Research studies

Analysis of the relative importance of time deposits from total deposits and their contribution to cash credit and ways to activate them for the period (2011-2020)


Prepared by the researcher :

  1. Sura Rafeeq abdulalrazaq – Imam Al-Kadhum College (IKC)
  2. Prof. Dr. Hassan Karim Hamza – Mazaya College of Ahlia University
  3. Dr. Wissam Nehme Jaafar – University of Kufa / College of Administration and Economics

Democratic Arab Center

International Journal of Economic Studies : Twenty-fifth Issue – May 2023

A Periodical International Journal published by the “Democratic Arab Center” Germany – Berlin

Nationales ISSN-Zentrum für Deutschland
ISSN  2569-7366
International Journal of Economic Studies
To download the pdf version of the research papers, please visit the following link


 The importance of the research is evident because of the role played by the banking sector in financial intermediation, mobilization of savings and granting credit and is based on the importance of time deposits in the credit granted by the banking sectors, and in this regard the research seeks to highlight the effectiveness of banks in performing their role in the economy through their ability to attract deposits of various kinds and grant credit, time deposits are the most important for banks in exercising their developmental role as they give the bank an appropriate opportunity to invest in the medium and long term,    Where the banking sector was adopted as a society and a sample for the research and for the period (2011-2020), the theoretical framework of the research title was reviewed, as well as analyzing the reality of the development of different types of deposits with a focus on time deposits, The research was based on the premise that first occupies time deposits of low relative importance of total deposits and in granting cash credit, and the research also reached a result that the relative importance of the contribution of time deposits among other types and recommended the study of the need to develop strategies to attract time deposits by the management of banks and the monetary authority through the adoption of policies and promotional offers for it.   

Keywords: Bank deposit, time deposits, cash credit, promotions.


The banking sector is one of the vital sectors in any economy, it is the main source of financing operations by providing many financial and banking services through mediation between investors and savers, especially in light of the rapid and successive developments witnessed by the banking sector to develop its role from the mediator to comprehensive banking as well as mobilizing the necessary savings and granting the necessary credit to finance various investments,  Hence, it is the common denominator of any economic development and can not occur without the presence of the banking sector, and banks are financial banking institutions whose main function is to accept deposits of various kinds and grant credit as well in order to achieve the goals of development and support the economy, which requires the Iraqi banking industry in particular to have the ability to keep pace with developments and exercise its role through a scientific study of what can be adopted by Iraqi banks of the means to develop their deposits  where deposits constitute the basic source of the bank’s funds and they act as (lifeline), especially time deposits subject research, which is distinguished from other types of deposits for what they give to the bank by the opportunity for medium and long maturity to invest and not claim them, so the research came to highlight the importance of that type of deposit and the extent of its contribution to the most important banking operations (cash credit), , the research was divided into three main sections,  The first section dealt with a theoretical framework, while the second dealt with an analysis of the movement of bank deposits with a focus on time deposits, while the third section focused on ways to stimulate time deposits in the banking sector, and the research concluded with the conclusions reached by the researchers, which were built upon a set of important recommendations to improve the Iraqi banking reality.

First: The importance of research:

The importance of the research stems from the importance of the banking sector in achieving the economic and social growth of the country, advancing the economy and stimulating markets by granting cash credit because deposits are one of the most important sources of financing for commercial banks, and less expensive than the rest of the sources of financing, so the importance of the research is evident in clarifying the role of time deposits in supporting the credit capacity of the bank and its impact on its activity and clarifying the classification of bank deposits and indicating strategies to attract deposits, especially the time ones,  Therefore, the researchers found it important to identify the extent to which depositors in Iraqi banks respond to this type of deposits, and most importantly, what are the repercussions of this type of deposits in banking investment from cash credit and financial investments.

Second: Research Problem:

Deposits are one of the most important sources of financing for commercial banks and their main tributary, and they have a major role in providing the necessary liquidity for banking investment, which includes granting cash credit (loans and advances) in addition to other types, time deposits are the most important for banks as they carry medium-term terms that give banks more opportunity than others to dispose of them in various fields, and for this, the research problem came with the following questions:

1- The contribution of time deposits to the total deposits and cash credit granted by commercial banks?

2- What are the signs of stimulation by banks?

Third: Research Objectives:

The research seeks to achieve several objectives, the most important of which are:

1- Analysis of the movement of bank deposits of all kinds as well as their contribution to cash credit

2- Identify some strategies to stimulate deposits, especially temporal ones.

Fourth: Research Hypotheses:

The research hypothesis was determined as follows:

1- Time deposits occupy weak relative importance among other forms of deposits, as well as in granting cash credit.

2_ Commercial banks have many strategies to stimulate the relative importance of time deposits

First: The concept of bank deposit:

The deposit can be seen as the money entrusted by persons and bodies to the bank, provided that the bank undertakes to return it to them or refund an equal amount upon request, and on the terms agreed upon, and the bank may also be obligated to pay interest on the value of the deposit, the process of bank deposit means that the customer keeps what he has of money in the bank to be used in his payments and settle his financial transactions according to specific conditions,( Al Jabouri,2020)  A deposit with the bank acts as a type of loan credit granted by the depositor to the bank and its acceptance by the bank means its obligation to the owner to pay any amount in the form of legal money according to the conditions (Sanhouri, 2013: 63).

Second: Classification of bank deposits:

Deposit classifications vary according to the criteria used and are classified as follows:

1- Deposits by term:

In 1992, Iraqi Finance classified deposits according to their maturity and according to the time criterion into three types (Al-Jazrawi, 2011: 279).

A- Current Deposits (on demand)

These deposits are defined as an agreement between the bank and the customer that deposits the customer’s money with the bank, provided that he has the right to withdraw it at any time he wants and without prior notification from him, and current deposits are distinguished from other types of deposits by their large movement of increase or decrease on the one hand and the absence of interest paid to the customer on the other hand (Al-Ameri,  2013: 53), and we can divide current deposits into several types as follows (Al Shabib, 2012: 61)

  1. Seasonal deposits are deposited in one season and withdrawn in another.
  2. Temporary deposits, which are withdrawn over a short period.
  3. Semi-permanent deposits are not expected to be withdrawn.
  4. Incidental deposits are withdrawn at the end of their purpose.
  5. Revolving deposits are characterized by continuous deposits and withdrawals. ,( Al Jabouri,2021)

B- Savings Deposits       

It is an agreement between the bank and the customer under which the customer deposits an amount of money with the bank in exchange for obtaining interest and the interest may be fixed or floating according to the interest rates prevailing in the market provided that the customer has the right to withdraw part of the deposit at any time he wants, and therefore most of the legislation in banks sets a maximum limit for the amounts that the depositor can withdraw in one month and that is to protect banks from exposure to the risks of financial hardship and sometimes banks exceed the application of those in their desire to Encouraging and developing savings Bank’s financial resources (Al Ali, 2013: 71)

Banks prefer this type of deposit and take great care of them, although their high administrative cost compared to current deposits, so they compete to provide various incentives and prizes while facilitating dealing and awarding prizes to account numbers that are lucky to do so to encourage small savers to deposit to a savings account. Banks encourage these deposits to a large extent because they do not enjoy some kind of stability, and in return, depositors do not charge much interest (Al-Hamid, 2013, 57), as the rate of the interest rate paid by banks for savings deposits is (4%) (Financial Stability Report Central Bank of Iraq, 2018: 51).

C- Time Deposits: 

Also called term deposits, which are those deposits that are entitled to be disposed of by the depositor (Depositor) on certain term depository banks benefit from these deposits by operating their deposits, as they provide them with cash liquidity that enables them to invest these amounts in their various banking activities and banks usually calculate interest on this type of deposits, ,( Al Jabouri,2022)   and from the aforementioned definition it is clear that time deposits (for time) differ from other deposits, especially current deposits, as they are deposited with banks for a specific period It is agreed between the depositor’s bank and the depositor under a contract organized for this purpose, and the depositor cannot dispose of the deposit before serving the specified period.

  • Time deposits:

It is called fixed because by depositing it, the bank agrees with the customer on a specific date that he is not entitled to withdraw part or most of it until after the agreed period has passed, which are of two types (Amin, 2003, 28).

  • Time deposits with a certain maturity date

It is an agreement between the bank and the customer, under which the latter deposits an amount of money with the bank that he may not withdraw or withdraw any part of it before the agreed date, and in return the depositor receives interest periodically or obtains it at the end of the deposit, and usually, it is required in this type of deposit that the amount deposited is not less than a certain amount and the interest rate on this deposit may rise whenever the size of the deposit increases, or the longer the deposit period. (Al-Amiri, 2013:67).

 The Central Bank of Iraq has determined the interest rate allowed to be paid on time deposits, according to the period of the deposit for more than two years, the interest rate on it is 5.87%, according to the annual report of the Central Bank of Iraq, except for the legal reserve ratio, which is less than that to be maintained against deposits, which are currently 20% of current deposit obligations for the previous month and by 2% of time deposit obligations. ,( Al Jabouri,2022)

  • Notice Time Deposits:

It means the funds deposited by individuals and bodies in banks, provided that they are not withdrawn from them until after notifying the bank of a period determined at the time of deposit, and in return, the bank pays interest on these deposits whose rates may be lower or equal to the interest rates on term deposits, and bodies and individuals resort to this type of deposit when they accumulate a cash balance in a periodic period and for a short period in anticipation of investment opportunities.  ,( Al Jabouri,2023)  The deposit is considered a pre-notification condition or pre-management compromise between demand deposits and term deposits, and the amount of the deposit is usually relied upon in determining the notice period, the larger the notice period and the purpose of the pre-notification condition is to allow the bank to manage the money to be recovered, especially if the amount is large, or the deposit is for a term and the customer is allowed to recover it before the deadline provided prior notice, so the period between notification and recovery is determined in favour of the bank and the customer is obligated, Beha. (Serafi, 2014,144).

  • Frozen deposits:

These deposits are represented in the cash deposits charged by commercial banks for the issuance of letters of guarantee, which are usually not received until after the letter of guarantee is returned to the commercial bank and after the purpose of its issuance has expired. (Sisi, 2011: 130).

Third: The importance of bank deposits in the level of economic activity:

The importance of deposits at the level of the economy comes as it is the main channel of savings, which represents an essential element in economic balance and monetary stability, and is one of the means that reduce the inflationary pressures that accompany the process of economic development, because deposits withhold part of the income that can be disposed of in the purchase of goods and services, and thus they restrict consumption, which is a necessary condition for achieving monetary stability and alleviating inflationary pressures resulting from increasing effective demand (Al-Azzawi, 1997: 22). To identify the performance of banks and the nature of growth in deposits and their development during the specified period, the relationship between them and the economic activity represented by (GDP) is studied and analyzed by:

1_ The average tendency to deposit:

It expresses the ratio of GDP that goes to deposits (the ratio of deposits to GDP) and shows us the ability and effectiveness of banks as well as financial markets, where Tybout pointed out that the strength of the financial market and banks, in particular, is measured by the rate of term deposits and those savings to GDP, and after analyzing this measure, we can evaluate the performance of the banking sector or the bank and evaluate its strategy towards stimulating demand for deposits in general and future deposits in particular because these deposits provide stable and stable sources of financing for a known time. Determined according to the experience of the bank. (John,1983:55)

Deposit Average Slope = (Total Deposits)/(Output Domestic Total) Temporal Deposits Average Slope = (Temporal Deposit)/(Output Gross Domestic Deposit)

2_ Marginal tendency to deposit:

It expresses and measures the amount of change in bank deposits, resulting from the change in GDP in the sense that it shows us the rate of change in deposits by changing one unit of GDP and through this indicator banks can identify and determine the extent of their ability and strength to change the trends of inclination towards bank deposits or it is clear how weak they are in that, and all of this makes boards of directors and executive management either install or change the strategy followed by which the demand for bank deposits is stimulated. (Zubaidi, 2000: 144)

For marginal deposits slope = (deposits Δ)/(GDP output δ) 100%×

3_the internal elasticity coefficient of bank deposit:

 It is one of the analytical signs to determine the banking performance, especially in the field of mobilizing savings and attracting deposits, also means the criterion to determine the amount of the degree of response of deposits to the change in the real GDP is one of the macroeconomic signs, and the nature and extent of the response, is it regular or irregular and is calculated by dividing the relative change of deposits to the relative change in GDP

Elasticity Coefficient = GDP/Deposit× Deposit∆/∆GDP

If the modulus of elasticity is greater than the correct one, this indicates that deposits respond regularly to changes in the real GDP, but if it is less than the correct one, it means that deposits do not respond systematically to changes in GDP and the deposit is affected by changes in output and is affected by the output of the internal elastic coefficient is smaller than one, whereas if the coefficient is one correct, then banks must make greater efforts to make their deposits more flexible and increase the possibility of generating additional resources. To finance the economy (Zubaidi, previous source: 141).

Fourth: The importance of deposits on the liabilities side:

Deposits are one of the main sources of the bank’s resources, but they are not the only source, there are other sources represented (capital-retained profits – borrowing – and reserves) and despite their multiplicity, deposits represent the pillar and the first source and compose a high percentage of its liabilities that may reach 70%, and the success of any bank is mainly related to providing a solid financial structure for it, which is the side of liabilities, i.e. sources of financing the bank,  Hence, the boards of directors must and what interests us is the importance and role of deposits in the sources of the bank’s funds and their importance in the uses of the bank, which are distributed on investments, loans and credit facilities, and research usually uses three important indicators to measure the role of deposits in employing the sources of the bank’s funds:

1_ Deposit lending rate: It means the operation of bank deposits in operational operations that generate a return, and this indicator is calculated by: –

Deposits Lending Rate = ((Facilities + Loans)/(Total Deposits)) ×100

A high rate means that the bank has a rise in loans and facilities (overdraft) that it provides with a decrease in the volume of its deposits, and vice versa, a low volume of facilities and loans and a high volume of deposits.

2_ Deposit employment rate: This indicator shows the extent to which the administration succeeds in employing its deposits, which are calculated by the equation.

Deposits Employment Rate = ((Investments + Facilities + Loans)/(Total Deposits)) ×100

While researchers are interested in analyzing the importance of deposits to achieve liquidity and profitability goals, the ratio of the first means the ability of management to harmonize between the retention of deposits and the demand for withdrawal from them, as well as taking into account the opportunity to profit through the credit request, (Said, 2006: 18) One of the indicators used to measure the liquidity of the bank is the monetary standard index and calculates:

Cash Standard = ((Cash Assets)/(Total Deposits)) ×100

The rise of this index means the rise of cash in it and the decrease in deposits and vice versa.

3_ Banking depth index for deposits

The banking depth index shows the percentage of the penetration of banking services provided by commercial banks about the size of the economy, and the banking depth indicates the high efficiency of financial intermediation and the ability of the banking system to mobilize deposits and the ability of the banking system to absorb the percentage of surplus cash and contribute to alleviating inflationary pressures, the ratio of banking depth is linked to a positive relationship with GDP, as the higher the banking depth, the more effective the monetary policy becomes in achieving its objectives. Including increasing GDP.

Banking depth of deposits = (Deposits volume)/(GDP output)

Fifth: The importance of deposits for loans and advances

One of the important indicators that are relied upon to measure the liquidity of the banking sector is the ratio of loans and advances to total deposits, as well as highlighting the importance of time deposits for those loans and advances, and this relationship is calculated through:

Banking Sector Liquidity Index = (and Loan Advances)/(Total Deposits) ×100%

Banking Sector Liquidity Index = (and Loan Advances) / (Time Deposits) ×100%

The high ratio means to us that the banking sector is working well to employ deposits in the form of loans and the high liquidity risk represented by the difficulty of liquidating and repaying borrowing from the public, especially when it needs liquidity, and it also means that banks follow a conservative policy of investing in highly liquid assets, while the low index means that banks follow a high-risk policy in exchange for high profitability. (Fields,2016:14)

Sixth: Banking awareness and its impact on stimulating deposits and credit

Banking awareness shows us the readiness of members of society as well as institutions operating in the economy to deposit their cash balances in banks, as well as the extent of their willingness to use banking tools in their transactions, and the demand for deposits is linked to a positive relationship with awareness or banking culture and customs, and whenever the latter is positive, it is positively reflected in the demand for deposits and vice versa.

Banker Awareness (Off-Currency Banks)/(Total Deposits)=

If the ratio is less than the correct one, this means that banks are an effective channel in the acquisition of most of the exchanges and transactions, and also indicates their effectiveness in employing the inputs in the possession of individuals and sectors, while the higher percentage of one indicates the weak efficiency of banks in attracting deposits, as can be inferred through the banking density index to infer the ability of banks to attract and develop deposits, which are measured by:

Banking Density (Branches Number)/(Population Number)= 10000 inhabitants×

If the result is greater than the correct one, there is a large spread of banks that may be beyond the need for it and in a way on banking competition and profitability, while if it is less than one, it means an insufficient spread of banks in their geographical area, but if it is equal to one, it is the ideal spread of banks. (Al-Shammari, 2016, 215)

Analyze the movement of bank and time deposits and their contribution to cash credit

This section includes the analysis and discussion of the development of the movement of bank deposits and their economic importance with a focus on the time deposits subject of the research.

First: Analysis of the movement and development of bank deposits of all kinds:

From Table (1), we note the upward trend of the movement of bank deposits for the period (2011-2020) after it was at the level of about 56.15 trillion dinars in 2011 and reached 84.1 trillion dinars in 2020, due to the efforts of the monetary authorities in achieving monetary and financial stability and creating confidence among the public in operating banks, as well as increasing the number of bank branches to 917 branches by the end of 2014. The movement of deposits has achieved positive growth rates for the above period, reaching its maximum for the years (2012-2014).  While its movement decreased for the years (2015, 2016) and the deposit balance recorded

A decrease of about 9.7 trillion dinars and a decrease of (13.1%) at the end of 2015 compared to its balance in 2014 of about 74.1 trillion dinars This decrease comes as a result of the decrease in current deposits in the government sector and public institutions as well as private sector deposits, and the percentage of decline respectively (26.3 _ 20.8_ 3.9)% is added to the decrease in fixed deposits and savings by (20-3.4)% respectively (Financial Stability Report of the Central Bank of Iraq,  2015, 2016: 35, 39), and this decline coincided with two reasons, the first of which is related to the security aspect and the occupation of ISIS in the provinces of Mosul, Salah al-Din and Anbar, as well as the oil price crisis in mid-2014, where the financial crisis began in mid-2014, represented by the decline in oil prices and then government revenues, which affected their deposits with banks, as well as the security aspect, represented by the occupation of ISIS and the disruption of the work of banks in them.

Table (1)

The evolution of the movement of deposits and its importance to the liabilities side for the period (2011-2019) (Million ID)

Years Volume of deposits(1) Growth Rate %(2) Bank Liabilities(3) Relative importance(4)
2011 56,150,094 17% 116,643,463 48%
2012 62,005,935 10% 124,813,664 50%
2013 68,855,487 11% 135,484,381 51%
2014 74,073,336 8% 145,106,878 51%
2015 64,344,061 (13)% 133,733,599 48%
2016 62,398,733 (3)% 129,169,091 48%
2017 67,048,174 7% 103,011,622 65%
2018 76,893,927 15% 108,003,321 71%
2019 82,106,425 7% 120,091,270 68%
2020 84924168 3,4% 135662070
Average 52,550,989 17% 184,274,865 37%

 Source_ Column (1),(3) Central Bank of Iraq, Annual Bulletins (2011_2020) Column (2) and (4) prepared by researchers based on column data (1) and (3)

But the movement of deposits returned to its upward trend for the years 2017-2019 to reach 82.1 trillion dinars in 2019, achieving growth rates for the last three years (7% – 15% – 7%) respectively, bank deposits recorded an increase of 6.8% from their level recorded in 2018 to reach about (82,106,425) compared to (76,893,927) trillion and constitute in 2019 a value of (40%) of the GDP, which represents the banking depth of it in the economy, which when compared with the Arab depth of deposits is modest and relatively small (report Annual Economic Bank of Iraq, 2018: 107). As for what deposits constitute on the liabilities side of the banking sector, the importance of deposits on the liabilities side is evident at the beginning of 2011 when they constituted (48%) and then increased to reach (68%) in (2019) and to be of great importance to the side of the use of funds and financing the activity of banks The reason for the decrease in bank liabilities in (2011) is a re-evaluation of the balance sheet of Al-Rasheed and Al-Rafidain Banks and under the implementation of the restrictions of the international section, which is represented in the credit and debit evaluation teams according to the directives of the Fund and the World Bank.

Table (2) shows us the economic importance of the movement of deposits and the results of both the average slope and the marginal slope of the situation experienced by bank deposits for the study period and the degree of deposit response to internal elasticity and were as follows:

Table (2) Deposit Movement and its Economic Importance for GDP for the Period (2010-2020) (Banks Performance and Deposit Attraction) (Million ID)

Years Deposit Size(1) Current Domestic Product(2) MediumSlope Deposit/GDP (3) Marginal Deposit Mile %(4) Deposit Income Flexibility %(5)
2011 47947232 162, 064,566 0.30 __
2012 56150094 217, 327,107 0.26 0.15 0.50
2013 62005935 254, 225,491 0.24 0.16 0.61
2014 68855487 273, 587,529 0.25 0.35 1.45
2015 74073336 266, 332,655 0.28 -0.72 2.86-
2016 64344061 194, 680,972 0.33 0.14 0.49
2017 62398733 196, 924,142 0.32 -0.87 2.62-
2018 67048174 225, 722,376 0.30 0.16 0.51
2019 76893927 254, 870,185 0.30 0.34 1.14
2020 82106425 262, 917,150 0.31 0.65 2.15
Average 84924168 198764352 42,7 0,04 0,09

Source_ Column (1),(2) Central Bank of Iraq, Statistical Yearbooks (2011_2020) Columns (3), (4) and (5) were prepared by researchers

The results of the average slope of bank deposits show us a state of stability and stability for the period (2010-2019), it reached an average of (0.29) and achieved its highest inclination in (2015) caused by a decrease in output and not an increase in deposits, and the results of the tendency indicate the ineffectiveness of banks in stimulating and attracting deposits according to their share of output, and this was evident by the stability and stability of the average slope and its non-rise, and strategies must be developed to stimulate demand for deposits in general and savings deposits in particular.  As for the results of the marginal tendency of bank deposits, the outputs appeared to fluctuate and irregularly, which means that the degree of their response to the change in output is weak, and the effectiveness of policies must be increased so that banks can change the trends of the tendency towards depositing, especially the savings policy and the flexible policy that suits the development of the output obtained, especially the interest policy, as well as providing multiple services and promotional policies that are reflected in motivating the public to deposit As for the results of the internal elasticity coefficient of deposit, they also indicate the state of irregular response, so it is worse than the correct one and means a weak response, as is the case with the years (2011-2017) and what we conclude is the absence of a general trend for the movement of deposits, and this weakness and instability in the degree of flexibility is clear evidence of the weak relationship of the link of deposits to changes in output on the one hand, as well as the weak role of banks in attracting more deposits,  Although logic assumes that each increase in output is accompanied by a greater increase in individuals’ dealings with banks, especially deposits, which also indicates to us the weakness of the savings vessels offered by the banking system, but the results of the last two years (2018-2019) indicate the state of deposit response to output changes and the flexibility coefficient was greater than the correct one, and this may indicate if it continues to have good policies. Table (3) shows us the movement of development and growth and the relative importance that occurred for the different types of deposits, where the upward trend of current deposits for the period (2011-2014) is noted, as it increased from about (8.9) trillion dinars to about (56.3) trillion dinars.

Years Current Deposits Relative importance (1) Savings Deposits

Relative importance (2)

Time Deposits

Relative importance(3)

Growth rate

Current Deposits(5)

Growth rate

Savings Deposits(6)

Growth rate

Time Deposit(7)

2011 48, 311,267(86%) 6, 732,299(12%) 1, 113,614(2%) 18% 11% 23%
2012 50, 478,943(81%) 7, 897,450(13%) 3, 629,542(6%) 4% 17% 226%
2013 55, 632,348(81%) 9, 678,169(14%) 3, 544,970(5%) 10% 23% -2%
2014 56, 621,916(76%) 9, 978,433(13%) 7, 472,987(10%) 2% 3% 111%
2015 46, 309,480(72%) 9, 636,491(15%) 8, 398,090(13%) -18% -3% 12%
2016 45, 690,625(73%) 9, 555,099(15%) 8, 915,710(14%) -1% -1% 6%
2017 47, 839,010(71%) 10, 579,087(16%) 8, 630,534(13%) 5% 11% -3%
2018 55, 464,737(72%) 11, 770,551(15%) 9, 658,639(13%) 16% 11% 12%
2019 59, 917,740(73%) 12, 614,620(15%) 9, 574,065(12%) 8% 7% -1%
2020 63429984(75%) 12652897(14.9)% 8821308(10%) 5% 3% -3,6%
Average 41, 034,878(80%) 7, 347,442(13%) 4, 323,640(7%) 16% 17% 35%

Source: Column (1),(2) Central Bank of Iraq, Statistical Yearbooks (2011_2020) Columns (3), (4) and (5) were prepared by researchers

Current deposits achieved positive growth rates throughout the period, except for the years 2015 and 2016, where the growth rates were negative due to the conditions that the country was exposed to from the occupation of ISIS, and the highest growth rate for 2011 (65%) and the lowest growth rate for 2014 (2%) This is evidence of increased confidence between the banking sector and individuals, as well as banks’ efforts in their policies to attract the largest number of depositors to their market.  The same thing we note the upward trend of the movement of savings deposits, after it was about (1.5) trillion dinars in 2005, it increased to reach about (12.6) trillion dinars for the year 2019 and achieved positive growth rates, except for the years 2015 and 2016, in which the growth rates were negative, while the rest of the years achieved their maximum in 2008 when it reached (62%) and the lowest growth rate reached (3%) for the year 2014.  This may be a good indicator of this upward trend of savings deposits in the mobilization of savings, as for time deposits, they are also in an upward trend to reach (9.6) trillion dinars at the end of 2019 after it was about (0.4) trillion dinars and also achieved positive growth rates throughout the period except for the years 2017 and 2019.

When reviewing the relative importance of the types of deposits from the total, there is a clear discrepancy in the increase in the relative weight of current deposits to reach an average of 80% compared to 20% for the two types of savings deposits, in which the relative weight of savings deposits rises on average 13% compared to 7% for time deposits, that the occupation of current deposits of the largest weight in the structure of total deposits throughout the period to be a source of financing for the banking sector, despite studies and research indicate that the increasing importance of this type does not increase the effectiveness of banks in mobilizing Savings and financing development in the economy, but may put restrictions on the performance of the banking sector by maintaining high liquidity, especially legal to ensure not to fall into risk, and the high importance of current deposits compared to savings and time limits the ability of banks to expand in granting credit activity to them, especially long-term ones, which is often used to finance development projects,  The effectiveness of the banking sector in financing development is mainly related to savings deposits, especially time ones, because of their stability and the possibility of using them for medium and long-term financing.  Despite the high relative importance of the current in the structure of total deposits, it should not occupy this high importance, most of which comes from the government sector and belongs to the state treasury, and maybe the reason for the high importance of the current basic to the expansionary financial policy pursued by the government and the increase in current spending in it, as this rise is an indication of the lack of a clearly defined savings policy for the monetary authority and the banking sector through which banks can transfer deposits towards savings,  It is also an indicator of the weakness of promotional policies that motivate these deposits.

The importance of time deposits from the total deposits was characterized by a state of volatility and instability throughout the study period and reached the general average of 7%, which is a weak percentage when compared with some countries, especially Arab ones, as it reached in Egypt 14%, Algeria 17% and Jordan 15%, and it was also noted that the relative weight of time deposits was high and as of 2015 when their relative importance reached 15%. This rise in relative weight is natural due to the expansion of the banking sector from year to year and the increase in the number of banking branches, as well as the efforts of the Monetary and Financial Authority in achieving monetary stability and creating cash for individuals in banks, but the general trend of data for the three types indicates a shrinking gap between the current on the one hand and time deposits and savings on the other hand in favour of the other, which is a good indicator that indicates an increase in depth and financial stability. It is clear from Table (4) that government banks dominate the structure of bank deposits, with their share reaching the general average (88%), distributed for current (71%), savings (11%) and time (6%)

Table (4) Movement of Exchange Deposits by Source and their Relative Importance for the Period (2011-2020) (Million ID)

Years Deposits with government banks and their relative importance of total deposits Deposits with private banks and their relative importance of total deposits
Ongoing Savings Temporal Ongoing Savings Temporal
2011 44129036(79%) 5164379(9%) 508585(1%) 4175145(7%) 1567920(3%) 605029(1%)
2012 44777032(72%) 6003446(10%) 2602068(4%) 5701911(9%) 1894004(3%) 1027474(2%)
2013 48884606(71%) 7279841(11%) 2726670(4%) 6747715(10%) 2398328(3%) 818300(1%)
2014 49846278(67%) 7806129(11%) 6723762(9%) 6775638(9%) 2172304(3%) 749185(1%)
2015 39652449(62%) 7737268(12%) 7841129(12%) 6657031(10%) 1899223(3%) 556961(1%)
2016 37690518(60%) 7845847(13%) 8270213(13%) 6237406(10%) 1709252(3%) 645497(1%)
2017 41727904(62%) 8860699(13%) 7903854(12%) 6111106(9%) 1718388(3%) 726680(1%)
2018 47370982(62%) 10011701(13%) 8712427(11%) 8093755(11%) 1758850(2%) 946212(1%)
2019 50084919(61%) 10673835(13%) 9852771(12%) 9031707(11%) 1642129(2%) 821065(1%)
2020 55523702(67%) (12)10808468% 7889819(9,6) 7906312(9,9) 1178678(1,4)% 958988 (1)%
Average 36472199(71%) 5953117(11%) 3836507(6%) 4940102(9%) 1434221(3%) 589987(1%)

Source: Central Bank of Iraq, Annual Bulletins (2005-2020) Relative importance prepared by the researchers

Where the relative importance of time deposits ranged between 1% and 2% for the period (2011-2012) and then began to rise in recent years to reach 12%, which are good ratios if they continue in the upward trend can take their role in the contribution of banks in financing the process of economic development, while the ratios of savings deposits indicated the state of volatility and instability from year to year to achieve the highest percentage for the years (2017_2018) amounted to 13%,  The percentages also indicated a decrease in the relative importance of current deposits with the government sector in recent years, to decrease to 61% in favour of other types of deposits, which is a good indicator if the decline in the importance of current deposits with the government sector continues. While the private banks could not collectively attract the general average (13%), which is distributed to the current (9%), savings (3%) and time (1%), whose relative importance was very low, not exceeding 1%, and this is not a good indicator for private banks and this can be due to the lack of confidence of individuals, which made depositors hesitate to deposit their money in them, and the same is true in savings deposits, whose relative importance does not exceed 3%.

Table (5) the Economic Importance of Time Deposit Movement for the Period (2011-2020) (Million ID)

Years Time Deposit(1) GDP(2) Average Slope %(3) Marginal Slope %(4) Income Flexibility%(5)
2011 1, 113,614 217, 327,107 0.01 0.00 0.68
2012 3, 629,542 254, 225,491 0.01 0.07 13.31
2013 3, 544,970 273, 587,529 0.01 0.00 -0.31
2014 7, 472,987 266, 332,655 0.03 -0.54 -41.79
2015 8, 398,090 194, 680,972 0.04 -0.01 -0.46
2016 8, 915,710 196, 924,142 0.05 0.23 5.35
2017 8, 630,534 225, 722,376 0.04 -0.01 -0.22
2018 9, 658,639 254, 870,185 0.04 0.04 0.92
2019 9, 574,065 262, 917,150 0.04 -0.01 _0.28
2020 10329228 198774325 0,05 0.04 0,23
Average 4, 323,639 191, 793,253 0.02 -0.02 -1.37

Source_ Column (1),(2),(3) Central Bank of Iraq, Annual Bulletins (2011_2020) Column (4),(5),(6) prepared by the researchers

From Table (5), the results of the average slope of time deposits show us a state of stability and stability for the period (2011-2013), it reached an average of (0.01) and achieved its highest tendency in (2016) caused by a decrease in output and not an increase in deposits, and the results of the slope indicate the ineffectiveness of banks in stimulating and attracting deposits according to their share of output, and strategies must be developed to stimulate demand for deposits in general and savings deposits in particular.  As for the results of the marginal tendency of bank deposit, which measures the rate of change in deposits resulting from the change in output, the outputs appeared fluctuating and irregular, which means that the degree of their response to the change in output is weak, and the effectiveness of policies must be increased so that banks can change the trends of the tendency towards the deposit, especially the savings policy and the flexible policy that suits the development of the resulting output, especially the interest policy, as well as providing multiple services and promotional policies that are reflected in motivating the public to deposit, As for the results of the internal elasticity coefficient of the deposit, they also indicate the state of irregular response, so it is less than the correct one and means a weak response, as is the case of the years (2013-2015).  It is clear from Table (6) that the time deposits of government banks rank first in terms of relative importance from the private banking sector, as they reached the general average (74%) of the total time deposits of the public and private sectors.

Table (6) Structure of Time Deposits of the Banking Sector for the Period (2011-2020) (Million ID)

Years Total time deposits with government sector banks and their relative importance Total time deposits with private sector banks and their relative importance
Government (1) Public Institutions(2) Special(3) Deposits with government banks and their relative importance to total time deposits (4) Government (5) Public Institutions (6) Special(7) Deposits with private banks and their relative importance of total time deposits (8)
2011 204,497(40%) 173,310(34%) 130,778(26%) 508,585 (46%) 2,486 (0%) 3,338 (1%) 599,205(99%) 605,029(54%)
2012 2,208,764(85%) 257,146(10%) 136,158(5%) 2,602,06(72%) 0(0%) 5,194 (1%) 1,022,280(99%) 1,027,474(28%)
2013 2,298,291(84%) 267,539(10%) 160,840(6%) 2,726,670(77%) 0(0%) 9,317 (1%) 808,983(99%) 818,300(23%)
2014 2,326,303(35%) 4,241,504(63%) 155,995(2%) 6,723,802(90%) 0(0%) 10,798 (1%) 738,387(99%) 749,185(10%)
2015 3,388,360(43%) 4,293,646(55%) 159,123(2%) 7,841,129(93%) 0(0%) 787 (0%) 556,174(100%) 556,961(7%)
2016 3,765,032(46%) 4,328,124(52%) 177,057(2%) 8,270,213(93%) 15,000(2%) 234 (0%) 630,263(98%) 645,497(7%)
2017 3,590,596(45%) 4,012,838(51%) 300,420(4%) 7,903,854(92%) 7,000(1%) 32 (0%) 719,648(99%) 726,680(8%)
2018 4,121,960(47%) 4,219,289(48%) 371,178(4%) 8,712,427(90%) 5,250(1%) 424 (0%) 940,538(99%) 946,212(10%)
2019 4,069,770(47%) 4,184,890(49%) 372,109(4%) 8,626,769(90%) 5,378(1%) 537 (0%) 941,381(99%) 947,296(10%)
2020 608605767,1% 2329062 25,7% 650968 7,2 9066087 87,8% 28830 2,3% 16839 1,3% 1217481 96,4% 1263150 12,2%
Average 1,761,824(40%) 1,789,846(41%) 203,107(19%) 3,754,786 (74%) 3,723 (1%) 2,811 (0%) 591,869 (99%) 4,323,640 (26%)

Source: Column (1),(2),(3),(5),(6),(7) Central Bank of Iraq, Annual Bulletins (2010_2020) _ Relative Importance and column (4),(8) prepared by the researchers

By dividing deposits by type and sector, we note that the relative importance of the deposits of public institutions in government banks began to be close, as it reached the general average (41%) of the total bank deposits with the government banking sector, followed by government deposits with an average of (40%), while private deposits amounted to (19%), which is the lowest percentage among time deposits, due to the weakness of government banks in attracting this type of deposits by individuals or private sector companies due to weak promotional offers,  The time deposits of government banks continued to rise in relative importance exponentially to achieve their highest relative importance in 2016, which amounted to (93%), while the other side of the time deposit structure, which is the sum of the time deposits of the private sector, we note the low relative importance achieved during the study period compared to government sector banks, where the relative importance of private sector deposits reached the general average (26%), although it achieved an upward trend in the growth of time deposits and recorded its highest time deposits in 2012 and amounted to about (1.02) trillion dinars With relative importance, it increased from previous years and amounted to (28%), Then it returned to decline for the next three years, due to the lack of confidence of the public and depositors in private banks, the lack of feeling safe and the weak performance of private banks in educating for such types of deposits by motivating the public through prizes, gifts, services and advantages that the depositor can have in the event of a time deposit.

As for Table (7), the ratio of a cash credit to deposits is moving in an upward direction, as the Central Bank of Iraq determined the ratio of credit to deposits by not exceeding (70%) (Financial Stability Report, 2018: 56).

Table (7) The importance of deposits in covering credit activity for the period (2011-2020) (Million ID)

Years Cash Credit/Deposits Credit/Current Deposits Credit/Savings Deposits Credit/Time Deposits
  0.36 0.42 3.02 18.27
2011 0.46 0.56 3.60 7.84
2012 0.43 0.54 3.09 8.45
2013 0.46 0.60 3.42 4.57
2014 0.57 0.79 3.81 4.38
2015 0.60 0.81 3.89 4.17
2016 0.57 0.79 3.59 4.40
2017 0.50 0.69 3.27 3.98
2018 0.51 0.70 3.33 4.39
2019 58% 57,7% 33,6% 20,7%
2020 0.40 0.52 2.99 8.14

Source: Prepared by researchers relying on the bulletins of the Central Bank 2011_2020

It has achieved the highest percentage of cash credit for the banking system as a whole in 2016, which amounted to about (60%), which is close to the standard ratio set by the Central Bank, which reflects the ability of banks to employ the funds available to them and derived from deposits to meet loans and advances, and this percentage is high by about (3%) for the year 2015, where it recorded (57%) This increase comes as a result of the decrease in deposits in 2016 to (62) trillion after it recorded (64) trillion in 2015. The percentage is gradually declining again in 2017 and 2018 to record (50%) in 2018, down from (57%) in 2017 by about (7%), due to the growth of deposits in 2018 on the one hand and the growth of credit at a lower rate than the growth of deposits on the other hand.

Ways to stimulate time deposits in commercial banks

In light of the intense competition between commercial banks in the field of attracting and developing deposits, banks have adopted many strategies and policies to attract the largest amount of deposits, as commercial banks do not have full control over the size of deposits they want to attract except through the use of basic competitive strategies that motivate customers to open a bank account and deposit money in this account.  These strategies are as follows:

First: Price Competition Strategy

This strategy is based mainly on paying higher interest rates to depositors, and then the bank that pays higher interest to the depositor increases the amount of deposits with it than other banks that pay less interest for the same type of deposits, and banks pursue this strategy as a result of several factors:

  1. Lifting restrictions on interest rates
  2. Strong competition between capital market instruments and the products of other financial institutions
  3. Difficulty getting money
  4. The existence of a profitable investment opportunity for deposited funds that covers the interest rate paid by banks
  5. High inflation rates
  6. Non-discrimination of banking products

All these reasons or factors depend mainly on the bank’s ability to employ this money and achieve a greater return than the interest rate on deposits, the price competition strategy contributes to an advantage for depositors represented in obtaining a high return as banks pay high interest to customers in order to attract deposits, but at the same time banks should avoid paying high-cost interest because they consume the potential profit margin from using the depositor’s money,  Despite the importance of price competition, there are a number of factors that affect it, such as the nature of deposits and their maturity, as there are many types of deposits in banks and their term period, the longer the deposit period, the higher the interest rate paid by the bank to the depositor, the policy of the Central Bank, which usually places restrictions on interest rates granted by commercial banks through the banking legislation issued by them, and despite the recognition of the importance of price competition in most areas of economic activity, we see that These regulations by the central bank place restrictions on that competition. (Bou Abdali, 53, op. cit.) We also see the weakness of the application of commercial banks in Iraq to this strategy as a motivational method to attract bank deposits, where you find today that most of the interest rates paid by commercial banks are close or almost equal, especially in banks that carry the confidence of the public such as (Al-Rafidain, Al-Rasheed, Iraqi Trade Bank), so banks must activate price competition, especially the interest paid on time deposits, which amounted in 2018 (4.31%) for one-year deposits and (5.29%) for deposits with a duration of more than One year (Statistical Bulletin of the Central Bank of Iraq, 2018: 80), banks can also introduce a prepaid interest rate policy for such deposits, which contribute to supporting the depositor’s confidence in the bank on the one hand and motivating him to open this type of account on the other hand. Iraqi banks, especially government banks, are very reluctant to open time deposit accounts and hinder this through administrative red tape in opening the time account for those deposits.

Second: Non-Price Competition Strategy

  Competition, which is based on providing good services at competitive prices, because customers take into account many things when choosing the bank to which they deposit, such as amenities, providing services and facilitating procedures, so the bank is heading for this type of strategy, which confirms the success of this strategy is that there is a significant difference between banks in the level of providing banking services provided and also in their cost and the extent of integration of these services because the customer gives a great deal of efficiency to the bank in performing services, among these Strategies can be the following: (Pircy,2014:210), the researchers see Iraqi banks are very far from applying this strategy, there is no convenience and service for visiting banks for the purpose of opening an account for deposits, but we find the many complexities and routine in relation to that.

1_Product Development Strategy:

The development of products is one of the key elements in the success of the bank and this strategy focuses on the individual product as well as on the full line of basic products and services in order to market the new product and takes this development in the form of improving the characteristics and benefits of existing deposits or providing new types of them, banks are working to create new deposits that depositors are satisfied with, such as certificates of deposit that can be traded and that cannot be traded. The competition strategy is that the more the bank succeeds in introducing a new type of deposit, the more it is an indication of its vitality and creativity, and thus leads to attracting depositors. (Pircy, lbd:210), and the researchers see a clear weakness in this strategy, especially in opening accounts for deposits with new names and segments of society and limited to the three types only.

2_Service Development Strategy

The basis and essence of this strategy is the manufacture of independent services and facilities or associated with basic banking products, which contributes to increasing the demand for their deposits to benefit from those services, and this strategy includes both service, location and delivery procedures, where banks are interested in providing a wide range of services, which include collecting depositors’ dues on their behalf and opening documentary credits, letters of guarantee and other services,  The greater the diversity of the bank in providing various services, the greater its ability to attract depositors, including the provision of services and its speed as well by using modern technology in the field of banking, which leads to saving time and using it to improve services such as the use of ATMs and credit cards. (Sumaidaie, 2010: 76) .

3_Market Development Strategy

This strategy includes two aspects, the first is the development of new markets, which is based on increasing the handling of banking services provided by the bank and the expansion of its activity by expanding its network of branches and spreading them everywhere, including the natural and automated branches of the bank, as well as its internal branches and banking units in other countries, while the other side is penetration into the current markets, where banks seek to obtain methods and methods that achieve an increase in the bank’s share through the current markets and the bank’s current customers and attract bank customers. Competition through new methods by studying the market and the desires of customers and expanding their base of activity and dealings with the bank. ( Corafas ,1998 :83)

4_Diversification Strategy

The diversification process helps to strengthen the bank’s strategy in practicing new activities (new products or markets) and this strategy is adopted by some banks with the aim of studying new sectors that are related to either a reorganization strategy towards new activities for profitable banks that are related to the traditional activities of the bank, meaning that the bank in this case aims to expand its current activity to increase profitability,  Or engage in activities that make more profits. In general, the diversification strategy in the field of banking is one of the most important strategies that lead to reducing the risks to which the bank is exposed, as a result of the expansion of its business and sources of profits, which means increasing confidence in it and then increasing dealing with it and the demand for its various products, i.e. the bank’s ability to attract new depositors increases as it expands in providing non-traditional banking services. (Kozami , 2002 : 181) (Gad El Rab, 2016:114)

5_Discrimination Strategy

This strategy means that the bank has one or more competitive advantages in those characteristics related to the product or services associated with it, which are of fundamental importance to customers and make them feel that they are dealing privately with an unparalleled bank. (Al-Sumaida’i, previous source: 76) For example, some of the advantages granted by the Iraqi Trade Bank today in the event that the customer’s account deposit reaches an amount determined by the bank that gives him a travel card for more than 60 countries through which the customer is allowed to enter the airports of these countries through the lounges designated for businessmen and personalities that such features attract the customer and give him a feeling that the bank accompanies him in most cities of the world.


1) Bank deposits are of obvious importance to the side of funding sources (liabilities) and represent a high relative importance compared to other items of liabilities as in the last years of the study period.

2) The time deposit is important in banks compared to other types as it provides liquidity for it that enables it to invest it as it gives the bank a specific term according to the agreement between the two parties that the depositor can withdraw and then give the bank the opportunity to invest without falling into financial default problems.

3) Deposits of various types represent a clear importance at the level of economic activity and this can be identified through several indicators, including medium and marginal tendency, internal flexibility, employment and others, which are important to identify the role of deposits in economic activity.

4) There are several basic factors that affect the development and development of deposits, whether negatively or positively, including banking awareness, banking spread, inflation, and most importantly, the interest rate, offers or promotional methods.

5) There is a clear theoretical relationship between deposits and credit that can be studied and analyzed to identify this relationship and its role in the economy, especially the indicators of coverage of credit activity by deposits, the rate of bank financing and the credit gap.

6) By following the movement of bank deposits, it became clear that they are moving in an upward direction except for the years (2015_2016_2017), and this is evidence of the link between deposits and oil revenues and their decline means a decrease in government deposits with the banking system as well as with financial institutions, and the situation will be repeated for 2020_2021, while the researchers noted the clear importance of this source of financing on the liabilities side after 2011.

7) The researchers noted the ineffectiveness of banks in attracting deposits and this was evident in the average tendency of deposits through its stability and non-rise, as well as the marginal tendency and internal flexibility and the inability of banks to attract deposits from increases in output, and therefore the weakness of banks to attract deposits according to their share of output and weak change of tendency towards deposits, all of which affects the economy.

Current deposits accounted for a very high percentage of their relative importance for the rest of the types, which exceeded 80%, while the percentage reached 13% for savings deposits, and a clear decrease in the contribution of time deposits, which are very reliable in the field of investment and the contribution of the banking sector in bringing about the desired economic growth.

9) The concentration of deposits according to their source with government banks and its average rate amounted to 88%, while deposits with private banks were weak 12%, despite their many numbers, which exceeded (64) banks compared to (7) government banks, and this contradiction will reflect negatively on banking performance and then on economic activity through the lack of clear participation by private banks in granting credit and investment.

10) As for time deposits, it was noted despite their upward trend throughout the duration of the study, but their amounts in absolute terms remain very few and their banking depth is also weak and there is no indication of clear policies for bank departments to stimulate them and this was evident through their medium and marginal tendency and internal flexibility, as noted their concentration in government banks without private banks.


1_ The bank’s management must analyze the movement of deposits, especially the temporal ones, and be guided by the standard indicators, and try to overcome the difficulties in front of depositors and provide them with facilities to urge them to deposit their surplus funds.

2_ Review the management of banks with their policies for attracting deposits, especially in the years in which the GDP increases, and through the indicators prepared for this and develop solutions that contribute to increasing deposits from increases in domestic income

3_ Directing commercial banks to adopt price and non-price competition strategies to attract deposits, especially those that are characterized by a high degree of stability in their balances in terms of their maturity (time) because of their role in maximizing the performance of banks and its positive reflection on the economy

4_ Directing banks to the policy of encouraging banking spread across the geography of Iraq and opening branches in districts and districts and not concentrating them within the centers of the provinces and the capital

Activating the work of the Iraqi Deposit Insurance Company formed in 2019, where the deposit insurance system plays a clear incentive role to develop deposits, by reassuring the citizen of his money deposited in government or private banks, this encourages everyone to deposit and then increase the volume of deposits Entering into investment operations with confidence

6_ Work with the system of incentives and promotional offers to attract more deposits, especially fixed ones, whether for employees of the banking system or outside, and those incentives (moral and material) can stimulate the side of deposits a lot or benefit from the experiences of many Arab, regional and international banks.

7_ Providing modern services to customers (ATMs – bill payment services – credit cards – insurance services – disbursement of social benefits – portfolio management for customers) and etc., all of which enhance confidence in the banking sector and deposit development.

8_ Encouraging the attraction of savings by granting an interest rate on deposits close to the interest rate on loans and facilitating the process of opening savings and deposit accounts


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