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Islamic banking bill to parliament
24/06/2012 0:00
BAGHDAD - Al Sabah
announced the Finance Committee in the House of Representatives on the arrival of a draft law of Islamic banks to the Council, while confirming its agreement with the Central Bank to allocate $ 25 billion dinars for the advancement of Islamic banks after the legislation of the law. said committee member Najiba Najib's (Center Brief for the Iraqi Media Network ) that «the Commission received a draft law of Islamic banks and will read the first reading and again in the House of Representatives to approval, and we agreed with the Central Bank when the legislation law will be allocated a 25 billion dinars for the advancement of their betterment». She added that «the purpose of the enactment of the Islamic banks is to end the issue of usury that you get the significant benefits by lending people money loans, legislation of the law be equally with government banks in business strategy ». and Islamic banks in Iraq are the law of Islamic law, where the intervention of interest paid by banks on deposits or take loans in the rule of usury which was forbidden by the Islamic religion . have complained many citizens of high interest rates imposed by the Islamic banks to borrow from all sums of money.
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