************** Islamic banks are willing to work with "Islamic instruments" and calls for legislation law defines work

Author: ASJ, BS
Editor: BK, BS
22/04/2015 14:24



Long-Presse / Baghdad

Called departments private Iraqi banks, on Wednesday, to organize the work of Islamic banks in Iraq, the law, as they represent an important part of the Iraqi economy, while the representatives of the Islamic banks that the State Council is currently considering the drafting of a special law in this sector, and revealed their intention to implement the project "Islamic bonds" to support the national economy.

It consists of the Iraqi banking system of 54 banks, including seven state-owned, one of them an Islamic talk of incorporation, and 23 special commercially, including Islamic nine, are found in Iraq, also 15 branches of foreign banks, and there are many institutions that do some banking business, including 34 money transfer company, and nearly 200 affiliated banks or foreign exchange company to deal with, with the Loan Guarantee Company and the financing of small and medium-sized enterprises, with two of the electronic banking services and smart card, in addition to nearly 800 subsidiary banks and distributed to the provinces of Iraq.

The Managing Director of the Bank of guidance for investment, Hazem al-Shammari, said in an interview to the (long-Presse), "The Islamic banks lack the mechanism or law to regulate its work," returned to "the work of those banks raises a lot of questions on how to access to capital and dealing with projects ".

Shammari said, that "the State Council had intended to prepare a draft law to regulate the work of Islamic banks, but it is still under study," noting that "every one of the Islamic banks operating in Iraq currently follows the religious reference deprive some sort of financial transactions and analyze the latest, as is the case with most of their counterparts in the world. "

For his part, saw the Commissioner of Bank Union Director, Aqeel trouble maker, in an interview to the (long-Presse), not "the possibility of the assertion that Islamic banks operate in varying outweigh its counterpart for being a newly established in Iraq, and that the capital can not be compared to those found at commercial and investment banks I started working since 1994 ".

The trouble maker, that "the progress of the other Islamic banks does not prevent some success in the banking business," proving that the "some commercial banks began to open Islamic windows because a lot of customers asking for subjecting their mechanisms of Islamic banking."

Commissioner promised to Union Bank Director, that "the success of the work of private banks, whether commercial or investment or Muslim, is the size of its deposits and progress of the profits, because it is a proof of its ability and good management",

In contrast, Islamic banks approved its part, the absence of a law regulating the work, and defended by the Iraqi orientations and economic sector.

The Managing Director of the Bank of the Islamic country, Iyad al-Khafaji, said in an interview to the (long-Presse), "The government has already issued instructions since the year 2011 to organize the work of Islamic banks and support," noting that "the State Council is considering such instructions is to draft a law on banks Islamic. "

Said al-Khafaji, the need to "legislation of a special law Islamic Bachirfah being different from the business in terms of transactions and the method of deposits and withdrawals, and even the implementation of projects supported by," adding that "Islamic banks supported the infrastructure for various operating in Iraq sectoral projects, such as housing and sanitation, and others, From Nineveh to Basra. "

The detection of the Bank of the Islamic country, for "the determination of some Islamic banks to agree on the implementation of the project benefit the Iraqi economy as a whole and not the banking sector only," he continued that "The Islamic instruments, where Islamic banks are trying to raise the central bank's interest and the Ministry of Finance to the project by providing a study by the authorities concerned. "

Islamic banks operate like other banks, to provide the community with needed resources in a manner different from the "illegal" in order to raise the "embarrassment" for customers who want to deal with the banks in accordance with the principles of Islamic law.

In the pursuit of government and private banks and citizens wishing to invest service, banks, "node" progress towards this sector remains the law because of the "restricted freedoms and subjected to the control of" state.

The specialists and managers of banks, demanded in conversations to (long-Presse) in, (the 17th of this April 2015), the need to amend the Banking Act almost makes those banks contribution to the President of the Iraqi economy, and stressed that the total capital of Iraqi private banks amounted to one billion and 600 million dollars during 2014, while the government has confirmed that it is currently considering several proposed projects to strengthen the infrastructure for private banks and enable them to meet the challenges facing the country.

It is noteworthy that the banking system in Iraq consists of 54 banks as well as the Central Bank and distributed according to property between (7) state banks and 23 commercial banks, including special (9) Islamic banks in addition to the 15 branches of foreign banks.


http://www.almadapress.com/ar/news/47319/المصارف-الإسلامية-تعتزم-العمل-بـالص