Islamic banking is expanding the service of sustainable development

It focused discussion and workshop of the Central Bank of Iraq with the Islamic banks around the financial and banking liberalization and globalization and its challenges, and products Islamic banks that took deploy in most cities of the world, stood at the biggest challenge of how to handle Islamic banking with the decisions of all of Basel, and was eating large expansion in the world and Iraq for its products in harmony and the requirements of the beneficiaries of the companies or citizens and serve the development work.

The session was moderated Ihsan Yasiri Director-General to monitor the credit and banking, international banking expert d. Sadik Rashid al-Shammari of the Islamic adviser banking and Abdul Hussein Mundhiri general manager of Mesopotamia Islamic Bank attended the Islamic banking managers commissioners and members of boards of directors and managers of compliance and risk managers and ensure the axes of globalization and its problems and the need to integrate with it, as well as exposure to the big banking to compete in the light of the trend towards financial and banking liberalization, at a time when The banks are still unprepared due to the limited size and potential weakness.

Yasiri the face of the need to work a special grouping of Islamic banks and activating the Association of Islamic Banks to take it upon themselves to follow up implementation of the instructions and the development of Islamic monetary products and direct a mass media campaign to create public awareness tasks.

Monetary exchange

While the international expert, Dr. Sadik Rashid al-Shammari said that his focus workshop headed towards how to exchange cash Balemrabhat also included discussions how to grant Murabaha and paid, noting that he is not permitted to repayment sex of the currency itself, I mean if granted Murabaha Iraqi dinars have repayment without the currency, for example, in dollars or any other currency in circulation or buy a commodity and as per customer's request cost is calculated with the addition of all the expenses and the addition of a specific and agreed profit and place of the meeting so they can be entered repayment if a commodity her as if in cash shall be the first case.

He pointed to the stand when applying governance problem that define the relationships between the bank management and the board of directors and actors with an interest in the bank.

Islamic instruments

The Islamic banking expert Abdul Hussein Mundhiri pointed out: that the expansion witnessed this important detailed in the banking work in the world has led to a growing local interest in pointing out that the workshop addressed the accounting and regulatory aspects of the work of Islamic Chirvih funds as well as Islamic instruments.

He noted that the workshop recommended the importance of holding seminars Almokhtssh in all Islamic banks in order to raise the skills of workers within the banking field, and increased media effort to inform the public, businessmen and politicians on the role of the Islamic conversion and its importance in attracting local and international capital and employment in investment projects, as recommended by the workshop up The number of private sessions acts of Islamic banking.

After that opening a discussion with the gentlemen boards of directors and managers commissioners and directors of the accounts and made it clear that members of many of the obstacles faced by the Islamic banking, the most important of the lack of these banks to qualified and capable of innovating banking products cadres or work banking products, Islamic, and the lack of banking doctrinal environment among workers in banks, especially Maitalq the improvement and development departments, financial control, as well as the problem of commercial banks control the banking business, particularly State-owned banks, which account for 94 percent of total deposits and the problems of oversight, as well as the emergence of governance and the possibility of their application (for Islamic banks) application and implementation of the principle of extraction and considerations criticism is a way of sharing and not not to deal beneficial not only taking and giving.



Monetary instruments

Shammari said that the relationship between the public and the banks are mutually beneficial relationship and it bears all risk parties and the sharing of profits, and the subordination of Islamic banks to control mechanisms established itself by the Central Bank of the conventional banks (commercial), especially when granting credit or when accepting deposits, as the methods of monetary instruments It is used by the central bank as processes rediscount (commercial paper discount) or investing in treasury transfers or last resort.

All this interest and this is what prohibits Islamic banks Aoncep liquidity Aoncep statutory reserve the same deal with Islamic banks as well as the problem of late (Ommatalh) debtors affluent and this problem does not exist in the commercial banks and the benefits will be increased upon who shall debtor's stalling because he knows not to do calculates interest
The vehicle.

He noted that the workshop focused on the sources of funds of banks and how to invest and what successful formulas to invest in accordance with Islamic formats that the most important of speculation and Murabaha sale and peace as well as Istisna'a Sales and Leasing contracts and then posts the farmer and Almsacap. In order to achieve growth and development of the country's economy and the other axis means and how to audit procedures legitimate oversight.


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