Amazing Growth of Iraqi Private Banks in 2016

The Iraqi Private Banks Association issued a statement on Monday regarding the achievements of Iraqi private banks operating in the country. The statement indicated that Iraqi private banks are operating with the capital of more than 8 trillion Iraqi dinars. This amount shows an increase of 15% as compared to the last year’s growth. It was also said that Iraqi private banks are covering at least 78% of the entire banking sector in Iraq. The executive director of the private banks association, Ali Tariq said in a press statement that there are 55 private banks & financial institutions trading in Iraq, including investment & financing, Islamic banks, foreign banks and branches of Arab banks. The entire capital of all Iraqi private banks is estimated at more than 8 trillion Iraqi dinars with an increase of 15 percent from previous year.

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He further added that current achievement of 15% increase has been considered a positive sign towards the improvement in the Iraqi private banking sector. He stressed that it is expected that capital including money & assets would go up in the year 2017 with a handsome amount of growth rate in collaboration and coordination with the Iraqi Central Bank. He added that a number of Islamic banks have shown their progress by offering various banking products & services in the year 2016 to provide an ease for Iraqi people. He also predicted that there would be a significant amount of increase in the number of open accounts in private banks. These accounts are regarding the project of resettlement of salaries for civil servants. The growing interest from the Iraqi citizens in getting electronic payment cards from iraqi private banks has been considered a positive step in bringing more Iraqi people in the network of Iraqi private banks to avail private banking services.

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