Academy: Islamic banking contribute to achieving economic balance

04/09/2013 12:00 AM

Confirmed that it responds to the wishes of non - interest-based groups
BAGHDAD - Hussein ثغب of Tamimi

He academic d . Sadiq Shammari said work to the principle of Islamic banking has witnessed over the last decade developed effectively , pointing out that the Islamic banking came in harmony with the wishes of most societies , you do not want Bachirfah usury and because of its diverse products achieve the required economic feasibility .

Cash flows


He said banking expert Sadeq Al Shammari in an interview ( morning) that Islamic banks contribute one way or another in balancing economic sense by linking funding to work and control balanced between supply and demand , which leads to contribute to the stability of the investment economic with cash flows and commodity real balanced and synchronized at once , rather than relying on the sale of currency exchange and antitrust cases , fraud and deceit in the transaction and the benefit of the rich at the expense of the poor.
And counted now , and after years of labor and difficult experiences pioneering experience and successful as the financial industry developed at both the international and Islamic world to have successes in achieving growth of the banking and the development of economic , social and human resource development and investment optimization of energy and capacity and the elimination of unemployment .



Control procedures


Shammari stressed the need to improve financial control procedures and raising the degree of confidence and competitiveness of the development of financial products and devise new mechanisms in the field of Islamic banking industry in accordance with the principles of Islamic law .

 He said: Shari'a is the cornerstone of life free and dignified so find Islamic banking based governance mechanisms internal carried out through meetings of the Board of Directors appears competence , experience and work for the benefit of their banks instead of freelance work and rely on the distribution of property instead of pinned down in the hands of a few in order to not be the country between the rich only . and pointed out the need to maintain on how to manage bank liquidity so as to achieve social returns with humanitarian values ​​and educational satisfy shareholders and bring benefits for the unemployed and forget the right of the liquid and the deprived .

Participation in profits


He continued by saying : created Islamic banks rather than dealing banking did not exist before in the traditional banking sector, as introduced Islamic banking foundations of deal between the bank and its customers adopt the principle of participation in the profits and losses as well as to participate in the effort by the parties rather than the foundations dealing traditional -based the principle of debt ( the debtor / creditor ) just to make money without participating in the work.

Conditional increase


He said: ruled out Islamic banking principle interest conditional and predetermined at the origin of capital , whether in cash or an offer match the increase in the term and wait any swap money money and increase without the mediation of commodity as adopted the principle of profit wife , who is a result of the sale of the project , which is the increase in out of money peer تقليبه and move and exposed to the risk of different during its any profit that is in accordance with the principle of partnership in the profit and loss any base sheep. , and pointed out that Islamic banks have created systems to handle the investment in all economic sectors which formats investment Islamic Murabaha and participation , speculation and istisna to other kinds of formats investment that are suitable for use in all activities .

Islamic Economics


He Shammari importance of the presence of Islamic banks to meet the desire of communities to find channels to handle banking away from the use of interest rates, and find a place to apply the jurisprudence of transactions in banking activities , as a practical application of the foundations of Islamic Economics , through the link between money and work and effort and science, can also limit the functions of banks function to provide Islamic banking services needed by its customers and include management of current accounts , remittances and letters of credit and sell currencies and the outside handle and the granting of guarantees and warranties .

Speculative accounts


He said at the conclusion of his speech to the most prominent Islamic banking functions which are summarized in the investment function include management accounts speculative funds and the money is deposited in the account own posts . The job cash include financial management as the function to maintain adequate liquidity of the bank and this combined represent production centers main activities of the bank and backed Centers Support Services represented in public administration and management of the inspection and management of branches and legal department and administrative services , planning , research and oversight body legislator .


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