Iraq exported law establishing the "Islamic Bank Mesopotamia"

Monday, December 17, 1 / December 2012 13:45



Twilight News / issued the President of Iraq, Jalal Talabani, on Monday, law establishing the Bank of Mesopotamia Islamic number (95) for the year 2012 with a capital of 50 billion Iraqi dinars, indicating, that the task of the bank, the exercise aspects of banking activity in the inside and outside Iraq, and to carry out finance and investment in various projects and activities.

In Article first as in the statement issued by the Presidency of the Republic received "Twilight News", a copy of which "establishes a government bank called (Bank of Mesopotamia Islamic) be centered in Baghdad and linked to the Ministry of Finance, has the right to open branches and offices within the Republic of Iraq and outside the consent of the Iraqi Central Bank , "pointing out that" the Bank's corporate identity and a financially and administratively independent and represented by the Director-General or his nominee. "

The statement added that "the bank's capital (50,000,000,000) fifty billion Iraqi dinars paid from the public treasury of the state at one time in coordination with the Ministry of Finance," stressing that the bank "is designed to provide financial and banking services are consistent with the provisions of the Islamic Sharia and the development of the Iraqi economy."

The statement continued, that the bank is "practiced for its own account or for the expense of others inside or outside Iraq all aspects of banking activity known or developed and all the banking and investment business by various banking rules and norms accepted and not inconsistent with the provisions of Islamic Sharia."

The statement noted that among his "doing the work of the finance and investment in various projects and activities through the funding to proceed, speculation and Murabaha sale and other formulas and services that do not contravene the provisions of Islamic Sharia."

The statement said the reasons for the establishment of the bank, saying it was "for the purpose of expansion of economic activity, and increase the size of Islamic banking, and the desire of a large segment of citizens in access to banking services approval of Islamic law."

The statement added that from his works also "employ money that owners wish to invest with the rest of the resources available to the bank, and that under the system of speculation, and a bank in certain cases that the employment under a special agreement so."

The Iraqi government announced, in April of this year, for approval of the bill Bank Mesopotamia Islamic at the request of the Ministry of Finance, indicating that the Bank Board of the Sharia consists of 4 members from experienced and competent in Islamic jurisprudence and its assets.

It is said that in Iraq banks government representing the state two banks Rafidain and Rasheed, in addition to other banks, the most important, agricultural, cooperative and real estate, was established as the banks civil many since 2003, including the commercial bank and investment bank and the Islamic Bank and National Bank, as well as other banks updated.


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