Economist: the need to speed up the passage of a law regulating the work of Islamic banks
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Economist: the need to speed up the passage of a law regulating the work of Islamic banks
Admin Wed Jul 03, 2013 9:27 am
03-07-2013 11:15 AM
Baghdad (news) .. Said economic expert Ghazi al-Kanani, Islamic banks need of a new law regulating its work and makes it run freely.
He said Kanani (of the Agency news): The idea of a new law for Islamic Banks on the table for a long time on the House of Representatives, noting that Islamic banks need to be mechanisms differ from the force in the commercial banks and usury through guarantees and the way they work and their performance and reserves and the way it calculated and Regulations guidance and customizations which is taken for the central bank.
He pointed out: that there are special rules for each type of banks in place in the countries of the world, there are four types of banks are commercial, Islamic and investment, development, and each has a particular law.
And: that Iraq needs a law for Islamic banks to operate more freely to contribute to the process of development and investment in the largest and must ايصبح the reluctant role in a very large and are treated as commercial banks deal.
He explained: that the work of Islamic banks well they are serving the Iraqi economy and contribute to the development and to attract customers and investors is rising, in addition to it increase their capital and increase the volume of credit through Murabaha, trade, Almazarbh, stressing that the reason for the growing popularity of them for lack of risks, as well as that most clients tend to the religious side, legislative and Islamic banking.
It is said that in Iraq banks government representing the state two banks, Rafidain and Rasheed, in addition to other banks, most importantly, the 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 / 5. b. PVC /
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