Publication:
The Legal and Regulatory Framework for Microfinance in Iraq

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dc.contributor.authorWorld Bank Group
dc.date.accessioned2015-04-08T21:44:25Z
dc.date.available2015-04-08T21:44:25Z
dc.date.issued2014-10
dc.description.abstractOver the past few years, Microfinance Institutions (MFIs) in Iraq have emerged as credible sources of financing for low-income households and entrepreneurs, both underserved by conventional banks. Microfinance services in Iraq, however, are still nascent and far from meeting their full potential. Similar to many countries in the MENA region, MFIs in Iraq were set up as non-governmental organizations (NGOs) supported by a steady influx of donor funding. While these NGOs were initially able to grow through donor support, they are now struggling to meet increasing client demand as donor resources have dwindled, preventing them from making the necessary investments in capital and infrastructure to meet growing client demand. Many countries address this funding challenge by allowing institutions to provide financial services as companies or banks, helping them raise capital, provide new services, and increase their outreach in a sustainable manner. A similar path could be envisioned in Iraq, but is currently obstructed by regulatory hurdles. This diagnostic report aims to present and assess the current microfinance landscape in Iraq, including the legal and regulatory framework, recommend policy improvements to enhance the sustainability and operating environment for MFIs and their clients. This report argues that the current legal and regulatory environment for microfinance in Iraq hinders the growth and sustainability of the sector and furthermore advocates several short and medium term policy recommendations to enhance the overall operating environment for MFIs, the sustainability of the sector, and impact for clients.en
dc.identifierhttp://documents.worldbank.org/curated/en/2014/10/24082302/legal-regulatory-framework-microfinance-iraq
dc.identifier.doi10.1596/21713
dc.identifier.urihttps://hdl.handle.net/10986/21713
dc.languageEnglish
dc.language.isoen_US
dc.publisherWashington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCESS TO CREDIT
dc.subjectACCESS TO FINANCE
dc.subjectACCESS TO FINANCIAL SERVICES
dc.subjectACCESS TO FINANCING
dc.subjectACCOUNTS RECEIVABLE
dc.subjectAFFILIATES
dc.subjectANTI-MONEY LAUNDERING
dc.subjectAUDITING
dc.subjectBALANCE SHEET
dc.subjectBALANCE SHEETS
dc.subjectBANK ASSETS
dc.subjectBANK CREDIT
dc.subjectBANK GUARANTEES
dc.subjectBANK LOAN
dc.subjectBANK LOANS
dc.subjectBANKING LAW
dc.subjectBANKING SECTOR
dc.subjectBANKING SYSTEM
dc.subjectBORROWING
dc.subjectBORROWINGS
dc.subjectBUSINESS LOANS
dc.subjectCAPACITY BUILDING
dc.subjectCAPITAL ADEQUACY
dc.subjectCAPITAL REQUIREMENT
dc.subjectCAPITAL REQUIREMENTS
dc.subjectCAPITAL STRUCTURE
dc.subjectCASH FLOW
dc.subjectCENTRAL BANKS
dc.subjectCOLLATERAL
dc.subjectCOLLATERAL REQUIREMENTS
dc.subjectCOMMERCIAL BANK
dc.subjectCOMMERCIAL BANKS
dc.subjectCOMMERCIAL LENDING
dc.subjectCONSOLIDATED FINANCIAL STATEMENTS
dc.subjectCONSUMER PROTECTION
dc.subjectCONTRACT ENFORCEMENT
dc.subjectCONVENTIONAL BANK
dc.subjectCONVENTIONAL BANKS
dc.subjectCONVENTIONAL FINANCIAL INSTITUTIONS
dc.subjectCOUNTRY COMPARISONS
dc.subjectCREDIT BUREAU
dc.subjectCREDIT BUREAUS
dc.subjectCREDIT INFORMATION
dc.subjectCREDIT INFORMATION SYSTEM
dc.subjectCREDIT LINES
dc.subjectCREDIT PROVIDERS
dc.subjectCREDIT REGISTRY
dc.subjectCREDIT REPORT
dc.subjectCREDIT REPORTING
dc.subjectCREDIT RISK
dc.subjectCREDIT SCORES
dc.subjectCREDITS
dc.subjectCREDITWORTHINESS
dc.subjectCURRENT ACCOUNT
dc.subjectCURRENT ACCOUNTS
dc.subjectCUSTOMER RELATIONSHIP
dc.subjectDEBT
dc.subjectDEBT BURDEN
dc.subjectDEPOSIT
dc.subjectDEPOSITS
dc.subjectDEVELOPMENT CENTER
dc.subjectDOCUMENTATION REQUIREMENTS
dc.subjectDONOR FUNDING
dc.subjectDONOR RESOURCES
dc.subjectDONOR SUPPORT
dc.subjectECONOMIC ACTIVITY
dc.subjectECONOMIC DEVELOPMENT
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIES OF SCALE
dc.subjectEMPLOYEE
dc.subjectEMPLOYER
dc.subjectEMPLOYERS
dc.subjectENTREPRENEURS
dc.subjectEQUITY REQUIREMENTS
dc.subjectEUROPEAN CENTRAL BANK
dc.subjectEXCHANGE RATE
dc.subjectEXTERNAL AUDITORS
dc.subjectFAIR LENDING
dc.subjectFINANCE COMPANIES
dc.subjectFINANCE COMPANY
dc.subjectFINANCIAL COSTS
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL LEASING
dc.subjectFINANCIAL PERFORMANCE
dc.subjectFINANCIAL REGULATOR
dc.subjectFINANCIAL RESOURCES
dc.subjectFINANCIAL SECTOR DEVELOPMENT
dc.subjectFINANCIAL SERVICE
dc.subjectFINANCIAL SERVICE PROVIDERS
dc.subjectFINANCIAL SERVICES PROVIDERS
dc.subjectFINANCIAL SYSTEM
dc.subjectFINANCIAL TRANSACTIONS
dc.subjectFOREIGN ASSETS
dc.subjectFOREIGN BANKS
dc.subjectFOREIGN CURRENCIES
dc.subjectFOREIGN CURRENCY
dc.subjectFOREIGN EXCHANGE
dc.subjectFOREIGN INVESTMENT
dc.subjectFOREIGN INVESTMENTS
dc.subjectFORMAL FINANCIAL INSTITUTION
dc.subjectFORMAL FINANCIAL SECTOR
dc.subjectFORMAL FINANCIAL SERVICES
dc.subjectFREE LOANS
dc.subjectFUNDING SOURCES
dc.subjectGOVERNMENT FUNDING
dc.subjectGOVERNMENT INTERVENTION
dc.subjectGUARANTORS
dc.subjectHOUSEHOLD WELFARE
dc.subjectHOUSEHOLDS
dc.subjectHOUSING LOANS
dc.subjectINCOME GROUP
dc.subjectINCOME STATEMENTS
dc.subjectINCOME TAX
dc.subjectINCOME-GENERATING PROJECT
dc.subjectINCOME-GENERATING PROJECTS
dc.subjectINDEBTEDNESS
dc.subjectINEQUALITIES
dc.subjectINEQUALITY
dc.subjectINFORMATION GAP
dc.subjectINFORMATION SHARING
dc.subjectINSIDER LENDING
dc.subjectINSURANCE
dc.subjectINSURANCE POLICY
dc.subjectINSURANCE SERVICES
dc.subjectINTEREST RATE
dc.subjectINTEREST RATES
dc.subjectINVENTORY
dc.subjectLAWS
dc.subjectLEGAL FRAMEWORK
dc.subjectLEGAL PROVISION
dc.subjectLEGAL REQUIREMENT
dc.subjectLEGISLATION
dc.subjectLENDERS
dc.subjectLEVEL PLAYING FIELD
dc.subjectLIQUID ASSETS
dc.subjectLOAN
dc.subjectLOAN AMOUNT
dc.subjectLOAN AMOUNTS
dc.subjectLOAN CLASSIFICATION
dc.subjectLOAN CONTRACT
dc.subjectLOAN CONTRACTS
dc.subjectLOAN DELINQUENCY
dc.subjectLOAN DOCUMENTATION
dc.subjectLOAN PORTFOLIO
dc.subjectLOAN PORTFOLIOS
dc.subjectLOAN PROCESSING
dc.subjectLOAN PROCESSING TIME
dc.subjectLOAN PROGRAM
dc.subjectLOAN PROVISIONING
dc.subjectLOAN RECOVERY
dc.subjectLOAN SIZE
dc.subjectLOAN TERMS
dc.subjectLOW-INCOME CONSUMERS
dc.subjectMARKET VALUE
dc.subjectMAXIMUM LOAN AMOUNT
dc.subjectMFI
dc.subjectMFIS
dc.subjectMICRO-ENTERPRISES
dc.subjectMICRO-LENDING
dc.subjectMICROCREDIT
dc.subjectMICROFINANCE
dc.subjectMICROFINANCE INSTITUTION
dc.subjectMICROFINANCE INSTITUTIONS
dc.subjectMONETARY POLICY
dc.subjectMONEY LAUNDERING
dc.subjectMONEY TRANSFER
dc.subjectMONEY TRANSFERS
dc.subjectMOVABLE COLLATERAL
dc.subjectNEW ENTRANTS
dc.subjectOPERATING COSTS
dc.subjectOPERATIONAL COSTS
dc.subjectOUTREACH
dc.subjectOVERDRAFT
dc.subjectPAYMENT OBLIGATIONS
dc.subjectPAYMENT SERVICE
dc.subjectPOSTAL SAVING
dc.subjectPRIVATE BANKS
dc.subjectPRIVATE CREDIT
dc.subjectPRIVATE INVESTMENT
dc.subjectPRIVATE LENDER
dc.subjectPRODUCTIVITY
dc.subjectPROFITABILITY
dc.subjectPROPENSITY TO SAVE
dc.subjectPROVIDERS OF CREDIT
dc.subjectPRUDENTIAL REGULATIONS
dc.subjectPRUDENTIAL REQUIREMENTS
dc.subjectPUBLIC CREDIT
dc.subjectPUBLIC FUNDS
dc.subjectREAL ESTATE
dc.subjectREGULATORY FRAMEWORK
dc.subjectREPAYMENT
dc.subjectREPAYMENT PERIOD
dc.subjectREPAYMENT RATES
dc.subjectRESERVE REQUIREMENT
dc.subjectRESOURCE ALLOCATION
dc.subjectRISK MANAGEMENT
dc.subjectRISK OF LOSS
dc.subjectSAVINGS
dc.subjectSAVINGS BEHAVIOR
dc.subjectSECURITIES
dc.subjectSMALL BUSINESSES
dc.subjectSMALL ENTERPRISES
dc.subjectSOCIAL RESPONSIBILITY
dc.subjectSOURCE OF CREDIT
dc.subjectSOURCES OF CREDIT
dc.subjectSOURCES OF FUNDS
dc.subjectSTOCK MARKET
dc.subjectSUBSIDIARIES
dc.subjectTAX EXEMPTIONS
dc.subjectTERMS OF LOAN
dc.subjectTRADE CREDITS
dc.subjectTRADE VOLUME
dc.subjectTRANSPARENT MARKET
dc.subjectUNEMPLOYMENT
dc.subjectUNFAIR COMPETITION
dc.subjectURBAN AREAS
dc.subjectUSURY
dc.subjectWHOLESALE FUNDING
dc.subjectWOMAN
dc.subjectWORKING CAPITAL
dc.titleThe Legal and Regulatory Framework for Microfinance in Iraqen
dc.typeReporten
dc.typeRapportfr
dc.typeInformees
dspace.entity.typePublication
okr.date.disclosure2015-03-03
okr.date.doiregistration2025-05-05T12:07:57.839556Z
okr.doctypePublications & Research
okr.doctypePublications & Research::Working Paper
okr.docurlhttp://documents.worldbank.org/curated/en/2014/10/24082302/legal-regulatory-framework-microfinance-iraq
okr.globalpracticeFinance and Markets
okr.guid697491468043159039
okr.identifier.externaldocumentum000442464_20150303105741
okr.identifier.internaldocumentum24082302
okr.identifier.report91964
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2015/03/03/000442464_20150303105741/Rendered/PDF/919640REVISED00eport000090914000EN.pdfen
okr.region.administrativeMiddle East and North Africa
okr.region.countryIraq
okr.sectorFinance :: Micro- and SME finance
okr.themeFinancial and private sector development :: Regulation and competition policy
okr.themeFinancial and private sector development :: Small and medium enterprise support
okr.themeFinancial and private sector development :: State enterprise/bank restructuring and privatization
okr.topicFinance and Financial Sector Development::Access to Finance
okr.topicBanks and Banking Reform
okr.topicPrivate Sector Development::Emerging Markets
okr.topicFinance and Financial Sector Development::Bankruptcy and Resolution of Financial Distress
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicFinance and Financial Sector Development::Microfinance
okr.unitTrade & Compet - GP - IBRD (GTCDR)
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