Iraqi paper at a conference in Beirut banking concern experts

28/11/2012 09:21
Iraq participated in the activities of the Annual Arab Banking Conference for 2012, which was held recently in Beirut organized by the Union of Arab Banks in cooperation with several international banking institutions and the Council of Arab Economic Unity and the General Council of the banks and Islamic financial institutions, with the participation of 500 personal financial The banking and international institutions including the International Monetary Fund and the UN Bernaj Development.

Gave an academic and banking expert, Dr. Sadiq Shammari worksheet and tagged Iraqi governance role of Islamic banks in the growth and development of communities in the uncertainty phase and appreciated by the participants to Matdmenth of careful analysis as required by the current phase of the great efforts to achieve stability Economic not only in Arab countries and by, but all over the world. Shammari in the study reviewed the experience of Islamic banking in Iraq, where associated with nine banks branch network spread across the country and the success of these banks pay state-owned commercial banks to establish an Islamic windows provide services in accordance with Islamic law and which had been a very popular and well received by the citizens of Iraq.

He has seen the banking arena of international and local widespread and expanding large in access this industry, and establish banks operate according to the rule of Islamic law any Ataataty interest taking no tender and turning some traditional banks to the activity of Islamic banking and some established branches or windows within the framework of Islamic administrative unit within the organizational structure.

Shammari said real interest in the idea of ​​the establishment of Islamic banks was the result of a spiritual force and values ​​based on social need for the presence of Islamic banks operate in accordance with the provisions of the Shariah and despite the recent experience of these banks compared to the long history of traditional banks Alaanha able achieve effective presence and clear successes at the regional and international geographical spread and sustainable growth as the number of Islamic banks to around 400 bank currently scattered in 57 countries across the continents of the world.

The study made by Dr. Sadiq Shammari Beirut conference that banks are important episodes of the economic and financial development and an important focus for the progress of any country and that the Islamic banking products confirmed the fairness and effectiveness of the mechanisms of Islamic finance, prompting Western countries to demand Islamic solution to finance economic activities to save the Western economy and a solution to the worsening of the economic crisis, which alternate on the global economy in general and the Western economy in particular, and invitations confirmed that Islamic finance sector is the most dynamic and vibrant in the world of cosmic money.

The study concluded that with the collapse of global financial markets as a result of the credit crunch and mortgage year 2008 or the so-called collapse of Wall Street, it became a reality underlines the need to reconsider the structure of the global system with the traditional importance of restructuring the banks ( commercial) which was adopted on the basis of interest rate,? Here, the role of Islamic banks in achieving economic balance through proper linking funding to work and control balanced between supply and demand and contribute to the stabilization of economic investment with cash flows and real commodity and balanced at the same time instead of relying on interest as a key driver of the dynamics of the economy.

Despite all the advantages that touched her study Alaanha not be afraid of the challenges faced by Islamic banks were faced with difficulty in modifying capitalist systems to suit the work of Islamic banking, as many governments have tried to put many obstacles in front of the proliferation and expansion of the banking industry This in an effort not to damage the traditional banks and not to make way for the front of the expansion and proliferation even more prevail and spread to commercial banks (traditional).

Then there are the challenges of another kind relating to the legislative aspects and differing interpretations and Fatwa and noticed that there is a sharp contrast to the legitimate oversight bodies in Islamic banks, and these differences prevent the existence of special laws to establish banks based on the rule of legitimate notes that banks will not recognize the Islamic banks in most of the countries in which it operates in scope because the laws are designed according to the traditional style and contain provisions for the disproportion of Islamic banking activities this legal.

The challenges of economic aspects is also the laws issued by the central banks under which prevented financial institutions from exercising acts of trade despite possessing equipment and real estate which does not allow its investment and leasing business with those of the core activities.

The central bank also requires all banks to retain a percentage of their deposits between (10 20) with central banks and banks in turn lend these funds interest rate which to ايتفق with Islamic banking approach.

The study recommended the need for Islamic banks to work to stand in front of the challenges of globalization and integration, integration and work on multi-investment partnership under the supervision of a public body, the Council of the highest connecting things that the purposes of maintaining law capital of the Muslim community.

The study recommended that thrown at the conference, which was attended by a group of Iraqi private banks need to develop the infrastructure of the Islamic banking sector development and rehabilitation of human capacity working alongside many of the recommendations aimed to diversify banking products and ways of confronting challenges.


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