Banker: the current Banking Act does not allow for Islamic banking to take its role in the investment

Kim, you need to look at these articles... I am wondering if this is not part of what we need, and could it be part of the situation that we were waiting for?
Date: 09/29/2012 09:59:54 Saturday

Baghdad (news) ..
The Executive Director of the Association of private banks Abdul Aziz
Hassoun, the importance of special legislation for Islamic banking,
because the current banking law does not allow Islamic banks to take
their role in the investment process and economic development in the
country, calling for encouragement towards open Islamic windows in
state-owned commercial banks.


He said Hassoun (of the Agency news) on Saturday: The activity Islamic
banking in the financial market local began to increase significantly
and became in great demand, banks are state-owned commercial they should
move towards market to open windows for Islamic banking to meet the
growing demand for Islamic banking.


He added: that the Banking Act current allowed to other banks and
specifically the Islamic take absolute freedom in investment operations,
because they differ from conventional banking, noting that the trend is
towards the enactment of a special Islamic Banks, and this Matrouh
years ago and has been discussed by the Central Bank and the Association
of private banks .


And: that the legislation of a special law for the banks is very
necessary, similar to some other Muslim countries initiated by special
laws for Islamic banking.


The central bank announced earlier lifted a draft law regulating
Islamic banking to the Council of State in order to be displayed in the
Council of Ministers and then submitted it to the House of
Representatives.


As a student House of Representatives earlier in the Iraqi government
to establish an Islamic bank to support the development project of
government banks, and select Central Bank of Iraq (250) billion dinars
minimum to establish private banks in the country amid an economic
vision that private banks do not have the necessary tools to promote the
reality cash and the country's economic . / end / 8. d. Q /

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Member of the Finance Committee: Islamic Banking Act will be launched early 2013 to grant loans, without interest
Date: 09/29/2012 14:09:19 Saturday

Baghdad (news) ..
Noted member of the Finance Committee MP / coalition in Iraq / Ibrahim
al-Mutlaq, to ​​begin work in the law regulating the work of Islamic
banking in early 2013.


Mutlaq said (of the Agency news) on Saturday: The law regulating
Islamic banking submitted to the House of Representatives amended by the
Central Bank and the Finance Committee, stressing that the law will see
the light of day in early 2013.


And: that the goal of the law is to give citizens a large interest-free
loans and away from usurious interest rates, he said, adding, that
usury is interest imposed by the discharges on the citizen without
provisions of legitimacy.


He explained: that the law regulating Islamic banking identify a few
benefits to the borrower, Maichdja customers to borrow from Islamic
banks. / End / 21. D. Q /


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