Central Bank forward the draft law of Islamic banks to the Shura Council

Central Bank of Iraq presented a draft law of Islamic banks to the State Council to organize the work of these banks in Iraq.

The deputy governor of the Central Bank of the appearance of Mohammed Saleh in a press statement that Islamic banks currently operating in Iraq, Law No. 94 banks for the year 2004 on the banks of interest.

He added that the central bank discussed the draft law regulating the work of Islamic banks in Iraq by granting loans with interest-free and to engage in commercial activity through the Murabaha and Istisna and culture and take the profit and loss equally with the borrowers other than those working on other banks usury.

Saleh pointed out that the draft law submitted to the Central Bank of the State Council to take the legal course for approval by the House of Representatives.

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