Islamic banks seeking to enter the field of housing investment

04/05/2013 12:00 AM

Academy: aimed at activating the economy and reduce the gap between rich and poor
BAGHDAD - Hussein ثغب of Tamimi

He specialist on Islamic banking d. Sadeq Al Shammari private banks continue to interact with a series of instructions of the Central Bank of Iraq, as it began to focus most private banks to raise capital loop which is set at (250) billion dinars at the end of next June, where many banks exceeded This ceiling meet with the instructions of the Central, as well as in a move to show the extent of which began growth of the financial sector in the country and its role in activating the economic aspects.

Al-Shammari said that private banks operate according to the instructions of the Central Bank, pointing out that the most important challenge of standing in front of private banks during the current stage exceeded the limits of the capital (250) billion dinars, noting that many banks announced bypassed This figure, pointing out that raising capital for private banks is reflected positively in all circumstances towards activating economic activity, where widening circle of funding for projects, there will also be possibilities to the bank to enter the investment process as it has been modified some instructions Central Bank.

Al-Shammari said during his speech for the (morning) about the reality of the growth of Islamic banking and its response to the instructions that the Central Islamic banks began to grow rapidly in the country despite the recent experience, including requests submitted to the Central Bank to enter the field of residential investment authorized by the central regulations and pending approvals in this matter, calling shortcut to the importance of some episodes in excess of official correspondence to the speed of completion of business and its role in containing a lot of economic problems within the community, especially that aimed at Islamic banking reduce class differences in the same society and provide products in line with the orientations of Muslim communities, as well as it is supported in most of the developed world countries that adopt free market economy.

He said that the experience of modern Islamic banking, but it achieved remarkable success on the regional and international level and this evident from the sheer volume of assets managed by these banks, which amounted to up to 550 billion dollars and is expected to grow its turnover early in 2014 to reach around U.S. $ 2 trillion and a growth rate of 14-30 percent, as the number of Islamic banks on 400 scattered Bank in 57 countries which is equivalent to one third of the countries in the world.

He pointed out that the values ​​of honesty and transparency considered the basics of Islamic banking in the world and contributed to its success, in addition to the many factors included the availability of a large proportion of individuals in the Muslim world, especially in the Arabian Gulf and the rich families and expanding economies, and the presence of a strong incentive for consumption on the one hand and keeping their distance as the benefits of any taboos been taking advantage of workers first factor is the abundance of oil resulted in many of Amol and the second governor, who professes Islam linking the benefits of traditional banks and usury this of the regional either at the international level, the factors of success came as a result of changes that have occurred in the financial markets, the beginning of the eighties, including the conversion of the public sector to the private sector and structural reforms, deregulation and liberalization in the financial sector of the United States all considered key success factors, but in return has failed to achieve the desired vision and mission through its foundation to reduce the gap between the rich and the poor in improving the lives of Muslims and focused on the owners of wealth as they resorted to more stable markets in safe environments (such as Europe - and the United States of America) and this is what make Islamists bankers that do not achieve their goal of Islamic for this task is to contribute to the growth and development of communities and Islamic countries as well as in improving the productivity of the individual to raise the level of living so when neglected the poor and vulnerable to engage in the economic cycle through speculation and lack of equality between the owners and investment accounts equity holders بتفضيلها the stockholders.

Shammari pointed out that the year 2012 saw a clear activation of the work of Islamic banking which was characterized by a strong performance and building banking relationships with Arab and foreign banks by extending bridges of communication, including the achievement of all paths and areas of banking and financial culminated positive results salient, where he achieved a remarkable success in terms of consolidating its position and upping his presence and his presence in the Iraqi banking market through a network of its branches in the country as well as a network of correspondents abroad.

Indicating that the Islamic National Bank has become an active partner in the corporate social responsibility programs through contributing to the support and funding and participation in many projects such as building Ghadeer residential village in the province of Najaf, which is the largest residential project at the level of the country in terms of Indeed, services and construction size of the population.

He said the Islamic banking aims to build a culture of occupational segregation as necessary for the Islamic banks to invest in both human resource staff or the regulations and assessment staff to ensure continuity and development (to be professionally and literally Islamic banking work yet to be believer that work with the need to establish special training institutes for Islamic banking services, as long as the Islamic banking and its products have become the backbone in the reform of economic systems so it has to be rehabilitation of human resource more attention to training for qualified rehabilitation professionally and literally to be fully aware of their work. as well as the need to develop a risk management system in coordination with the regulatory authority to be involved as appropriate for the work of Islamic banking institutions, since many of them only buy software and computerized systems and solutions for risk management without that fit in with the nature of Islamic banking and related products (in speculation and Murabaha and leasing as well as selling him) and the development of banking systems as a system Almedfova, and electronic clearing, also has to be the need to develop the framework of corporate governance mechanisms and banks and risk management systems and internal controls, implementation, including required for the development of control systems, internal audit and forensic work of oversight bodies and thus achieve legitimacy legitimate purposes.

Said increased financial resources should employ (unused) adequately and turn it into an acceptable investment channel of the Islamic point of view in order to achieve economic and social development, and this is what requires banks to use the means and tools vital attract the investment of these funds Muslims instead of leaving their savings without getting returns (in order to avoid usury), as many of them still prefer to save his money without accepting any returns, especially if we know that traditional banks (usury) strives to exploit these funds has a large gap remains between the rich and the poor, so it should be the work of Islamic banking need constant diligence by spreading awareness, especially in the banking Islamic banking products and provide training courses in communities and institutes ranging from the study secondary and university end of the study and high schools. In addition to government support to open these institutes and universities offering Islamic banking products.


http://www.alsabaah.iq/ArticleShow.aspx?ID=45834