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The opening of the first state bank in accordance with the Islamic Sharia law in Iraq
1/12/2015
The opening of the first state bank in accordance with the Islamic Sharia law in Iraq ... and our plan for this year's funding for the largest number of small and medium enterprises to reduce the incidence of poverty and unemployment Islamic Mesopotamia Bank is considered the first bank to open in Iraq is working in accordance with the Islamic Sharia law through a committee formed for the purpose of deciding on the transactions they handle knowing that this bank will soon through five branches to finance larger number of small and medium-sized projects for the purpose of contributing to addressing unemployment and poverty situations .. .. Met with the director in the bank, Mr. Abdul-Hussein Ali Mundhiri to Giebna about how to establish the bank and the aim of its creation and business plan during the current year and the reality of the work of Islamic banks in Iraq and Almntqh.alcherq / Murtaza Abbas al-Tai
Q / Tell us first about how to establish the Islamic Bank of Mesopotamia?
C / The rivers Islamic Bank was established under Law 95 for the year 2012 was published in the Official Gazette newspaper dated 12.17.2012 and the start of the bank unchanged if the rest of the Islamic banking rules and regulations of incorporation with the Central Bank of Iraq in accordance with the basic requirements for the establishment of the bank starting capital and building the bank and furnishing and staff human who leads the banking business within the bank. He pointed out that we have four branches currently are Islamic asset in Baghdad Shorja and second in the peace zone in the province of Najaf and Mesopotamia first branch in Jihad neighborhood in Baghdad and the second in the region in the worshiper Fallujah area as well as the main branch. He added that the bank he formed the control legitimacy of the body of a number of mostly religious scholars hold a doctorate Islamic jurisprudence certificate presented to them all the transactions by the bank to take in order to give legal consent to the exercise of these contracts required by the banking business and thus Snthashy caveats legitimacy and mistakes legitimacy of our work in order to be a reassuring factor for all dealers with Musrva.mnoha that the bank has also form a board of directors, mostly inept economic Macs hold the doctorate degree they are shiny and well-known names in the economic community will be their duty to take decisions that are going work of the bank. Stressing that the Islamic banks initiated take its normal course of action, starting from the establishment of the Dubai Islamic Bank in 1975 and the Islamic Development Bank in Jeddah in 1977, as well as direct the work of Islamic banking in 1993 by the Iraqi Islamic National Bank, which was established in accordance with the special law by the previous government until it reached number currently seven private Islamic banks and the Bank of government and one in addition to opening a branch of the Abu Dhabi Islamic Bank in Iraq.
Q / Did you receive support for the establishment of this bank?
C / The Ministry of Finance was and is a key supporter of the main bank and this cooperation resulted in the establishment of this bank from the allocation of the building down to the allocation of capital as well as the transfer and placement of staff from other banks in order to do the banking process management.
Q / What is the purpose of the establishment of the bank?
C / explained Mundhiri that the first goal of the Islamic banking objectives including Mesopotamia Islamic Bank is to provide far from usury Islamic products and are compatible with the principles of Sharia Alasalamah.vdila that the bank do not deal in accordance with the starters interest in which they operate commercial banks ratio, but we deal in accordance with the starters profit ratio, which comes through the achievement of the work, which is achieved through the sale and purchase transactions. and that the bank will work within this year plan to lend to small and medium enterprises through the bank's capital and deposits investors these projects being did not need big money in order to the largest possible number of projects funding for the purpose of contributing to addressing unemployment and poverty incidence.
Q / when to proceed with the actual work in the bank lending process citizens?
C / that the bank will begin work soon after he completed all the needs and requirements of Altacis.mbana that our bank is the first Islamist government bank will carry on Islamic banking in Iraq. He pointed out that the work of Islamic banks have become nowadays universally required, regionally and locally, whether by Allasalama society or countries the world of European and western fact that Islamic banking is based on real Economics and owns real assets primary objective is to invest and not traded debt, such as working with commercial banks. Indicating that the wizard will bank with a capital estimated at 150 billion dinars after merging Islamic windows of a bank Rafidain and Rasheed under the budget law for 2015 with Mesopotamia Islamic Bank.
Stressing that it is expected to double the bank's assets during 2015 to 200% of the capital and that falls within the bank's ambition to achieve this Alanejaz.ozkr that the bank in front of a large and available opportunities to attract deposits of the public who wish to deposit of money in accordance with the principles of Islamic law.
. Stressing that it is hoped to be the Islamic Mesopotamia Bank in its inception wizard will through practicing his work in a new and non-existent in the banking market products, especially with regard to supporting small businesses and the field of infrastructure projects, especially after it became the budget can not meet all the infrastructure projects and thus became in front of banks Islamic chance to move its activity Asamimi and authentic, a finance investment projects.
Q / What is the lending bank plan that will be implemented during 2015?
C / that the 2015 plan will be based on the exploitation of the work of the windows of the Islamic four in a bank Rafidain and Rasheed addition to the founding of the main branch of the bank in the same building, public administration, so the bank will carry on his work during the current year through five branches. It is hoped to open new branches during the plan 2016 in a number of provinces for the purpose of meeting the requirements of the choices and the public. He said the lending process will be determined by the type of project and the bank select ceiling lending million down to 100 million dinars, with availability guarantees and the duration of dominance ranging between 3 and 5 Snoat.mhira that the bank will grant loans in the first stage to buy a car or buy raw materials for the owners crafts or industrial workshops fact that the bank's money to Aymanh directly to the borrower, but the bank to purchase materials needed by the borrower and sold to willing Cra.onoh that the bank will Broken loans to buy homes during 2015, the fact that the capital Aithml the fact that the purchase of the homes need to be exaggerated very high and the duration of a long-term repayment. He stressed that in the case of issuance of Islamic Sukuk Act or the Central Bank of Iraq to allow our bank to establish investment funds will be directed the bank to implement a new strategy in the coming years from the entry through the implementation of or participation investment projects, whether real estate projects or bridges or railway lines or airports and all projects you need the infrastructure and the most important residential projects in order to alleviate the housing crisis afflicting the country.
Q / Is there a financial allocations identified in the financial budget for this year?
C / The capital of this bank is 150 billion dinars, and the bank got in the 2014 budget financial allocations increase the capital of banks, including Islamic Mesopotamia Bank the amount of 50 billion dinars, but the failure to approve the budget, the reason for not receiving bank for this amount and now because of the financial crisis experienced by the country due to lower oil sales prices, this amount was not included in the budget of 2015 Oadha.makda that Rasim current bank capital is 150 billion dinars, which is a good amount of the best among private banks.
Q / What is your vote for the work of Islamic banks in Iraq?
C /, Islamic banks in Iraq is weak and does not represent the aspirations of the customers of the public because of the weakness of money these banks capital in addition to the weakness of its assets and Deposits, ADRs and the enthusiasm of the public by causing to a delay in the work was the real product that you need his investment and development operations of private infrastructure projects in progress. that's still the Islamic banks are still weak and brief transactions on simple transactions such as Murabaha and advances and participation. Stressing that the private banks currently can not attract deposits from the public in order to be pumped to the process of production and invest according to Islamic investment roads.
He pointed out that we have asked from the central bank and finance ministry to speed up the issuance of Islamic Sukuk Law so that the bank to attract the savings of citizens and investors for the purpose of her husband own society, the fact that the economic process that is community support infrastructure and funding projects on the State-owned banks that make up 90% of the bank the size of Iraq.
He stressed that the bank will proceed in this direction through an agreement with the provinces and investment companies boards that have contracts and contracting with the government for the purpose of participation in the implementation of important investment projects in the country and in amounts too large through the bank's capital or the creation of investment approval of the Central Bank of Iraq funds or during the Islamic law instruments if they are issued.
Q / most important obstacles facing Islamic banks operate in Iraq?
C / The only constraint faced by the work of banks phalanx is legal reserve any must CBI deals with Islamic banking differs from handling all commercial banks on the subject of calculating reserves the legal fact that the money that is pumped to Islamic banking goal is to engage in productive projects, which date back to the citizens and not the bank will cause disruption in part and this will reduce the financing of projects as well as lower profitability compared to what give private banks deposits from the public on these deposits. Thus, the competition will be for the benefit of commercial banks to .ontalb Islamic banks account from the central bank to reconsider by the legal reserve.
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1/12/2015
The opening of the first state bank in accordance with the Islamic Sharia law in Iraq ... and our plan for this year's funding for the largest number of small and medium enterprises to reduce the incidence of poverty and unemployment Islamic Mesopotamia Bank is considered the first bank to open in Iraq is working in accordance with the Islamic Sharia law through a committee formed for the purpose of deciding on the transactions they handle knowing that this bank will soon through five branches to finance larger number of small and medium-sized projects for the purpose of contributing to addressing unemployment and poverty situations .. .. Met with the director in the bank, Mr. Abdul-Hussein Ali Mundhiri to Giebna about how to establish the bank and the aim of its creation and business plan during the current year and the reality of the work of Islamic banks in Iraq and Almntqh.alcherq / Murtaza Abbas al-Tai
Q / Tell us first about how to establish the Islamic Bank of Mesopotamia?
C / The rivers Islamic Bank was established under Law 95 for the year 2012 was published in the Official Gazette newspaper dated 12.17.2012 and the start of the bank unchanged if the rest of the Islamic banking rules and regulations of incorporation with the Central Bank of Iraq in accordance with the basic requirements for the establishment of the bank starting capital and building the bank and furnishing and staff human who leads the banking business within the bank. He pointed out that we have four branches currently are Islamic asset in Baghdad Shorja and second in the peace zone in the province of Najaf and Mesopotamia first branch in Jihad neighborhood in Baghdad and the second in the region in the worshiper Fallujah area as well as the main branch. He added that the bank he formed the control legitimacy of the body of a number of mostly religious scholars hold a doctorate Islamic jurisprudence certificate presented to them all the transactions by the bank to take in order to give legal consent to the exercise of these contracts required by the banking business and thus Snthashy caveats legitimacy and mistakes legitimacy of our work in order to be a reassuring factor for all dealers with Musrva.mnoha that the bank has also form a board of directors, mostly inept economic Macs hold the doctorate degree they are shiny and well-known names in the economic community will be their duty to take decisions that are going work of the bank. Stressing that the Islamic banks initiated take its normal course of action, starting from the establishment of the Dubai Islamic Bank in 1975 and the Islamic Development Bank in Jeddah in 1977, as well as direct the work of Islamic banking in 1993 by the Iraqi Islamic National Bank, which was established in accordance with the special law by the previous government until it reached number currently seven private Islamic banks and the Bank of government and one in addition to opening a branch of the Abu Dhabi Islamic Bank in Iraq.
Q / Did you receive support for the establishment of this bank?
C / The Ministry of Finance was and is a key supporter of the main bank and this cooperation resulted in the establishment of this bank from the allocation of the building down to the allocation of capital as well as the transfer and placement of staff from other banks in order to do the banking process management.
Q / What is the purpose of the establishment of the bank?
C / explained Mundhiri that the first goal of the Islamic banking objectives including Mesopotamia Islamic Bank is to provide far from usury Islamic products and are compatible with the principles of Sharia Alasalamah.vdila that the bank do not deal in accordance with the starters interest in which they operate commercial banks ratio, but we deal in accordance with the starters profit ratio, which comes through the achievement of the work, which is achieved through the sale and purchase transactions. and that the bank will work within this year plan to lend to small and medium enterprises through the bank's capital and deposits investors these projects being did not need big money in order to the largest possible number of projects funding for the purpose of contributing to addressing unemployment and poverty incidence.
Q / when to proceed with the actual work in the bank lending process citizens?
C / that the bank will begin work soon after he completed all the needs and requirements of Altacis.mbana that our bank is the first Islamist government bank will carry on Islamic banking in Iraq. He pointed out that the work of Islamic banks have become nowadays universally required, regionally and locally, whether by Allasalama society or countries the world of European and western fact that Islamic banking is based on real Economics and owns real assets primary objective is to invest and not traded debt, such as working with commercial banks. Indicating that the wizard will bank with a capital estimated at 150 billion dinars after merging Islamic windows of a bank Rafidain and Rasheed under the budget law for 2015 with Mesopotamia Islamic Bank.
Stressing that it is expected to double the bank's assets during 2015 to 200% of the capital and that falls within the bank's ambition to achieve this Alanejaz.ozkr that the bank in front of a large and available opportunities to attract deposits of the public who wish to deposit of money in accordance with the principles of Islamic law.
. Stressing that it is hoped to be the Islamic Mesopotamia Bank in its inception wizard will through practicing his work in a new and non-existent in the banking market products, especially with regard to supporting small businesses and the field of infrastructure projects, especially after it became the budget can not meet all the infrastructure projects and thus became in front of banks Islamic chance to move its activity Asamimi and authentic, a finance investment projects.
Q / What is the lending bank plan that will be implemented during 2015?
C / that the 2015 plan will be based on the exploitation of the work of the windows of the Islamic four in a bank Rafidain and Rasheed addition to the founding of the main branch of the bank in the same building, public administration, so the bank will carry on his work during the current year through five branches. It is hoped to open new branches during the plan 2016 in a number of provinces for the purpose of meeting the requirements of the choices and the public. He said the lending process will be determined by the type of project and the bank select ceiling lending million down to 100 million dinars, with availability guarantees and the duration of dominance ranging between 3 and 5 Snoat.mhira that the bank will grant loans in the first stage to buy a car or buy raw materials for the owners crafts or industrial workshops fact that the bank's money to Aymanh directly to the borrower, but the bank to purchase materials needed by the borrower and sold to willing Cra.onoh that the bank will Broken loans to buy homes during 2015, the fact that the capital Aithml the fact that the purchase of the homes need to be exaggerated very high and the duration of a long-term repayment. He stressed that in the case of issuance of Islamic Sukuk Act or the Central Bank of Iraq to allow our bank to establish investment funds will be directed the bank to implement a new strategy in the coming years from the entry through the implementation of or participation investment projects, whether real estate projects or bridges or railway lines or airports and all projects you need the infrastructure and the most important residential projects in order to alleviate the housing crisis afflicting the country.
Q / Is there a financial allocations identified in the financial budget for this year?
C / The capital of this bank is 150 billion dinars, and the bank got in the 2014 budget financial allocations increase the capital of banks, including Islamic Mesopotamia Bank the amount of 50 billion dinars, but the failure to approve the budget, the reason for not receiving bank for this amount and now because of the financial crisis experienced by the country due to lower oil sales prices, this amount was not included in the budget of 2015 Oadha.makda that Rasim current bank capital is 150 billion dinars, which is a good amount of the best among private banks.
Q / What is your vote for the work of Islamic banks in Iraq?
C /, Islamic banks in Iraq is weak and does not represent the aspirations of the customers of the public because of the weakness of money these banks capital in addition to the weakness of its assets and Deposits, ADRs and the enthusiasm of the public by causing to a delay in the work was the real product that you need his investment and development operations of private infrastructure projects in progress. that's still the Islamic banks are still weak and brief transactions on simple transactions such as Murabaha and advances and participation. Stressing that the private banks currently can not attract deposits from the public in order to be pumped to the process of production and invest according to Islamic investment roads.
He pointed out that we have asked from the central bank and finance ministry to speed up the issuance of Islamic Sukuk Law so that the bank to attract the savings of citizens and investors for the purpose of her husband own society, the fact that the economic process that is community support infrastructure and funding projects on the State-owned banks that make up 90% of the bank the size of Iraq.
He stressed that the bank will proceed in this direction through an agreement with the provinces and investment companies boards that have contracts and contracting with the government for the purpose of participation in the implementation of important investment projects in the country and in amounts too large through the bank's capital or the creation of investment approval of the Central Bank of Iraq funds or during the Islamic law instruments if they are issued.
Q / most important obstacles facing Islamic banks operate in Iraq?
C / The only constraint faced by the work of banks phalanx is legal reserve any must CBI deals with Islamic banking differs from handling all commercial banks on the subject of calculating reserves the legal fact that the money that is pumped to Islamic banking goal is to engage in productive projects, which date back to the citizens and not the bank will cause disruption in part and this will reduce the financing of projects as well as lower profitability compared to what give private banks deposits from the public on these deposits. Thus, the competition will be for the benefit of commercial banks to .ontalb Islamic banks account from the central bank to reconsider by the legal reserve.
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