Adviser Abadi: Adoption of the Islamic Banking Act will revive the banking operations in the country

Date: 04/10/2015


Information / special / ..
Economic Adviser to the Prime Minister said the appearance of Mohammed Saleh, Sunday, the Islamic Banking Act legislation will revive banking operations in Iraq, pointing out that these banks remained operate without legal cover regulates its work over the past years.


Saleh said in a statement to the Agency information /, "The Islamic banking is based on the legitimacy base is Halal and Haram It prohibits usury and analyze the profit muslim and on this basis, it does not usurious banks in Islam."


"The current Banking Act No. 94 of 2004 regulates the commercial banking business only usury," noting that "Islamic banks, which number close to 13 banks in Iraq remain without a law regulating its work over the past years."


"The Islamic Banking Act, passed by Parliament contains many features including the legalization of the Islamic Banks doing business investment not only on commercial mediations are limited, and will give the necessary banking business legitimacy that carried out and revive the banking sector in Iraq," pointing out that "Islamic banking is one of the modern banking in the world. "


The Iraqi Council of Representatives, the voice of the majority, in (1 -10 -2015), during its 25th legislative term of the first second legislative year, the project of the Islamic Banking Act.

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