Investment funds capable of achieving economic development

1/14/2015 0:00

Islamic banks contribute to ease the effects of the crisis from which
  BAGHDAD - Hussein al-Tamimi Tgb


Solutions to be reported to the Iraqi economy out of his critical condition experienced by the decline in oil prices to unexpected levels, Valakadimeon and experts are standing at the performance of the productive and service sectors and provide appropriate treatments departing from saying that (a silver lining).



Academic d. Sadiq al-Shammari said in an interview for the "morning": that critical juncture experienced by the country, may be coming to a new stage in the career of the Iraqi economy, pointing to the importance to start prioritizing private investment funds for its role in the activation of projects and services in all the cities of Iraq.




Ultrafine

He added that many countries have passed the same situation experienced by the country, and was able to access and building a strong and influential economy in the world, noting that the beginning was of medium, small and micro enterprises, which effectively contribute to increasing GDP and to address the deficit in the balance of payments, as well as from being the availability of foreign exchange by relying on local product and make capital cycle paths within the country.



The Shammari pointed out that the investment funds work to achieve sustainable and continuous development keeps the rights of present and future generations to live in dignity, citing the experience of the global businessman Ford, which began micro project micro then turned to medium and large then entered the strategic and large-scale industries of the wider doors, pointing out that the current stage requires that we begin to work these projects financed by the fund, which tracks the committees of the Central Bank to smooth the passage of money.


Project financing

He noted that Islamic banks able to finance this type of project after issuing a law which will regulate the work and give sufficient guarantees for the establishment of this type of project, especially that these banks were taken quickly spread in Iraq and around the world.


He Shammari that employ money customers in Islamic banking and economic development service is extremely important having strengthened confidence between the parties to the process, indicating the possibility of the money directed to productive investment projects to help solve the problems of the Iraqi economy in the forefront of providing employment opportunities for a large segment of unemployed youth, as well as the activation of the reality of domestic production and services through the employment of loans in the projects for this purpose.


Achieve integration

And the possibility of achieving integration between small and medium industries by and large industries across supplying strategic industries and production requirements, as happens in many of the global economic blocs, stressing that this approach will work to achieve sustainable development in all production and service sectors.


He said that the country is characterized by the availability of a market for all products, and this is one of the most important elements of the success of projects in Iraq, as well as human capital that can be converted to a skilled worker in various disciplines, after working on the establishment of training centers and rehabilitation works under the supervision of international and local experts to be able to train availability workers and adaptation of advanced technology and resettled in the country.


Shammari said: There is a great potential for Islamic banks to cooperate and contribute to the fund based on the principle of social responsibility to help soften the blow of the local economy crises witnessed by the world between now and then.




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