Mundhiri calls for the adoption of legislation regulating Islamic banking

11/27/2013 0:00

He pointed to the experiences of the World
BAGHDAD - Hussein al-Tamimi Tgb


Counting banking expert successes of banks and Islamic financial institutions and a major reason behind the orientations of European banks and the world to pursue their means in banking operations

The general director of the Islamic Bank of Mesopotamia Abdul Hussein Mundhiri that indicators of these results and elevations rising in the aggregate continuously exceeded where , according to experts estimate the money the 105 trillion dollars .

He added in an interview with the «morning « no secret to those interested about the economy and the size of the Islamic finance what we have reached the budgets of banks and financial institutions of the Islamic mounting heights in Hjovernma month after month .

Indicating that it exceeded financial experts estimate more than 1.5 trillion dollars.

He urged the central bank to issue Islamic banking law and is then move to pass a law instruments to be within the reach of Islamic banks and financial institutions and companies to take advantage of the legality of attracting funds idle when the public as well as support the establishment of private consulting firms Islamic finance .

Stressing the importance of building strong relationships with Islamic financial institutions that issued accounting standards and Islamic legitimacy to be a working directory for banks and institutions as well as build a relationship of partnership and continue with the Islamic Development Bank to take advantage of potential financial and expertise in financing and completion of development projects in most of the Islamic countries .

And the need to establish a close relationship and affiliation to the General Council of the banks and Islamic financial institutions in Malaysia , which means collecting banks and financial institutions at the same table to discuss the problems faced by these banks , institutions and find ways to address them.

 As well as the link with the International Islamic Centre for Reconciliation and Arbitration who cares about solving the problems that arise between banks and Islamic financial institutions with each other.

He noted that the Qatari Islamic banks alone has more than 100 billion dollars, according to Standard & Poor's financial and credit ratings .

This escalation comes after a spate of landslides that hit the financial markets and global economies following the crisis that hit the Western world, the beginning of the year 2008.

Where looked after capital markets on a safe investment , and I found the best Islamic markets and provides a safe haven successful investment opportunities , it is expected that the volume of Islamic assets at the end of the year 2014 to two trillion dollars

He continued, saying : If we look at this big number of funds , we find that half of Islamic finance is limited in Malaysia and Saudi Arabia, which holds the consumer finance the largest share of the funding comes after the finance companies that often get its funding by Islamic banks or the issuance of Islamic Sukuk .

Where the last of Islamic bonds issued in the Kingdom are instruments issued by the Company to finance its expansion pasture that became provide job opportunities for Saudi six thousand employees after that began in 2001 with only 375 employees .

Either the number of Islamic banks has reached the limits of the number 520 banks until the end of year 2012 and each state policy pursued in particular how to manage Islamic activism and the adoption of the necessary facilities to attract funds.

He added that the example of Malaysia offers tax exemptions for individuals with sector clients in the retail sector (Islamic finance housing , cars and machinery, etc.) .

Egypt while encouraging commercial banks to open Islamic windows until the number of banks that have Islamic windows to the (11) banks .

Malaysia , as well as the number of Islamic banks to 17 banks and the central bank is encouraging Malaysian commercial banks to open Islamic windows to accommodate the requests of the public.



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