to increase its capital?
20:40
Banks up to 400 billion Iraqi dinars, which is roughly close to $300 million. Okay.
20:46
If we want to compare $300 million in capital for an Iraqi bank with at least an estimate of
20:52
Banks in neighboring countries, let's say Turkey, let's say Iran, let's say Saudi Arabia, let's say nothing.
20:59
Nothing, it has no value. Why are you objecting? If you allow us, if you allow us, please, Mr. Sam.
21:04
The subject of capital, we are the real notes. I believe that
21:09
its importance comes or the importance of noting the banking sector's importance in this.
21:17
Do you remember? Yes, two years ago, at the end of the 23rd, the middle of the 23rd.
21:24
Dr. Mustafa and I also talked about capital on this program.
21:31
Right, when the Central Bank requested an increase and specified In his time, six months later, he said, until December 31, 24, then later.
21:43
These banks, whose terms were restricted, were extended to six months and given flexibility.
21:51
The capital issue is old and not innovative.
21:57
The bank is not an innovation for this company, right? From 2023, from 2023, there are many considerations.
22:03
Related to expanding activity, related to Basel requirements.
22:09
I mean, this fact is not new, but the problem is the issue of the 28 banks and the banks.
22:19
The other fact, whose activity is also weak, is this.
22:25
I mean, I announced the subscription several times, but the truth is, no one participated. I announced the subscription, and it became a kind of...
22:33
From the meaning of frustration in this regard, because this is related to a lack of confidence.
22:41
Lack of Citizens' confidence in subscribing to these banks, which are already restricted, is considered...
22:48
Penalized is restricted. He tells you that it is punished, and of course, the punishment is not restricted.
22:55
Its activity has weakened, so this is the truth from my point of view.
23:01
Our banks are the real problem, and it's difficult to implement.
23:08
Its implementation is within the timeframe set by the company and the Central Bank.
23:13
Zain, therefore, requires discussion and partnership, meaning with the company and
23:21
the Central Bank. They might give another period of three years.
23:27
They might give another period of three years to the Central Bank, depending on what reflects the interest.
23:35
Indeed, implementing the banking reform project, the other aspect, according to your point of view, is increasing capital.
23:44
Within the banking reforms, there must be an increase in capital in the banks. Yes, it must. I mean, weak capital and capital that doesn't cover
23:53
activities and capital that can't do its job. A bank that can't do its job.
24:01
The real thing, which is bank financing, is the real business, not remittances. Foreign Affairs
24:06
Banking is not just about letters of guarantee, deposits, withdrawals, and so on.
24:12
Yes, the real work is financing and financing.
24:17
The wheel of development is the banking sector. Therefore, the issue of capital increases is important and fundamental.
24:27
We have banks that have exceeded 400 so far, and banks
24:34
that have reached 400. This is true. The type of bank, meaning a bank with a special system, has not been subjected to
24:42
penalty. Continue. Continue. Regarding the issue of foreign transfers, we must also separate.
24:50
This means that the company concerned and the Central Bank must separate.
24:55
The Central Bank has also taken these observations into consideration.
25:00
The Central Bank held several meetings and several workshops, and they were daily.
25:08
Throughout this past week, and this week, they are attacking
25:14
banks and attending. The truth is, the Governor, and before that, the Governor met with the banks.
25:21
In private, why do some banks say they're not coming to get it, Mr. Governor?
25:26
By God, I mean, we received information. The banks contacted us and said they're not coming to get it. Dr. Ali, I'm present at the meeting with His Excellency the Governor. As soon as
25:35
he came to assume his second position in March 2023, he told them that he would deal with them according to
25:43
the open-door principle. Okay, my door is open.
25:49
To everyone, this is not the truth.
25:54
Rather, some banks have their own reasons.
Our banks are the real problem, and it's difficult to implement.
23:08
Its implementation is within the timeframe set by the company and the Central Bank.
23:13
Zain, therefore, requires discussion and partnership, meaning with the company and
23:21
the Central Bank. They might give another period of three years.
23:27
They might give another period of three years to the Central Bank, depending on what reflects the interest.
23:35
Indeed, implementing the banking reform project, the other aspect, according to your point of view, is increasing capital.
23:44
Within the banking reforms, there must be an increase in capital in the banks. Yes, it must. I mean, weak capital and capital that doesn't cover
23:53
activities and capital that can't do its job. A bank that can't do its job.
24:01
The real thing, which is bank financing, is the real business, not remittances. Foreign Affairs
24:06
Banking is not just about letters of guarantee, deposits, withdrawals, and so on.
24:12
Yes, the real work is financing and financing.
24:17
The wheel of development is the banking sector. Therefore, the issue of capital increases is important and fundamental.
24:27
We have banks that have exceeded 400 so far, and banks
24:34
that have reached 400. This is true. The type of bank, meaning a bank with a special system, has not been subjected to
24:42
penalty. Continue. Continue. Regarding the issue of foreign transfers, we must also separate.
24:50
This means that the company concerned and the Central Bank must separate.
24:55
The Central Bank has also taken these observations into consideration.
25:00
The Central Bank held several meetings and several workshops, and they were daily.
25:08
Throughout this past week, and this week, they are attacking
25:14
banks and attending. The truth is, the Governor, and before that, the Governor met with the banks.
25:21
In private, why do some banks say they're not coming to get it, Mr. Governor?
25:26
By God, I mean, we received information. The banks contacted us and said they're not coming to get it. Dr. Ali, I'm present at the meeting with His Excellency the Governor. As soon as
25:35
he came to assume his second position in March 2023, he told them that he would deal with them according to
25:43
the open-door principle. Okay, my door is open.
25:49
To everyone, this is not the truth.
25:54
Rather, some banks have their own reasons.
26:01
Dr. First Reforms Oliver Wayman Al-Bank Company
26:0
The Central Government is currently pursuing or agreeing with this company to make changes to the required spending system
26:1
In other words, the central bank's cost of investment is the one that forces this cost of entering into reforms
26:1
There is no first agreement for Saar before Sanaa
26:2
I said get a lot of a lot of subscriptions in this real topic
26:3
At the same time, they know which companies are the best way to develop the consumer business
26:3
And translate it, for example, what you say to me, to development and hadith, as the goals of reform
26:4
Compulsory and non-compliant Ustaz Samir's reforms are compulsory expenses no no no other means the central bank costs them how quickly
26:5
No, no, the truth is not necessary according to desire, according to desire
26:5
واللي ما يريد الحقيقه وهو لاقي له يعني (And whoever does not want the truth and he finds it, that is)
27:0
Last direction Last direction Egyptian non-working Last yes
27:0
They may choose to provide information
27:1
I mean, I believe in this subject that the Central Bank does not have to mention me
27:1
The first priest to send the central bank to Sanaa wants to continue
27:2
With Olifer Wan the whole story as the last way Dr. Mustafa in the case that some customers have refused to work with the company
27:3
Olifer believes there is no last way out of this crisis
27:3
Now it is the train that stops the name of the first to tell me what the train is and this train is easy after
27:4
Some object to the existing vertebrae in the amendments or mistakes proposed by the company
27:4
Olifer yes it is the subject of my objection yes I believe it will never be listed earlier
27:5
The central bank is new with the monetary system if you believe this is the way to go
Dr. First Reforms Oliver Wayman Al-Bank Company
26:0
The Central Government is currently pursuing or agreeing with this company to make changes to the required spending system
26:1
In other words, the central bank's cost of investment is the one that forces this cost of entering into reforms
26:1
There is no first agreement for Saar before Sanaa
26:2
I said get a lot of a lot of subscriptions in this real topic
26:3
At the same time, they know which companies are the best way to develop the consumer business
26:3
And translate it, for example, what you say to me, to development and hadith, as the goals of reform
26:4
Compulsory and non-compliant Ustaz Samir's reforms are compulsory expenses no no no other means the central bank costs them how quickly
26:5
No, no, the truth is not necessary according to desire, according to desire
26:5
واللي ما يريد الحقيقه وهو لاقي له يعني (And whoever does not want the truth and he finds it, that is)
27:0
Last direction Last direction Egyptian non-working Last yes
27:0
They may choose to provide information
27:1
I mean, I believe in this subject that the Central Bank does not have to mention me
27:1
The first priest to send the central bank to Sanaa wants to continue
27:2
With Olifer Wan the whole story as the last way Dr. Mustafa in the case that some customers have refused to work with the company
27:3
Olifer believes there is no last way out of this crisis
27:3
Now it is the train that stops the name of the first to tell me what the train is and this train is easy after
27:4
Some object to the existing vertebrae in the amendments or mistakes proposed by the company
27:4
Olifer yes it is the subject of my objection yes I believe it will never be listed earlier
27:5
The central bank is new with the monetary system if you believe this is the way to go
28:04
Okay, there will be a process of understanding, flexibility, and listening to the parties. As a result, their own ethnicities have a fixer.
28:11
The central bank wants the banking system to be in its best condition, and the banking system is theirs.
28:16
The heads of state are respectable people who want to save their banks from a past stage. They understand the goal is one.
28:24
Let's come to the methods of Oliver and Aman. You ask me a question about Oliver and Aman's presence or non-presence.
28:29
He tells you that its presence, of course, but its non-presence means there is no hope. Oliver and Aman are here. This is the giant American advisor who studied the Iraqi market.
28:36
Now he's telling you, "I'm getting the regime out of the sanctions, but let's come to him and he's going to give you a green card until these banks return."
28:43
The truth is, if we've now crossed a certain stage, honestly, some are looking at the issue of euphoria. I think we've crossed a certain stage.
28:48
Okay, let's come. The points of difference, Mr. Samir, are the points of difference. Capital, capital.
28:54
It could be flexible. In the beginning, the banks didn't reach that. I mean, when you first came to do a project, you told them 250 or 100. Now it's 250.
29:03
So whoever tells them 400 may have reasons for capital, despite its right to take different directions, but it's still there.
29:08
Flexibility. What are we talking about? Flexibility in time, flexibility in the capitalization process, transferring shares, etc.
29:15
This is flexibility from the Central Bank. This is a point we're making, in a way we're using. I mean, some sectors.
29:21
If it's banks, commercial sectors, or industrial sectors, they're being warned. For example, we're being warned.
29:27
When will the Central Bank announce these reforms, Mr. Samir? What's the point? 2023 will end at the end of a year and a half.
29:33
The sixth month 2025. Okay, we're also in this regard. For example, there will be an announcement about the dates. There will be reforms.
29:40
In the lunar system, after a year and a half or two, we feel that it will immediately become a wave.
29:47
No wave. The media faced harsh reactions and very large reactions to these institutions. We are surprised.
29:52
We didn't know. We don't know what. Therefore, they are requesting an extension. I am now certain that some banks, some banks, not all banks, there are banks.
30:00
struggling to reach the real banking sector. Some banks don't work now. Even after 50 years, they don't extend their terms every six months.
30:08
Months don't matter, but Doctor. There is a theory that increasing capital does not require a CFO.
30:14
Of course, this kind of ownership. There are two ways to intervene in it. Okay, one way. The doctor said, "Come on, offer shares."
30:21
Yes. They are now buying any bank that offers shares. No one is buying Zain because of the sanctions and restrictions. Zain.
30:26
Zinc, this is the way. If there is, for example, a third party that guarantees, then, for example, it will happen.
30:33
In a dialogue session between the Central Bank, Oliver and Ayman, and between the banks and also the investors, this is what will happen.
30:41
This is why we say there is no need to stir up the Central Bank and the banks. Oliver and those who are responsible now for the process that is...
30:48
Extricating the banking system from sanctions or restrictions. Zain, the issue of capital should be flexible.
30:54
And I believe this is what will happen because, ultimately, it is a goal of prudence, not a goal of trapping the banks or anything.
30:59
The process is clear. Zain, capital should have flexibility in the process. It might be an extension of the period or something. So, what is the result?
Okay, there will be a process of understanding, flexibility, and listening to the parties. As a result, their own ethnicities have a fixer.
28:11
The central bank wants the banking system to be in its best condition, and the banking system is theirs.
28:16
The heads of state are respectable people who want to save their banks from a past stage. They understand the goal is one.
28:24
Let's come to the methods of Oliver and Aman. You ask me a question about Oliver and Aman's presence or non-presence.
28:29
He tells you that its presence, of course, but its non-presence means there is no hope. Oliver and Aman are here. This is the giant American advisor who studied the Iraqi market.
28:36
Now he's telling you, "I'm getting the regime out of the sanctions, but let's come to him and he's going to give you a green card until these banks return."
28:43
The truth is, if we've now crossed a certain stage, honestly, some are looking at the issue of euphoria. I think we've crossed a certain stage.
28:48
Okay, let's come. The points of difference, Mr. Samir, are the points of difference. Capital, capital.
28:54
It could be flexible. In the beginning, the banks didn't reach that. I mean, when you first came to do a project, you told them 250 or 100. Now it's 250.
29:03
So whoever tells them 400 may have reasons for capital, despite its right to take different directions, but it's still there.
29:08
Flexibility. What are we talking about? Flexibility in time, flexibility in the capitalization process, transferring shares, etc.
29:15
This is flexibility from the Central Bank. This is a point we're making, in a way we're using. I mean, some sectors.
29:21
If it's banks, commercial sectors, or industrial sectors, they're being warned. For example, we're being warned.
29:27
When will the Central Bank announce these reforms, Mr. Samir? What's the point? 2023 will end at the end of a year and a half.
29:33
The sixth month 2025. Okay, we're also in this regard. For example, there will be an announcement about the dates. There will be reforms.
29:40
In the lunar system, after a year and a half or two, we feel that it will immediately become a wave.
29:47
No wave. The media faced harsh reactions and very large reactions to these institutions. We are surprised.
29:52
We didn't know. We don't know what. Therefore, they are requesting an extension. I am now certain that some banks, some banks, not all banks, there are banks.
30:00
struggling to reach the real banking sector. Some banks don't work now. Even after 50 years, they don't extend their terms every six months.
30:08
Months don't matter, but Doctor. There is a theory that increasing capital does not require a CFO.
30:14
Of course, this kind of ownership. There are two ways to intervene in it. Okay, one way. The doctor said, "Come on, offer shares."
30:21
Yes. They are now buying any bank that offers shares. No one is buying Zain because of the sanctions and restrictions. Zain.
30:26
Zinc, this is the way. If there is, for example, a third party that guarantees, then, for example, it will happen.
30:33
In a dialogue session between the Central Bank, Oliver and Ayman, and between the banks and also the investors, this is what will happen.
30:41
This is why we say there is no need to stir up the Central Bank and the banks. Oliver and those who are responsible now for the process that is...
30:48
Extricating the banking system from sanctions or restrictions. Zain, the issue of capital should be flexible.
30:54
And I believe this is what will happen because, ultimately, it is a goal of prudence, not a goal of trapping the banks or anything.
30:59
The process is clear. Zain, capital should have flexibility in the process. It might be an extension of the period or something. So, what is the result?
31:06
I believe that sitting at a dialogue table and listening to all parties, and the theory of the family that owns the bank, is a sensitive theory.
31:14
You're talking. Today we're talking about the main financial chief. You bring a real financial chief.
31:21
There's a problem and work. Then we return to the theories of socialism and centralization of money. No, you don't.
31:27
It happens. In other words, as a result, this may be open to discussion. I mean, why, Doctor? Why are some banks different from others? Of course, we focus on the issue of "some."
31:35
Or simply "some." Some banks, frankly, want chaos to continue. They don't want reform.
31:41
Because they're not banks, they're not banks. What is the fault of some people that they should be held accountable for this?
31:46
I agree with the banks. Therefore, we may appear from this now. They object to everything. We've received many calls as media personnel from some. Banks
31:53
Objectors to the reforms in general and in detail. This is not reasonable. No, no, Doctor. The banking system is objecting.
31:59
Objectors to the reforms are objecting to some of the measures, and we mentioned that the capital is a specific amount with specific timing, and this can be addressed with the bank.
32:07
The Central Bank: The Central Bank is a sectoral institution that acts like the father of the banking system. As a result, flexibility is possible, and things proceed.
32:14
This way is fine. As for the objections from some to general measures, for example, because there are banks that are not banks at all.
32:22
There are banks that truly thrive on chaos. Yes, there are banks that take people's money, but there are banks that are
32:28
respectable, respectable people, and as a result, their opinions can be listened to, and things proceed as they are.
32:33
But I believe that the decisive factor in this process is the issue of flexibility or listening. With capital, it remains, but
32:41
This flexibility exists. Who has this flexibility come from? The Central Bank.
32:48
It has flexibility. It has flexibility. The evidence is these meetings attended by His Excellency the Governor with the banks.
32:54
God willing, these meetings will be heard and things will proceed. This reassures us. The banking sector is a doctor.
33:00
Our sector is fine. We are students and brothers. Wherever we work, we work in banks as administrators and economists.
33:06
Fine. Any problem that befalls this sector, we are truly affected. On the contrary, all those concerned with this sector.
33:12
specialists and others. The more the interruption is in a state of recovery, the better. I don't believe that
33:19
that there is anyone against the financial sector in a specific direction, not even the Prime Minister.
33:25
Fine, Yamly, Yamly, the truth is that there is great interest in this position, and we support this issue. We are awaiting a new stage.
33:32
We have passed a new stage. The collapse of the banking system. We are now standing on the threshold of reform.
33:38
Problems are being resolved. Things are moving forward. This is what is required. Umm Tamam, Dr. Sayed Samir. Excuse me. What do we expect?
33:43
After the Oliver and Ayman Company reforms are implemented, what do we expect after two or three years?
33:50
What will the banking system look like? I mean, you?
33:55
Confidence will be restored. For example, the citizen will go to the bank and hammer in their hand.
I believe that sitting at a dialogue table and listening to all parties, and the theory of the family that owns the bank, is a sensitive theory.
31:14
You're talking. Today we're talking about the main financial chief. You bring a real financial chief.
31:21
There's a problem and work. Then we return to the theories of socialism and centralization of money. No, you don't.
31:27
It happens. In other words, as a result, this may be open to discussion. I mean, why, Doctor? Why are some banks different from others? Of course, we focus on the issue of "some."
31:35
Or simply "some." Some banks, frankly, want chaos to continue. They don't want reform.
31:41
Because they're not banks, they're not banks. What is the fault of some people that they should be held accountable for this?
31:46
I agree with the banks. Therefore, we may appear from this now. They object to everything. We've received many calls as media personnel from some. Banks
31:53
Objectors to the reforms in general and in detail. This is not reasonable. No, no, Doctor. The banking system is objecting.
31:59
Objectors to the reforms are objecting to some of the measures, and we mentioned that the capital is a specific amount with specific timing, and this can be addressed with the bank.
32:07
The Central Bank: The Central Bank is a sectoral institution that acts like the father of the banking system. As a result, flexibility is possible, and things proceed.
32:14
This way is fine. As for the objections from some to general measures, for example, because there are banks that are not banks at all.
32:22
There are banks that truly thrive on chaos. Yes, there are banks that take people's money, but there are banks that are
32:28
respectable, respectable people, and as a result, their opinions can be listened to, and things proceed as they are.
32:33
But I believe that the decisive factor in this process is the issue of flexibility or listening. With capital, it remains, but
32:41
This flexibility exists. Who has this flexibility come from? The Central Bank.
32:48
It has flexibility. It has flexibility. The evidence is these meetings attended by His Excellency the Governor with the banks.
32:54
God willing, these meetings will be heard and things will proceed. This reassures us. The banking sector is a doctor.
33:00
Our sector is fine. We are students and brothers. Wherever we work, we work in banks as administrators and economists.
33:06
Fine. Any problem that befalls this sector, we are truly affected. On the contrary, all those concerned with this sector.
33:12
specialists and others. The more the interruption is in a state of recovery, the better. I don't believe that
33:19
that there is anyone against the financial sector in a specific direction, not even the Prime Minister.
33:25
Fine, Yamly, Yamly, the truth is that there is great interest in this position, and we support this issue. We are awaiting a new stage.
33:32
We have passed a new stage. The collapse of the banking system. We are now standing on the threshold of reform.
33:38
Problems are being resolved. Things are moving forward. This is what is required. Umm Tamam, Dr. Sayed Samir. Excuse me. What do we expect?
33:43
After the Oliver and Ayman Company reforms are implemented, what do we expect after two or three years?
33:50
What will the banking system look like? I mean, you?
33:55
Confidence will be restored. For example, the citizen will go to the bank and hammer in their hand.
34:04
The company and the Central Bank studied the challenges before
34:09
setting the goals. Well, the first of these challenges is the lack
34:15
lack of confidence in the banking sector. Lack of confidence, a lack of trust of some kind. That's why I told you that
34:23
the goals are to restore confidence. Yes, yes, after three years, yes, we will return the banking sector to a more active position
34:33
more compliant with international standards, more digitally transformed
34:39
Well, within three years, financial inclusion will also reach a higher level. It's now 40
34:46
We expect it to reach 80, 70
34:53
The Central Bank launched the financial inclusion strategy two months ago
35:00
now, and these are its main goals. So, after these three years,
35:06
we expect a good bank, a good bank, to be able to pay within a year. Even this
35:12
He can recover, he can recover, and he can truly improve his situation.
35:20
It's not three years for all banks. There are good banks that have established things.
35:26
But there's a very important issue, Professor Samir said. I said there's no theory yet, they just live on the dollar.
35:34
This theory is over. Yes, let them think. I mean, let them pay attention exactly. Even if the banking system returns, let's
35:40
learn from this harsh experience. We must engage with society after banking operations. If it's a bank, for example, we don't have problems. But
35:47
Where are your operations, where are your deposits, where are your loans, and where is your investment financing? So even if we pass this
35:52
stage, the banking system must think about banking operations and serving the community.
35:58
One last question, the last question for you, Professor Samir, regarding the Central Bank of Iraq. Decision
36:04
Banking reforms are an irrevocable decision, Mr. Samir. Yes, yes, not just the Central Bank of Iraq.
36:10
I said it's one of the paragraphs of the government's program in Article
36:15
in Axis 12, Financial and Banking Reform, and Paragraph Seven. Paragraph Seven specifies what?
36:22
Reform in government banks. Yes, and two. What is the reform in private banks?
36:29
The truth is, the government has a duty to follow its government program, and the Central Bank is the truth.
36:34
Its duties also include its role as supervisor and monitor of the banking sector.
36:40
By the way, the Central Bank, from a technical standpoint, is responsible
36:46
even for government banks, not just private banks. This is the sectoral body.
36:52
The sectoral body is the responsible body. Therefore, I believe.
36:58
And I assure you, our banks, the truth is yes, and I assure you that all their comments are correct. It is
37:06
Under discussion and study, and God willing, good things will happen. God willing, I thank you very much at the end of this episode.
37:12
Economic and banking advisor Mr. Samir Al-Nusairi for attending and participating with us. Thanks also to the financial affairs researcher
37:18
and banker Dr. Mustafa Akram Hatoush for attending and participating with us in this episode. Dear viewers, we will meet again in another episode of the program
37:24
Dinar. May God keep you safe. Thank you very much.
The company and the Central Bank studied the challenges before
34:09
setting the goals. Well, the first of these challenges is the lack
34:15
lack of confidence in the banking sector. Lack of confidence, a lack of trust of some kind. That's why I told you that
34:23
the goals are to restore confidence. Yes, yes, after three years, yes, we will return the banking sector to a more active position
34:33
more compliant with international standards, more digitally transformed
34:39
Well, within three years, financial inclusion will also reach a higher level. It's now 40
34:46
We expect it to reach 80, 70
34:53
The Central Bank launched the financial inclusion strategy two months ago
35:00
now, and these are its main goals. So, after these three years,
35:06
we expect a good bank, a good bank, to be able to pay within a year. Even this
35:12
He can recover, he can recover, and he can truly improve his situation.
35:20
It's not three years for all banks. There are good banks that have established things.
35:26
But there's a very important issue, Professor Samir said. I said there's no theory yet, they just live on the dollar.
35:34
This theory is over. Yes, let them think. I mean, let them pay attention exactly. Even if the banking system returns, let's
35:40
learn from this harsh experience. We must engage with society after banking operations. If it's a bank, for example, we don't have problems. But
35:47
Where are your operations, where are your deposits, where are your loans, and where is your investment financing? So even if we pass this
35:52
stage, the banking system must think about banking operations and serving the community.
35:58
One last question, the last question for you, Professor Samir, regarding the Central Bank of Iraq. Decision
36:04
Banking reforms are an irrevocable decision, Mr. Samir. Yes, yes, not just the Central Bank of Iraq.
36:10
I said it's one of the paragraphs of the government's program in Article
36:15
in Axis 12, Financial and Banking Reform, and Paragraph Seven. Paragraph Seven specifies what?
36:22
Reform in government banks. Yes, and two. What is the reform in private banks?
36:29
The truth is, the government has a duty to follow its government program, and the Central Bank is the truth.
36:34
Its duties also include its role as supervisor and monitor of the banking sector.
36:40
By the way, the Central Bank, from a technical standpoint, is responsible
36:46
even for government banks, not just private banks. This is the sectoral body.
36:52
The sectoral body is the responsible body. Therefore, I believe.
36:58
And I assure you, our banks, the truth is yes, and I assure you that all their comments are correct. It is
37:06
Under discussion and study, and God willing, good things will happen. God willing, I thank you very much at the end of this episode.
37:12
Economic and banking advisor Mr. Samir Al-Nusairi for attending and participating with us. Thanks also to the financial affairs researcher
37:18
and banker Dr. Mustafa Akram Hatoush for attending and participating with us in this episode. Dear viewers, we will meet again in another episode of the program
37:24
Dinar. May God keep you safe. Thank you very much.
The other article that has the video of the old neighborhood around the new high rise buildings
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