Islamic banks in the process of growth .. pending law

5/26/2015 0:00

And an effective means for the sustainability of its instruments
Baghdad, Hussein Tgb

The Central Bank Governor Dr. Ali Keywords that a large trend adopted by the Iraqi Central Bank to support and stimulate Islamic banking activities of the country because of the successes achieved by the Islamic banks in the pan over the world.

Keywords and he said in answering a question (morning) on ​​the assessment of the level of performance of these local banks, private and most of them: that the central bank totally uninterested and facilitates the establishment of a process and the spread of this type of banking, which affect high acceptability of the conservative and unwilling audience to deal with riba-based banks or commercial.

He added that the central and at the request of this vast amount of wanting to deal with this type of banking seeks to follow the Islamic banking law that was ratified by the Council of Ministers and is now on the Parliament table in order to read it and passed calling for the importance of expediting this to be able to catch up with the Islamic banking in the world and the evolution of their products, which called for most European and other international banks to quote many parts of the steps.

He said that this success invites us and motivates us to support the establishment and expansion of such banks, pointing to the government to establish an Islamic state bank which {Islamic Bank Mesopotamia} along with more than 31 private banks institution in Iraq working commercial banks laws, but it differs in pursuing Islamic procedures It has been consolidated and collected in the expected legislation law.

He pointed to the Keywords that the Islamic banking market is promising and digital indicators reflect the successes achieved even at the local level are important indicators to be utilized.

And the reality of the Islamic instruments chairman of the Islamic Association of Banks in Iraq Dr. Sadeq al-Shammari said that his idea came to solve the problem in front of Islamic banks in order to enter in investing in these instruments (title deeds) which bear the losses and profits instead of traditional debt securities bonds and Treasury money market funds and others.

Shammari said it needs to be fixed from the liquid and easy trading kinds of income within their balance sheets and for the regulators as instruments investment tool as it provides a real opportunity and represents investors fundamental and vital and essential alternative to debt securities, pointing out that these instruments will be an attractive alternative for companies that need to capital with a lot of sizes who want to be legally acceptable investments and those who stayed away from investing in debt securities and debt, to the quality of interest and trading in debt and we mean selling religion to religion.

And between Shammari said the terms of these instruments provide for the assets owned by its constituent parties be able to generate income on a regular and ongoing basis, also should have Tskeckha assets to be attractive for the investor and this requires the presence of creditworthy assets in Kantzam and guarantees of repayment in kind.

The Regional Director of the Abu Dhabi Islamic Bank Mona Fahmy Yassin indicated that Islamic banking has evolved considerably over the past ten years and formed a powerful tool for investment financed where large investment projects.

She stressed the importance of issuing Islamic banking law, which regulates the work of Islamic banks in Iraq, especially as the Central Bank of Iraq recognizes the importance of Islamic banking and became interested by the Islamic instruments is aware of its role in the economic development sought by Iraq.

She drew Yassin to that the reality of the Islamic banks in Iraq in the process of growth and the need to develop all his joints and multiple banking products and be able to compete with the Islamic banks in the region, pointing to the importance that there be financial market between banks.

She noted that the Islamic banks in constant evolution in most regions of the world, and that Iraq and promising market for Islamic banking to the presence of a lot of citizens who wish to deal with Islamic banks.


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