16 Feb 2022

The Faculty of Law, University of Karbala, discussed the doctoral thesis tagged “law applicable to the foreign bank branch – a comparative study”, the thesis submitted by the student: Ghazwa Adel Hussein.
The thesis aimed to show that national laws differ in determining the most important element among the elements of attribution, which is relied upon in determining the applicable law, which has become unable to respond to the nature of these disputes, and on the other hand, the failure of the traditional principle to meet banking disputes is no longer the only reason for the emergence of This type of rules is at the Iraqi national level, but there are legal and practical reasons for major economic transformations in the Iraqi economic sector from a closed economy to an open economy, which in turn led to changes in the Iraqi banking sector by entering the foreign bank.
The thesis also showed that the companies are subject to the supervision of the local regulatory authorities. The subsidiary company is an independent legal entity that is established in the host country in each partnership, and the foreign bank in the country of residence has the majority ownership so that it is difficult for it to adapt to the local conditions of the market and it also needs to make an effort to attract and acquire customers.
The researcher reached a number of results and recommendations, the most important of which is that the banks practice their activities through many banking operations that are associated with them with their customers with a range of commercial contracts that have been given a special nature by banking customs and norms that made them named contracts, each independent of its characteristics and provisions despite the importance of these contracts Its spread in commercial life and the interest of many legislations in codifying them and regulating their provisions.

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