Banker: Central Bank Law inconsistent with usurious banks and Islamic banking needs to Law

Banker: Central Bank Law inconsistent with usurious banks and Islamic banking needs to Law


08-09-2013 07:19 AM

Baghdad (news) .. He said banking expert wholesome Elias Abbou, that the current central bank law incompatible with the nature of usury banks of a commercial nature, indicating that the increased activity of Islamic banking requires the existence of a law regulating its work.

Abbo said (of the Agency news): that some of the paragraphs, the current central bank law interfere with the work of the usurious banks of a commercial nature, which depend on the interest, so must be modified in order to support the banking sector.

He pointed out: that the Islamic banking activity in the country began to grow during the recent period in terms of investment and Murabaha and speculation are in dire need of its own law regulating its work, stressing that it spread in most countries of the world, particularly in Europe.

It is noted that the banking system in Iraq consists of forty-three banks as well as the Central Bank and distributed by ownership between (7) state banks and (30) Bank Ahli including (7) Islamic banks in addition to (6) of foreign banks.



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