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On: Wednesday 7/13/2011 8:38
Baghdad / Sabrin Ali
Iraq admitted in establishing the first government bank offers Islamic financial services in the country with a capital of up to 250 billion dinars (about $ 214 million), banking experts welcomed the establishment of these banks, considering their presence is part of modern banking systems are able to meet the requirements of the current stage.
The adviser said the Central Bank of Iraq the appearance of Dr. Mohammed Saleh (range economic): The activation of the role of these banks at the level of the banking system in Iraq is linked with the desire and the tendencies of customers put their money where, considering these banks from within the systems of modern, which have a significant role in the countries exposed to the global financial crisis.
The added benefit is that Islamic banks are based on the profit and loss and not on the basis of interest-based and provides high guarantees to depositors making a trust by the public, and especially that Iraq is concerned with religious aspects of environment law and respect to Halal and Haram.
Saleh continued: Islamic banks attract large amounts of capital through the public and which is inclined to this type of banks based on the basis of Halal and Haram in his dealings.
For his part, Deputy Executive Director of the Association of private banks, high-Khalidi: these banks contribute significantly to modify the banking system and increase investment.
The Khalidi: that the banks are divided into commercial banks, investment and Islamic as the recent spread widely prevalent in most countries of the Arab world and even foreign, stressing the need to enforce some laws on these banks because they are so far bound by the laws of commercial banks which they operate, which makes it imperative to abide by laws Special prevent these banks from investing in some of its own constitution, laws such as the material law of 28 and 104 that limit the direct investment of private banks and investment operations to participate.
And Khalidi that these banks attract a high capital through the public taking advantage of the spread of broad parts of Iraq and the public's confidence by pointing out that religious law are encouraged to deposit money into such kind of banks, especially as they take into account things Halal and Haram by not setting the prices interest at a particular price on your deposited funds and is based on the profit and loss unlike other banks which sets interest rates for funds at fixed prices, which makes there are forbidden by law for this type of banks in their dealings.
A press statement on the "information service Islamic banking" (ie. F. No. S), according to Reuters news agency that the new Iraqi Islamic Bank will work under the supervision of the CBI and the Ministry of Finance will be linked administratively.
The statement quoted an Iraqi official as saying that the Islamic bank would "work to attract significant capital and will contribute in the process of domestic banking and dealing with government and private banks."
The Iraqi government decided to allow the opening Islamic windows in conventional banks, government as well.
The decision represents a departure from previous approaches, as the Economic Committee in the Iraqi Council of Representatives announced earlier, according to the statement that Islamic banks currently operating in Iraq's nine private banks do not contribute to raising the level of economic development.
The statement said that the private banks in Iraq's 36 banks do not have the tools promoting monetary and economic reality for several reasons, namely the absence of a special law regulating its work and failing to secure the required support from the state.
He noted that the Bank of Iraq, the most important government bank in the country does not accept transfers from private banks including Islamic banks and said that the Ministry of Finance to prevent dealing with private banks and those of Islam.
The Central Bank of Iraq recently announced that he would give the number of licenses to establish private banks, stressing that the tariff escalation will enhance the economic situation.
The statement said the total capital of private banks in Iraq is about $ 2.7 billion, after raising most of its capital to 100 billion dinars by the end of June to be up to 250 billion by the end of 2012.
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Baghdad / Sabrin Ali
Iraq admitted in establishing the first government bank offers Islamic financial services in the country with a capital of up to 250 billion dinars (about $ 214 million), banking experts welcomed the establishment of these banks, considering their presence is part of modern banking systems are able to meet the requirements of the current stage.
The adviser said the Central Bank of Iraq the appearance of Dr. Mohammed Saleh (range economic): The activation of the role of these banks at the level of the banking system in Iraq is linked with the desire and the tendencies of customers put their money where, considering these banks from within the systems of modern, which have a significant role in the countries exposed to the global financial crisis.
The added benefit is that Islamic banks are based on the profit and loss and not on the basis of interest-based and provides high guarantees to depositors making a trust by the public, and especially that Iraq is concerned with religious aspects of environment law and respect to Halal and Haram.
Saleh continued: Islamic banks attract large amounts of capital through the public and which is inclined to this type of banks based on the basis of Halal and Haram in his dealings.
For his part, Deputy Executive Director of the Association of private banks, high-Khalidi: these banks contribute significantly to modify the banking system and increase investment.
The Khalidi: that the banks are divided into commercial banks, investment and Islamic as the recent spread widely prevalent in most countries of the Arab world and even foreign, stressing the need to enforce some laws on these banks because they are so far bound by the laws of commercial banks which they operate, which makes it imperative to abide by laws Special prevent these banks from investing in some of its own constitution, laws such as the material law of 28 and 104 that limit the direct investment of private banks and investment operations to participate.
And Khalidi that these banks attract a high capital through the public taking advantage of the spread of broad parts of Iraq and the public's confidence by pointing out that religious law are encouraged to deposit money into such kind of banks, especially as they take into account things Halal and Haram by not setting the prices interest at a particular price on your deposited funds and is based on the profit and loss unlike other banks which sets interest rates for funds at fixed prices, which makes there are forbidden by law for this type of banks in their dealings.
A press statement on the "information service Islamic banking" (ie. F. No. S), according to Reuters news agency that the new Iraqi Islamic Bank will work under the supervision of the CBI and the Ministry of Finance will be linked administratively.
The statement quoted an Iraqi official as saying that the Islamic bank would "work to attract significant capital and will contribute in the process of domestic banking and dealing with government and private banks."
The Iraqi government decided to allow the opening Islamic windows in conventional banks, government as well.
The decision represents a departure from previous approaches, as the Economic Committee in the Iraqi Council of Representatives announced earlier, according to the statement that Islamic banks currently operating in Iraq's nine private banks do not contribute to raising the level of economic development.
The statement said that the private banks in Iraq's 36 banks do not have the tools promoting monetary and economic reality for several reasons, namely the absence of a special law regulating its work and failing to secure the required support from the state.
He noted that the Bank of Iraq, the most important government bank in the country does not accept transfers from private banks including Islamic banks and said that the Ministry of Finance to prevent dealing with private banks and those of Islam.
The Central Bank of Iraq recently announced that he would give the number of licenses to establish private banks, stressing that the tariff escalation will enhance the economic situation.
The statement said the total capital of private banks in Iraq is about $ 2.7 billion, after raising most of its capital to 100 billion dinars by the end of June to be up to 250 billion by the end of 2012.
[You must be registered and logged in to see this link.]
