The Legal and Regulatory Framework for Microfinance in Iraq

A well-functioning and inclusive financial sector is critical for efficient resource allocation leading to increased productivity, greater investment, higher overall levels of economic growth, and lower inequality. This is particularly critical in Iraq, where years of political instability and violence have impeded the development of a robust private sector. Microfinance services in Iraq are still nascent and far from meeting their full potential. This diagnostic report aims to present the microfinance landscape in Iraq, its legal and regulatory framework, and potential policy improvements to enhance the operating environment. It aims to inform public and private sector stakeholders on the regulations and laws affecting the development and strategic direction of the microfinance sector. The policy recommendations presented are designed to address factors preventing greater growth and outreach, with the goal of promoting inclusive financial sector development in Iraq.

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Bibliographic Details
Main Authors: Abdel Aziz, Teymour, Abbassi, Alaa, Chehade, Nadine, Lauer, Kate
Format: Working Paper biblioteca
Language:English
en_US
Published: World Bank, Washington, DC 2015-07
Subjects:LOAN PROCESSING TIME, MONETARY POLICY, FINANCIAL SERVICES, ECONOMIC GROWTH, DEPOSITS, PAYMENT SERVICE, MONEY LAUNDERING, FINANCING, PAYMENT OBLIGATIONS, MICRO-ENTERPRISES, INTEREST, TRADE CREDITS, MICRO-LENDING, GOVERNMENT FUNDING, PRIVATE CREDIT, INSURANCE SERVICES, FAIR LENDING, ENTREPRENEURS, INEQUALITIES, REVENUES, FORMAL FINANCIAL SECTOR, MONEY TRANSFER, CAPITAL STRUCTURE, RISK OF LOSS, CAPITAL ADEQUACY, INFORMATION SHARING, CAPACITY BUILDING, LOAN, CREDITWORTHINESS, LOAN AMOUNT, REPAYMENT PERIOD, BORROWERS, PAYMENTS, LOAN CONTRACT, DEBT BURDEN, MFIS, FUNDING SOURCES, ECONOMIC ACTIVITY, EQUITY REQUIREMENTS, LOAN DOCUMENTATION, INDEBTEDNESS, FINANCIAL INSTITUTION, COMMERCIAL BANK, BANK ASSETS, CURRENT ACCOUNT, OPERATIONAL COSTS, FOREIGN CURRENCIES, FINANCIAL INSTITUTIONS, PAYMENT, DEBT, TRANSPARENT MARKET, ENTERPRISES, BANK CREDIT, RESERVE REQUIREMENT, DONOR SUPPORT, LOAN TERMS, BANKS, LOAN DELINQUENCY, FORMAL FINANCIAL INSTITUTION, MOVABLE COLLATERAL, CAPITAL, GOVERNMENT INTERVENTIONS, OVERDRAFT, ACCESS TO FINANCE, CONVENTIONAL BANK, BANK, MAXIMUM LOAN AMOUNT, FOREIGN INVESTMENT, HOUSEHOLD, CREDIT INFORMATION, FINANCIAL SERVICE PROVIDERS, LOAN PORTFOLIO, INFORMAL LENDER, FINANCE COMPANY, SECURITIES, MICROCREDIT, CREDIT RISK, PROFITABILITY, CONVENTIONAL FINANCIAL INSTITUTIONS, MICROFINANCE, ECONOMIC DEVELOPMENT, LOAN RECOVERY, BANK LOAN, FINANCIAL SERVICES PROVIDERS, ECONOMIES OF SCALE, SOURCES OF FUNDS, COMMERCIAL BANKS, HOUSEHOLDS, LOAN SIZE, CAPITAL REQUIREMENT, EMPLOYEE, FINANCIAL REGULATOR, LOAN AMOUNTS, LOAN PROCESSING, TERMS OF LOAN, FEES, COOPERATIVE, CREDIT LINES, FINANCIAL SECTOR DEVELOPMENT, CASH FLOW, CREDIT REGISTRY, INCOME -GENERATING PROJECT, EMPLOYEES, MFI, MICROFINANCE INSTITUTION, DEPOSIT, PEOPLE, INCOME- GENERATING PROJECT, INFORMATION SYSTEM, DEVELOPMENT CENTER, GUARANTEES, FINANCE COMPANIES, LOAN PROVISIONING, INTEREST RATE, STOCK MARKET, BANKING SYSTEM, INCOME GROUP, FINANCIAL RESOURCES, SOURCES OF CREDIT, SOCIAL RESPONSIBILITY, GUARANTORS, WELFARE, INSURANCE POLICIES, INCOME TAX, SAVING, CURRENT ACCOUNTS, FOREIGN INVESTMENTS, LENDER, MICROFINANCE INSTITUTIONS, PUBLIC CREDIT, ACCESS TO FINANCIAL SERVICES, ANTI-MONEY LAUNDERING, BUSINESS LOANS, CREDITS, SAVINGS, SOURCE OF CREDIT, ACCESS TO FINANCING, CREDIT BUREAUS, PUBLIC FUNDS, USURY, TAX EXEMPTIONS, FINANCIAL COSTS, CREDIT SCORES, INTEREST RATES, PRIVATE INVESTMENT, CAPITAL REQUIREMENTS, LENDERS, POSTAL SAVING, ACCOUNTS RECEIVABLE, BANKERS, LOANS, FINANCIAL SYSTEM, INSURANCE POLICY, REAL ESTATE, FINANCE, FOREIGN CURRENCY, FREE LOANS, UNEMPLOYMENT, COLLATERAL REQUIREMENTS, EQUITY, GRANT, INCOME-GENERATING PROJECTS, OPERATING COSTS, SMALL ENTERPRISES, CREDIT PROVIDERS, DONOR RESOURCES, FAMILY, CREDIT, FORMAL FINANCIAL SERVICES, LOAN PROGRAM, WORKING CAPITAL, DOCUMENTATION REQUIREMENTS, REPAYMENT, REPAYMENT RATES, ENTERPRISE, PROPERTIES, CUSTOMER RELATIONSHIP, CREDIT REPORTING, LEGAL REQUIREMENT, BALANCE SHEET, FINANCIAL SERVICE, CREDIT BUREAU, CREDIT REPORT, CREDIT INFORMATION SYSTEM, ACCESS TO CREDIT, LOW-INCOME CONSUMERS, MICRO- ENTERPRISES, INTERESTS, PROVIDERS OF CREDIT, SECURITY, BANK LOANS, CONVENTIONAL BANKS, INVESTMENT, LOAN PORTFOLIOS, BALANCE SHEETS, COLLATERAL, BORROWINGS, REVENUE, COMMERCIAL LENDING, BORROWING, INVESTMENTS, LOAN CONTRACTS, RISK MANAGEMENT, HOUSEHOLD WELFARE, UNFAIR COMPETITION, EXCHANGE RATE, WOMEN, OUTREACH, DONOR FUNDING, INFORMATION GAP, WHOLESALE FUNDING, MONEY TRANSFERS, SMALL BUSINESSES, GUARANTEE, CONSUMER PROTECTION, FEMALE BORROWERS, INEQUALITY,
Online Access:http://documents.worldbank.org/curated/en/2015/07/25751290/legal-regulatory-framework-microfinance-iraq
https://hdl.handle.net/10986/23686
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