Government calls for the adoption of Islamic banking law experts and they see .. factor to attract money

07/06/2015



Dinars / Adnan Abdul Hassan / .. of the Federal House of Representatives called on the government to speed up passage of inactivated Islamic banking law in the committees of Parliament for nearly 3 years, with experts to see if the law comes into force will be an important factor to attract money.

He said the prime minister for economic affairs adviser appearance of Mohammed Saleh, in a special statement to the Agency / JD /: "The disabled law in the House of Representatives for nearly 3 years, and we hope to read and vote on it as soon as which depends on Halal and Haram and profit and loss and system participation," he said, adding " The banks currently operating in Iraq banks Law No. 94 of 2004 banks usurious ".

Saleh explained: "The central bank is working instructions do not live up to be Mistoy law," stressing "the urgent need for a modern Islamic banking in accordance with the law regulating its work, noting that the central bank discussed the draft law in the past by giving interest-free usurious loans and to engage in Commercial activity across Murabaha and Istisna'a and fish and take the profit and loss equally with the borrowers other than those working on other usurious banks ".

He pointed adviser Abadi "The positives of the law is to give an incentive to push the wheel of investment and reconstruction, and creates competition between banks being will affect the special nature of government banks," noting that "the Islamic regime Certified".

In the opinion of experts and specialists in economic affairs that the activation of the Islamic Banking Act will lead to a negative impact on banks that give high interest rates of up to more than 8% private governmental banker Rasheed and Rafidain who depend on the style of the profit only rely on the financial interest, the exact opposite of the system Islamic.

For his part, economist Mohsen al-Zaidi to Islamic banks and loans and all other considerations constitute a factor strong attraction to attract private capital and is one of the best funds for government institutions, "adding that" Iraq has nine private including Mesopotamia Bank, which was established by Islamic banks Government Decision No. (95) for the year 2012 with a capital of 50 billion dinars. "

He pointed out that "Islamic banks play a large role and engage in banking activity even at the level outside Iraq, including the Fulfillment of finance and investment in various projects," calling on parliament to speed up passage of the law and enter into force in the light of the economic challenges faced by the country. "

He said al-Zaidi in an interview with Agence / JD / "The positive effects will be reflected in the development of the financial and banking sectors in the event of the new law, Add to that would be to attract money when citizens and a large interaction and support the establishment of private Islamic finance advisory companies that export accounting and legitimate instructions Muslim to be a guide work for banks and institutions, "explaining" that the nations of the world prior to Iraq and benefited greatly from the experience, and there Mtart edifices and built according to the Islamic system, as happened in Malaysia and avoid moving away from commercial loans characterized by a significant rise in its benefits. "



And the Government has already succeeded in opening Islamic windows in the Rafidain and Rasheed, which met with widespread demand from the public, which led to open encouragement to local or foreign Islamic banks more in Iraq ended .


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