Islamic banking draft law submitted to the Council of State

| On 2012-07-02 | by David Muhannad Log In


Integrity electronic / Baghdad

Central Bank of Iraq announced the lifting of his draft law regulating the work of Islamic banks to the State Council, said Deputy Governor of the Bank of the appearance of Mohammed, "it was lifting a draft law on the organization of the work of Islamic banks in the Shura Council of Iraq to Alolh for the purpose of endorsing it."

Saleh added that the amount of activity of Islamic banks in Iraq is 40% of the total banking business, which necessitated finding the cover of a legitimate existence and exercise of its activity, indicating that the neglect of the Islamic banking sector is the main reason for the low level of banking activity in the country and because of Iraqi society tries to avoid dealing with banks usury in general.

He mentioned that the work of banks was passed only through the instruction without the presence of a law regulating the presence and easy registration procedures and their dealings with the Iraqi government, which necessitated a legal text is protected and legitimizes its existence. Saleh explained that "the draft law will be forwarded after the ratification by the House of Representatives for the purpose of voting and then to the Council of Ministers for the purpose of implementation and adoption of the resolution effectively.

He noted that "Iraq is on the verge of a great era of economic prosperity after the political crisis and easing the movement will return with the entry of capital, investors and owners of investment banks.


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