The law applicable to foreign banks in Iraq

  • Assist. Lect. Raghad Thabet Abd al-Azzawi Tikrit University

Abstract

Foreign banks have a major role in the development of economic policy and the national economy of countries by creating legitimate competition with local banks and providing the necessary cash to finance investment projects. Foreign banks are characterized by several characteristics, including their geographical spread, diversity, integration, large size, capital, and monopolistic nature. Also, the presence of foreign banks has several negatives, but on the other hand, there are positives due to their presence within the local banking sector, and by looking at the historical development of foreign banks in Iraq, we find that they were established Before the local Iraqi banks, Iraqi laws permitted the presence of foreign banks in it, the latest of which was the Iraqi Banking Law No. 94 of 2004, but what is taken from the Iraqi legislator is that it did not provide a special definition for foreign banks, but it included a special chapter for granting licenses to foreign banks in addition to local banks, just as foreign banks Subject to Iraqi law if it commences its main activity in, In addition, the Banking Law expressly indicated that they are subject to Iraqi laws, just as local banks.

Published
Nov 8, 2022
How to Cite
ABD AL-AZZAWI, Assist. Lect. Raghad Thabet. The law applicable to foreign banks in Iraq. Tikrit University Journal for Rights - مجلة جامعة تكريت للحقوق, [S.l.], v. 6, n. 4, p. 438-456, nov. 2022. ISSN 2663-8983. Available at: <http://tujr.tu.edu.iq/index.php/t/article/view/831>. Date accessed: 05 dec. 2022. doi: http://dx.doi.org/10.25130/rights.v6i4.831.