Islamic banking instruments and a path to success

Date: March 8, 2017


The start of the Islamic instruments that would stir the reality of working in Iraq, at a time eyeing some Islamic banks issued during the coming period , in conjunction with the imminent issuance of a special law regulating its work in the local financial market.

Financial Advisor to the Prime Minister Dr. The appearance of Mohammed Saleh , "reported that the Islamic instruments represent a new actor in Iraq to move financial transactions.

And instruments of Islamic mean documents or equal financial certificates value represents the stakes are common in the ownership of assets (objects or benefits, rights or a mixture of objects and benefits, cash and debt) already existing or to be created from the proceeds of the IPO, and issued in accordance with the legitimate contract and take its provisions, according to the proposed law in Egypt , they represent common shares in the ownership of objects or benefits or services, or in the ownership of a particular investment project assets, or Murabaha capital, as determined by the prospectus, and be negotiable to maturity, according to the terms of the prospectus, and said media adviser to the kind of instruments bring significant benefit where he works towards activating the development because it is issued by real activity and continued focus on "factory, farm, property, trade.

Pointing out that it has many up to 20 kinds of instruments. Saleh stressed that these instruments issued by Islamic banks exclusively and can be traded equities and are traded ownership of tools, adding that a number of regional countries rely trading of these instruments but concentrated traded on the London market and contribute actively to the process of economic development.

Turn south between Chairman of the Islamic Bank of Ali Zaidi management to issue Islamic bonds millions of dollars is a promising and important experience at the economic level, especially when it secured from the government and can be sold in the global Alasouk and the concomitant significant economic feasibility. He pointed out that Islamic banks move to achieve significant economic feasibility of the country as it begins its work from the real assets of the firm and became a mechanics work serves the national economy and head to activate all aspects of work where, as has become her short, medium and long - plans - term to develop the most active and expanding the products to be provided to citizens on their differences companies or individuals.

He revealed Zaidi during his speech that the coming period will witness sukuk Islamic through specialized banks, which increased the number after converting some of the money transfer companies to Mokhtssh Islamic banks, he added that the Iraqi banking sector must be characterized equably in handling bank and adopt a style of reciprocity with regional countries and international banks, building the large volume of work in Iraq and who needs a bowl Mali and large, this is it aware of the world and look to Iraq with special interest.

He was wrapped in a newspaper interview that the Arab delegations attending to Iraq recognizes the importance of the country on the apron of the international economy , and this can Nahrh through the accompaniment of bankers and businessmen in order to build bridges of new cooperation with Iraq and open Almassarvha branches in Baghdad to be horizontal starting point other cities, indicating that the period witnessed the presence of delegations at high levels were Bdjaptha aspirations to achieve the goals of economic in the forefront of banking cooperation, and here must proceed steady and confident that there will be a facility of the fraternal side or the friend to open branches of banks Iraqi there and in the capitals of those countries and its role in facilitating a lot of transactions and achieve significant economic feasibility, as well as it enhances the value of the bank in front of the international banks because it enhances coverage of credit and letters of guarantee internationally.

He noted E. Lee that the South Islamic Bank, for example , began a new experience where looking forward to the creation of housing complexes in Baghdad by Islamic investment, as well as the establishment of Glass plant in Karbala, Samawa to produce all kinds of glass and this approach serves the economy and support the family economy and keeps the capital cycle inside Iraq.

http://neniraq.com/econews-13/