Legal Regulation of Iraqi Bank Deposit Guarantee Company

Mohammed Omer Ali Al-Jaf
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Mohammed Omer Ali Al-Jaf: Department of Law, University of Garmian, Kurdistan-Iraq. & Ph.D. candidate at Ahmad Ibrahim Kulliyyah of Laws, International Islamic University Malaysia

International Journal of Science and Business, 2021, vol. 5, issue 5, 110-119

Abstract: This is a doctrinal study into identifying the position of the Iraqi banking system in terms of protection of the rights of the depositors as well as identifying the provisions of guarantee for depositors in the event the banks declare bankruptcy. This paper illustrates bank deposit guarantee in Iraq. it focuses on the Iraq Regulation no 33 of 2016 where it specifies the Iraqi company named Iraqi Deposit Insurance Company (IDIC). This company is established as the juridical company; The main purpose of this company is related to its very importance as they must do its business properly in compensating the depositor. The findings of this study show that the Iraqi banking system in the purview of guaranteeing the rights of depositors are inadequate and need major reforms. The paper concludes with recommendations for the Iraqi legislators on the necessary needed enactments required to remedy the issues. This research will contribute to the much needed literature in the Iraqi banking system. Furthermore, the findings of this paper can be extrapolated in regard to consumer protection and bank guarantees in emerging economies.

Keywords: Bank deposit guarantee; Iraqi depositor; compensation for depositors; depositors (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (1)

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