Central Bank Launches Consolidated Islamic Finance Program (SIFP)

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Central Bank Launches Consolidated Islamic Finance Program (SIFP) Empty Central Bank Launches Consolidated Islamic Finance Program (SIFP)

Post  Admin on Tue May 21, 2019 11:25 am

May 21, 2019 12:39 AM |
Baghdad / Zawra:

The Central Bank of Iraq has launched the SIFP, which aims to create a regular partnership in the financing and investment process between traditional and Islamic banks on the one hand and the public and private sectors on the other hand. Accounting and Auditing for Islamic Financial Institutions (AAOIFI).

The central bank said in a statement that the program paid conventional and Islamic banks to participate in the financing of projects of national importance in accordance with the contracts in accordance with Islamic law, such as participation contracts Bittamleek and Istisnaa and Istisnaa parallel contracts and Ijarah Muntahia Bittamleek contracts.

He pointed out that in the framework of activating this program, the bank formed a committee headed by HE Mr. Ali Mohsen Ismail, the Governor of the Central Bank of Iraq and member of the National Investment Commission as the strategic partner in the SIFP program, government banks and the Association of Private Banks.

He added that the committee recommended the implementation of three projects as a starting point for the implementation of the program and projects. The project is to rehabilitate, construct and develop chemical fertilizer plants in Baiji and Abi Al-Khasib, and rehabilitate and develop glass factories in Ramadi.

This program is complementary to the success achieved by the Central Bank in achieving monetary stability during the war economy and its transition to the Iraqi economy to the runways of the peace economy, making the process of targeting growth a very urgent step.

It is worth mentioning that the complex Islamic finance program is the fastest and most advanced means of dealing with the problem of economic development where the financial sector works with the real sector directly without the need for a mediator.



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