2015年-世界发展银行全球_The_Legal_and_Regulatory_Framework_for_Microfinance_in_Iraq_30页_554kb

报告摘要

Summary of the Legal and Regulatory Framework for Microfinance in Iraq

Core Content

This report provides an analysis of the legal and regulatory framework governing microfinance in Iraq, highlighting the challenges and opportunities for the sector's growth and development. It outlines the current state of the microfinance industry, the demand for financial services, and the regulatory environment that impacts its sustainability and reach.

Main Points

Financial Inclusion: Access to quality formal financial services (credit, savings, insurance) is critical for improving household welfare and promoting economic growth. In Iraq, financial inclusion remains low, with only 11% of adult households having access to formal financial accounts in 2014.
Microfinance Landscape: The sector is nascent and underdeveloped, with only 8 out of 12 NGO-based microfinance institutions (MFIs) operating in 2015. These institutions primarily offer microcredit, with limited services such as microinsurance.
Sector Growth and Challenges: Despite growth, the sector faces declining year-on-year growth rates and limited funding sources. Most MFIs rely on grants, but donor support has waned, creating sustainability concerns.
Regulatory Environment: The legal framework for microfinance in Iraq is fragmented and not conducive to the development of the sector. NGO MFIs are subject to the NGO Law, which lacks consumer protection and credit information sharing provisions. SME Finance Companies are allowed to provide loans to SMEs but are not permitted to collect deposits, and no such companies have been established.
Funding Constraints: NGOs cannot raise equity or take deposits, limiting their ability to scale. Only two global investors (OPIC and Kiva) are active in the microfinance space, and local banks are hesitant to provide funding due to lack of collateral and legal liability.
Policy Recommendations: The report suggests both short-term and medium-term reforms to improve the regulatory environment, including clarifying activities for NGOs, establishing a credit bureau, and enabling MFI transformation into for-profit entities.

Key Information

Legal and Regulatory Framework

NGO Law (2010): NGOs are registered under this law and are defined as non-profit entities. However, the law does not include consumer protection or credit reporting provisions.
Iraqi Kurdistan Region NGO Law (2011): A separate law for the Kurdish region.
SME Finance Companies Ordinance (2010): Allows SME Finance Companies to provide loans to SMEs, but they are not permitted to accept deposits. No such companies have been created.
Central Bank of Iraq (CBI): While the CBI does not regulate NGO MFIs directly, it has the potential to do so, as it is the main financial regulator in the country.

Regulatory Challenges

Consumer Protection: No regulations exist for consumer protection in the financial services sector, which is a major concern for MFI sustainability and client welfare.
Credit Information Sharing: Only licensed banks can participate in the CBI's credit registry. NGO MFIs are not included, limiting their ability to share credit information.
Secured Transactions and Loan Recovery: The legal framework is not conducive to secured transactions, and there are no specific regulations for loan recovery, which often involves lengthy court processes.
Ownership and Funding: NGOs cannot raise equity or take deposits, and the legal framework is unclear on how they can transform into for-profit entities.

Demand for Microfinance

Credit and Savings: Iraq has a high demand for financial services, with 69.4% of adults having taken a loan in the past year and 48.6% having saved. However, formal financial institutions are not meeting this demand, with only 4.2% of loans coming from formal sources.
Informal Sources: Informal lending, such as from family and friends, dominates the market, indicating a significant gap in formal financial inclusion.

Supply of Microfinance

Microcredit: The majority of microfinance services in Iraq are microcredit, with loan sizes ranging from US$500 to US$25,000.
Loan Processing and Collateral: NGO MFIs offer faster loan processing (2-3 days) and rely on social collateral such as guarantees from government employees or solidarity groups, unlike commercial banks which require physical collateral.
Performance: The best-performing MFIs maintain good portfolio quality, while others face challenges such as high non-performing loans (NPL 30) and governance issues.

Recommendations

Short-Term Recommendations

Clarify permitted and prohibited activities under the NGO Law.
Assign the Central Bank of Iraq (CBI) as the regulatory authority for NGO MFIs.
Clarify the legal process for MFI transformation and provide guidance.
Amend the SME Finance Companies Ordinance to allow for more flexible capital and debt requirements and to permit local and foreign donations.

Medium-Term Recommendations

Conduct a demand study to better understand the needs of the poor and low-income populations.
Implement financial consumer protection rules.
Establish a comprehensive credit information sharing system.
Encourage bank downscaling, particularly through the use of agents.
Shift the government's role from direct funding to facilitation.
Allow MFIs to act as agents for insurance companies.
Introduce a fast-track process for loan recovery.
Develop a legal framework for financial leasing and secured transactions.

Tables and Graphs

Table 1: Highlights the number of MFIs and banks, their branches, loan sizes, repayment periods, collateral requirements, and services offered.
Table 2: Shows the share of adults who had a loan over the past year, by country and income group.
Table 3: Provides data on microfinance providers in early 2015, including their portfolio sizes, active borrowers, and market share.
Graph 1: Displays the percentage of adults aged 15+ with an account at a formal financial institution.
Graph 2: Shows the percentage of adults who saved money over the past year.