Investment commission to use escrow system |
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The Iraqi investment commission is currently working on activating escrow system in Iraqi banks, to allow companies investing in the housing field to employ it, a member of the commission said Friday.
"The system will protect investors' rights in the housing field," Thair al-Faili told Aswat al-Iraq news agency.
"Work according to this system will start in Baghdad, Karbala, Najaf and Basra, and will proceed to include all the Iraqi provinces," he said.
An escrow system is a banking account established by a broker, under the provisions of license law, for the purpose of holding funds on behalf of the broker's principal or some other person until the consummation or termination of a transaction, or a trust banking account held in the borrower's name to pay obligations such as property taxes and insurance premiums.
Recently, the Iraqi government has allocated 25 billion Iraqi dinars to each province to construct low cost housing units for poor people.
© Aswat Aliraq 2009
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