Tuesday 10 December 2019
Baghdad / Mustafa al-Hashemi
The current stage requires the enhancement of financial inclusion, especially after the implementation of the employee localization program, by the central bank, which would provide a greater part of their welfare through the adoption of expanded mechanisms for other financing programs for all companies operating in the country.
The salary settlement project aims to pay the salaries of state employees through cards issued by banks operating in Iraq in order to reduce the total cost of the process of paying salaries and retaining cash within the banking system. The benefit of workers is that they have a bank account that enables them to deal with all ATMs and points of sale in the country And outside it, as well as taking advantage of all other banking services provided by banks such as obtaining loans and others.
In this regard, the economic academic, Dr. Issam Al-Mahawili, called on local and international companies operating in Iraq to “invent their own financing system in cooperation with Iraqi banks and in coordination with the Central Bank, in order to achieve mutual benefit between the public and companies at the end of
Whether. ”Al-Mahawili said in an interview with“ Al-Sabah ”: The mutual benefit is the citizen obtaining the goods or cars and devices that he wants to buy on favorable terms of payment, while the benefit of companies is to achieve greater sales through special financing programs.
It out. ”
“Financing programs are characterized by flexible solutions to purchase cars or devices and products that suit individuals and companies alike, as they offer flexible options to pay loans or advances at fixed interest rates, along with quick and easy procedures for submitting applications, as well as the need for no early termination fees.” Or unsealed
It is noteworthy that the use of cards provides security advantages instead of keeping cash, so the strategy of the Central Bank in creating a safe competitive environment for banks to present their offers, and that the employee has the right to choose the bank according to the best financial and banking services and the most appropriate prices.
Al-Mahawili continued, “The current stage requires taking part in such competitions provided by financing programs that, whenever they are on favorable terms, increase the public’s appetite for enjoyment.”
With its advantages. ”
He pointed out that “there is a group of companies belonging to the private sector, which are related to the auto trade, adopting a financing system in cooperation with government banks, to facilitate the sale of their products to employees or low-income people, and that this system is in place in several countries in the world.”
He emphasized that “financing programs also come to improve the company’s liquidity, cover certain expenses, or plan for business growth, as banks offer various financing programs that help companies achieve goals and reach the highest sales of their products.”
Al-Mahawili pointed out that “Asset Financing assists in the purchase of equipment and vehicles, as it is one of the financing solutions for purchasing them according to a payment schedule designed according to the liquidity flows of the applicant of this type of financing.”
He stated that “there are other types of financing programs such as real estate finance, project financing, and contracting company financing that companies operating in Iraq can adopt and adopt as one of the means to expand financial inclusion
To the citizens. ”