Law of Banks, Iraqi Constitution
Instructions:
Based on provisions of clause (1) of article (104) of the Law of the Banks, No.94, 2004, we have issued the following instructions:
No.4, 2004 Instructions Facilitate the implementation of the Laws of the Banks No.4, 2004 Chapter One Granting permittions and licenses to Banks and nonbank financial institutions
Article -1-
The expressions that used for the purposes of these instructions are explained below:
First: Permission: Authorization document issued by The Central Bank of Iraq for the banks and nonbank financial institutions according to provisions of article (4) of the Law of the Banks.
Second: License: Authorization document issued by the Central Bank of Iraq for practicing banking activities in Iraq issued by the foreign banks branches of The Central Bank of Iraq or for practicing limited activities for the representative offices of the Foreign banks in Iraq according to provisions of article (4) of the Law of the Banks.
Article -2-
First: The Central Bank of Iraq permits any local bank or nonbank moneyed corporation and licenses any branch of foreign banks or opening representative offices for them.
Second: Permission and license are granted by the Central Bank of Iraq for an indefinite period and may not be converted to others than those who are awarded only after practicing the work in accordance with the law.
Third: Permission and license are granted exclusively to the companies that established in accordance with law.
Fourth: Permission and license are issued in accordance with the conditions that the Central Bank of Iraq specified and subject to any conditions that the bank issues later.
Fifth: License will not be granted to the foreign banks only if they are subjected to the control of the supervisory authority in the country that the headquarters is located.
Sixth: An application for permission and license needs to be proposed in writing and attached with all the required
Based on provisions of clause (1) of article (104) of the Law of the Banks, No.94, 2004, we have issued the following instructions:
No.4, 2004 Instructions Facilitate the implementation of the Laws of the Banks No.4, 2004 Chapter One Granting permittions and licenses to Banks and nonbank financial institutions
Article -1-
The expressions that used for the purposes of these instructions are explained below:
First: Permission: Authorization document issued by The Central Bank of Iraq for the banks and nonbank financial institutions according to provisions of article (4) of the Law of the Banks.
Second: License: Authorization document issued by the Central Bank of Iraq for practicing banking activities in Iraq issued by the foreign banks branches of The Central Bank of Iraq or for practicing limited activities for the representative offices of the Foreign banks in Iraq according to provisions of article (4) of the Law of the Banks.
Article -2-
First: The Central Bank of Iraq permits any local bank or nonbank moneyed corporation and licenses any branch of foreign banks or opening representative offices for them.
Second: Permission and license are granted by the Central Bank of Iraq for an indefinite period and may not be converted to others than those who are awarded only after practicing the work in accordance with the law.
Third: Permission and license are granted exclusively to the companies that established in accordance with law.
Fourth: Permission and license are issued in accordance with the conditions that the Central Bank of Iraq specified and subject to any conditions that the bank issues later.
Fifth: License will not be granted to the foreign banks only if they are subjected to the control of the supervisory authority in the country that the headquarters is located.
Sixth: An application for permission and license needs to be proposed in writing and attached with all the required