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*****Islamic banks spread but no special law*****
27/08/2011
Not affected by the global crisis a global index of success
BAGHDAD - Yasser Mutawalli
*****With banks demanding Islamic law regulating the issuance of its Association of Iraqi private banks *****confirmed that part of the CBE instructions No. (6) adequate and compensate for the law on the conduct of activities targeted by Islamic banks. *****Ten Islamic banks operating in Iraq and did not issue a law regulating its introduction to this interview we conducted with academic and banking expert approved Shammari, pointing out that the total assets of these banks up to 800 billion dinars and the Executive Director of the Association of Iraqi private banks Abdul Aziz Hassoun. *****
Revival of Islamic banking
And Islamic banking, which rebounded in most countries have made great successes in the forefront not affected by the global financial crisis because they do not deal with the banking services described as Dr. riba. Sadeq al-Shammari.
And for the benefit of the Islamic banking law in Iraq, he said it is necessary to the existence of such a law to enable banks to exercise various commercial activities both in the field of Murabaha or asset management in Islamic banks as different from commercial banks.
He noted that Islamic banking aims to add value in facilitating the deal with customers and develop the economy of the country where it is through the activities of banks to link social development with economic development.
Banking services
It may be useful reference goes Shammari said, that a large proportion of the population of Iraq does not deal with some banking services they intersect with the provisions of Islamic law, and it deals with interest, and taking and giving.
He added: Therefore, it is necessary to establish Islamic banks meet the needs of these segments of society that do not deal and deprive usury under Islamic law.
He noted that the required monetary and fiscal authorities and the government to issue Islamic banking law has become the need to touch the needs of the segments and large segments of society.
Federal Regulations
*****Shammari said that Islamic banks have committed to implement the regulations and guidance work according to international standards and instructions of the Iraqi Central Bank, *****both in terms of the transaction or in terms of capital they meet the conditions and seek to raise their capital in accordance with the resolutions of the Central in this regard. *****
He explained that the banks work to achieve Arbahahdav all are in the field of social responsibilities which are achieved by the bank to the shareholders of the profits according to Islamic law for the purpose of development of their wealth.
Ideal working environment
The aim of banks to provide a suitable working environment for workers in the Islamic banking from the salaries of rewarding incentives and rewards, and aims to achieve social and economic development through its quest to provide appropriate services for clients with banking products and banking suit their needs in accordance with the law as banks lend well and aid to college students in the payment of tuition fees.
Asked about the impact of Islamic banks the global financial crisis, Dr. Sadik-Shammari said the banks were not affected by the crisis because they do not deal in speculation and they are not the activities of selling religion to religion did not sell to Atemlleke as in the commercial banks did not over-lending without collateral.
*****And Islamic banks do not deal in trading currencies or currency exchange on the grounds that Islamic banks as a means of exchange or a tool to meet and not a commodity. *****
Finance various sectors
And banking services offered by Islamic banks have said they are providing funding for the various sectors of the agricultural or commercial or industrial.
He talked about the performance of the National Bank which is administered by the Muslim, pointing to the attainment of its capital 100 billion dinars and the application of decisions and actions of the Iraqi Central Bank, referring to provide various banking products, in accordance with the principles of Islamic law.
And that most Islamic banks have Anzmt to the Association of Iraqi private banks to support the institution representative of the true private banking sector.
Help Central Bank
For his part, believes the Executive Director of the Association of Iraqi private banks Abdul Aziz al-Hassoun said the directive issued by the Central Bank No. (6) for the year 2011 include allowing banks to Islamic practice different activities and see that there is no need for a special law because the content of this article is a response to their demands.
He stressed that there is no special law on Islamic banks in the countries in which these banks operate.
And reminiscent placed amendment of Article 28 of the Banking Act No. 94 of 2002 and said that the amendment of this article allows the private banking sector, and inclusive of the Islamic credits and investments is broader than currently allowed.
Work in the wider market
He Aziz that there are claims before the 6-year to change Article 28 led to the formation of a joint committee of the Association of Iraqi private banks and the Central Bank of Iraq and the Securities Commission to study the possibility of changing the Article 28 The Committee has provided guidance and pending a decision by the Iraqi Central Bank and approved.
And on the question about the importance of Islamic banks said it was working in the nearest market and wider to the dealers in the market from traditional banks to find that this year the banking sector is heading to the practice of Islamic banking at the moment.
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27/08/2011
Not affected by the global crisis a global index of success
BAGHDAD - Yasser Mutawalli
*****With banks demanding Islamic law regulating the issuance of its Association of Iraqi private banks *****confirmed that part of the CBE instructions No. (6) adequate and compensate for the law on the conduct of activities targeted by Islamic banks. *****Ten Islamic banks operating in Iraq and did not issue a law regulating its introduction to this interview we conducted with academic and banking expert approved Shammari, pointing out that the total assets of these banks up to 800 billion dinars and the Executive Director of the Association of Iraqi private banks Abdul Aziz Hassoun. *****
Revival of Islamic banking
And Islamic banking, which rebounded in most countries have made great successes in the forefront not affected by the global financial crisis because they do not deal with the banking services described as Dr. riba. Sadeq al-Shammari.
And for the benefit of the Islamic banking law in Iraq, he said it is necessary to the existence of such a law to enable banks to exercise various commercial activities both in the field of Murabaha or asset management in Islamic banks as different from commercial banks.
He noted that Islamic banking aims to add value in facilitating the deal with customers and develop the economy of the country where it is through the activities of banks to link social development with economic development.
Banking services
It may be useful reference goes Shammari said, that a large proportion of the population of Iraq does not deal with some banking services they intersect with the provisions of Islamic law, and it deals with interest, and taking and giving.
He added: Therefore, it is necessary to establish Islamic banks meet the needs of these segments of society that do not deal and deprive usury under Islamic law.
He noted that the required monetary and fiscal authorities and the government to issue Islamic banking law has become the need to touch the needs of the segments and large segments of society.
Federal Regulations
*****Shammari said that Islamic banks have committed to implement the regulations and guidance work according to international standards and instructions of the Iraqi Central Bank, *****both in terms of the transaction or in terms of capital they meet the conditions and seek to raise their capital in accordance with the resolutions of the Central in this regard. *****
He explained that the banks work to achieve Arbahahdav all are in the field of social responsibilities which are achieved by the bank to the shareholders of the profits according to Islamic law for the purpose of development of their wealth.
Ideal working environment
The aim of banks to provide a suitable working environment for workers in the Islamic banking from the salaries of rewarding incentives and rewards, and aims to achieve social and economic development through its quest to provide appropriate services for clients with banking products and banking suit their needs in accordance with the law as banks lend well and aid to college students in the payment of tuition fees.
Asked about the impact of Islamic banks the global financial crisis, Dr. Sadik-Shammari said the banks were not affected by the crisis because they do not deal in speculation and they are not the activities of selling religion to religion did not sell to Atemlleke as in the commercial banks did not over-lending without collateral.
*****And Islamic banks do not deal in trading currencies or currency exchange on the grounds that Islamic banks as a means of exchange or a tool to meet and not a commodity. *****
Finance various sectors
And banking services offered by Islamic banks have said they are providing funding for the various sectors of the agricultural or commercial or industrial.
He talked about the performance of the National Bank which is administered by the Muslim, pointing to the attainment of its capital 100 billion dinars and the application of decisions and actions of the Iraqi Central Bank, referring to provide various banking products, in accordance with the principles of Islamic law.
And that most Islamic banks have Anzmt to the Association of Iraqi private banks to support the institution representative of the true private banking sector.
Help Central Bank
For his part, believes the Executive Director of the Association of Iraqi private banks Abdul Aziz al-Hassoun said the directive issued by the Central Bank No. (6) for the year 2011 include allowing banks to Islamic practice different activities and see that there is no need for a special law because the content of this article is a response to their demands.
He stressed that there is no special law on Islamic banks in the countries in which these banks operate.
And reminiscent placed amendment of Article 28 of the Banking Act No. 94 of 2002 and said that the amendment of this article allows the private banking sector, and inclusive of the Islamic credits and investments is broader than currently allowed.
Work in the wider market
He Aziz that there are claims before the 6-year to change Article 28 led to the formation of a joint committee of the Association of Iraqi private banks and the Central Bank of Iraq and the Securities Commission to study the possibility of changing the Article 28 The Committee has provided guidance and pending a decision by the Iraqi Central Bank and approved.
And on the question about the importance of Islamic banks said it was working in the nearest market and wider to the dealers in the market from traditional banks to find that this year the banking sector is heading to the practice of Islamic banking at the moment.
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