Specialists: Islamic banks outperformed the commercial and gained a wide audience, but you need to legislate a special law

Date: 12/23/2012 12:59:56 Sunday



Baghdad (news) / report / Hussein Faleh / .. After the spread of Islamic banks and widely across the country has become a strong desire by citizens in dealing with banks with Islamic character because they do not believe in the principle of interest resulting from borrowed funds deposited.

He called a number of deputies and experts at Tbarham Money (of the Agency news) to new legislation for Islamic banks to organize their work and contribute to the development of the country's economy.

Member of the economy and investment MP / coalition of Kurdish blocs / Jassim Mohammed Hussein, said: Islamic banks have achieved great successes in Iraq because of the nature of Iraqi society, which mostly Muslims, noting that Muslims of Iraq in particular have a religious obligation and ideological big fear many things, especially to invest the money as a result of the financial implications of the interest money.

Hussein added (of the Agency news): that Islamic banks now surpassed largely on commercial banks evidence it has begun to spread and widely across the country, because these banks granted loans financial free interest rates, most of the citizens and even owners of capital prefer Islamic banks and not others .

Stressed: the importance of a special new legislation for Islamic Banks and be isolated from the General Banking Act puts ideas in the nature of work of Islamic banks in order to achieve more success and organize their work.
While most eloquent executive director of the Association of private banks Abdul Aziz Hassoun, the presence of the central bank's intention to legislate a special law for Islamic banks, because their conflict with some articles of the law of Iraqi banks.

The Goldfinch (of the Agency news): The Islamic banks need to operate a legal framework and clear, because the work is contrary currently stipulated by the Banking Law No. (94) for the year (2004), especially in the field of investment and posts achieved profits.

He explained: that the central bank wrote a draft law private work of Islamic banks and discussed with the Association of private banks, and now was presented to the legislature (parliament) for approval, noting that the law will allow the banks to exercise Islamic banking, which is very different from conventional banking.

The Presidency has issued, law establishing the Bank of Mesopotamia Islamic number (95) for the year 2012 with a capital of 50 billion Iraqi dinars, adding that the task of the bank, the exercise aspects of banking activity in the inside and outside Iraq, and to carry out financing and investing in various projects and activities.

It is noted that the federal government announced, in April of this year, for approval of the bill Bank Mesopotamia Islamic at the request of the Ministry of Finance, stating that the bank oversight body legitimacy consists of 4 members from experienced and competent in Islamic jurisprudence and its assets.

As a member of the Finance Committee MP / National Alliance / Amin Hadi, refer reasons directed government encouragement to open Islamic banks large in the country to increase public confidence by being does not believe riba and devoid of financial benefits, noting that the success of open Islamic windows in public banks paid Government thinking in purely open Islamic banks.

Said Hadi (of the Agency news): as a result of the interest rate high financial imposed by some government and private banks, which up to (8%) and (10%) government decided to open Islamic windows in the Rafidain and Rasheed to see how Iqbal audience her, noting that her experience successfully led to the encouragement towards more open Islamic banks, whether local or foreign in Iraq.

He noted: that Islamic banks will give impetus to the advancement of the banking sector and create an atmosphere competitive between Iraqi banks, as well as it will help to drive investment by encouraging work and reconstruction and speculation and stock, excluding the enactment of a special Islamic Banking because it will affect the nature of the Iraqi banks governmental and private.

For his part, a banking expert Mohsen Ali, the importance of the legislation of a special law for Islamic banks to support and organization of work, because the General Banking Act incompatible with the nature of the work of Islamic banks in Iraq.

Ali said (of the Agency news): The work of Islamic banks inconsistent with the General Banking Law of the year (2004) he believes in the principle of financial interest, while Islamic banks granted loans without a financial ratios.

He added: guide the government and the House of Representatives for the legislation of a special law for Islamic banks will support the banking activity in Iraq and organize its work.

It is noteworthy that Islamic banking activities in Iraq began in (1993) when establishing Islamic Bank of Iraq, even now numbering (10) banks, including the Bank of a new government called the Islamic Mesopotamia, and there is an external bank and another Gulf.

It is said that in Iraq banks government representing the state two banks Rafidain and Rasheed, in addition to other banks, the most important, agricultural, cooperative and real estate, was established as the banks civil many since 2003, including the commercial bank and investment bank and the Islamic Bank and National Bank, as well as other banks updated. / end


http://translate.google.com/translate?hl=en&sl=ar&tl=en&u=http%3A%2F%2Fwww.ikhnews.com%2F