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Specialists: Governance and transparency are “important axes” for activating banking performance
Economical 09/04/2024
Baghdad: Hussein Thaghab
Economic specialists believe that governance and transparency are important axes for activating banking performance in the country. Islamic banking expert Sadiq Al-Shammari said on the sidelines of a session of the General Council of Islamic Banks and Institutions, attended by Al-Sabah:
The importance of governance as a modern means aims to preserve the financial system.
We stop at governance in Islamic banks, its importance, its mechanisms, and the guiding principles issued by the General Council of Banks and Financial Institutions. Al-Shammari added to “Al-Sabah” that
“the financial technology revolution and
the great development in digital transformation, such as the
spread of electronic payments,
artificial intelligence, and
data analysis,
have contributed to facilitating the provision of financial services directly by financial technology institutions,”
noting the importance of “banks working to adapt themselves.” With the rapid digital changes, changing work methodology, and creating flexible solutions to serve its customers more effectively.”
He called for "adopting a number of initiatives and activities that contribute to the growth and development of Islamic banks and financial institutions, for example the growing interest in cybersecurity and major risks."
He pointed to the necessity of issuing the Islamic Economic Encyclopedia, which includes all the Sharia provisions that Islamic banks need to be a reference for fatwa and Sharia oversight bodies in strengthening governance in Islamic banks, as well as conducting more studies and research on governance, especially in the Islamic sector, to deepen its understanding and importance, especially with regard to The role of members of Sharia supervisory boards in enhancing governance in Islamic banks.
He stated that the importance of governance is clear from its objectives, which are to
achieve transparency and
justice and
grant the right to hold the managements of banks and financial institutions accountable, thus
achieving protection for all shareholders and shareholders,
taking into account the interests of business and workers, and
limiting the exploitation of power for purposes other than the public interest, leading to the
development of investments and savings,
maximizing shareholders’ profits, and
achieving Sustainable development for the development of society, and
the presence of an effective system capable of providing trust and combating corruption in Islamic financial institutions, including Islamic banks, will bring them greater success and support the expansion of their operational operations, although
this requires supporting what the departments related to governance within financial institutions do.
In turn, Islamic banking expert Mohamed El-Beltagy pointed out the importance of adhering to Sharia controls, the nature of the relationship with depositors, and
the multiple financing formulas that are part of the focus of Islamic banking and have become the focus of attention of a wide segment of the world’s societies, leading to the application of the rule of sharing in profits and losses and correcting the money document.
Al-Beltagy warned that governance and transparency are important axes in solidifying the performance of the banking system of any country, enhances the development of work joints, and leads to achieving goals according to what was planned.
https://alsabaah.iq/102145-.html
Economical 09/04/2024
Baghdad: Hussein Thaghab
Economic specialists believe that governance and transparency are important axes for activating banking performance in the country. Islamic banking expert Sadiq Al-Shammari said on the sidelines of a session of the General Council of Islamic Banks and Institutions, attended by Al-Sabah:
The importance of governance as a modern means aims to preserve the financial system.
We stop at governance in Islamic banks, its importance, its mechanisms, and the guiding principles issued by the General Council of Banks and Financial Institutions. Al-Shammari added to “Al-Sabah” that
“the financial technology revolution and
the great development in digital transformation, such as the
spread of electronic payments,
artificial intelligence, and
data analysis,
have contributed to facilitating the provision of financial services directly by financial technology institutions,”
noting the importance of “banks working to adapt themselves.” With the rapid digital changes, changing work methodology, and creating flexible solutions to serve its customers more effectively.”
He called for "adopting a number of initiatives and activities that contribute to the growth and development of Islamic banks and financial institutions, for example the growing interest in cybersecurity and major risks."
He pointed to the necessity of issuing the Islamic Economic Encyclopedia, which includes all the Sharia provisions that Islamic banks need to be a reference for fatwa and Sharia oversight bodies in strengthening governance in Islamic banks, as well as conducting more studies and research on governance, especially in the Islamic sector, to deepen its understanding and importance, especially with regard to The role of members of Sharia supervisory boards in enhancing governance in Islamic banks.
He stated that the importance of governance is clear from its objectives, which are to
achieve transparency and
justice and
grant the right to hold the managements of banks and financial institutions accountable, thus
achieving protection for all shareholders and shareholders,
taking into account the interests of business and workers, and
limiting the exploitation of power for purposes other than the public interest, leading to the
development of investments and savings,
maximizing shareholders’ profits, and
achieving Sustainable development for the development of society, and
the presence of an effective system capable of providing trust and combating corruption in Islamic financial institutions, including Islamic banks, will bring them greater success and support the expansion of their operational operations, although
this requires supporting what the departments related to governance within financial institutions do.
In turn, Islamic banking expert Mohamed El-Beltagy pointed out the importance of adhering to Sharia controls, the nature of the relationship with depositors, and
the multiple financing formulas that are part of the focus of Islamic banking and have become the focus of attention of a wide segment of the world’s societies, leading to the application of the rule of sharing in profits and losses and correcting the money document.
Al-Beltagy warned that governance and transparency are important axes in solidifying the performance of the banking system of any country, enhances the development of work joints, and leads to achieving goals according to what was planned.
https://alsabaah.iq/102145-.html
