Consolidated Islamic Finance Program

Monday 27 May

Samir Nusairi
 

In line with the plans of the Central Bank to move the Iraqi banking sector from the role of banking to the developmental role and the contribution of banks to participate in the revitalization of the economic cycle and support the financing of strategic and large development projects through which the construction of a solid national economy and sustainable development that ultimately serve the Iraqi people and aspirations for a better life.



The Central Bank launched the Islamic Finance Program in order to create a regular partnership between traditional and Islamic banks on the one hand and between the public and private sectors of the other entities under the umbrella of Standard No. 24 issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). The program will start with three projects to rehabilitate and build And the development of chemical fertilizer plants in Baiji and Abi Al-Khasib and the rehabilitation and development of glass plants in Ramadi and rehabilitation project and the operation of the White Cement plant in

 Falluja.




This program comes after the success of the Central Bank of achieving monetary stability during the war with terrorism and the transition of the Iraqi economy to the economy of peace is the economy of sustainable development and will move banks from the role of banking to the developmental role, because banks must have a clear role and basis in economic development and have Contribution of contribution to GDP in difficult economic conditions and in conditions of relaxation. This can not be achieved without the use of the funds of the citizens and the government in the banking system and their investment together in the financing of large projects with a clear impact and reflected on the provision of services Meh and essential to the community.


The entry of the banking sector into this national effort will inevitably lead to achieving the objectives

 next:

1. The rise in the contribution of the private sector to GDP. As planned in the private sector development strategy.




2 - Effective contribution to the implementation of the strategy of developing the private sector for the years (2030-2014) to operate 50 percent of unemployed workers and assimilation in the completion of these projects and reduce the unemployment rate to acceptable limits during the three years

Coming.




3. The implementation of the government program in the fourth axis (strengthening the economy), which defines the role of government in the involvement of the private sector sector in the decision-making sector and give a key role in the field of financing and investment for the banking sector, and that the bank financing for development,

 Development.





4 - Reinstating confidence in the banking sector in the participation of banks in financing and participation in investment in the implementation of strategic projects in accordance with Islamic law and the law of Islamic banks (43) for the year 2015, which provides basic services to citizens in all areas of sustainable development in agriculture, industry, transport, education and construction

And tourism.




The achievement of the above objectives requires that the Central Bank organize the process of the participation of banks among them under his supervision and direct control and can organize the process of participation of banks in sustainable development on a continuous basis and within the strategic plan to identify major infrastructure projects, a fundamental goal in the strategy of the Central Bank one of the objectives of strengthening the economy in the curriculum

 Governmental organizations.




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