Central Bank: the right of Iraq’s commercial banks engage in Islamic banking

Central Bank: the right of Iraq’s commercial banks engage in Islamic banking

Tuesday, September 25, 2012

BAGHDAD – babysit – CBI announced that he is entitled to commercial banks to open branches or windows for Islamic banking.
The deputy governor of the Central Bank of the appearance of Mohammed Saleh in a press statement: “The Central Bank the right to grant licenses for the establishment of banks or subsidiaries of banks Iraqi Islamist, or non-Iraqi, or Islamic windows of commercial banks, and establish these banks in the form of joint stock companies according to the laws in force “.

He added that: “the right to Islamic banks to open branches and offices inside and outside Iraq, according to an annual plan submitted to the Central Bank to obtain its approval and according to the contexts in force, where are these branches and offices outside Iraq to oversee office and field / according to the Convention prepared for this purpose / by the Central Bank Iraq, in addition to being subject to the supervision of the competent regulatory authority in the country in which they exist. ”

He continued: “The Bank aims Islamic or Islamic windows to provide banking services and the practice of financing and investment operations in accordance with Islamic law, as well as the prohibition on usury all facets known for the account or for the account of others that remember those actions in the Memorandum of Association, in addition to developing means of attracting money and savings and allocating them Participation in investment operations on the basis of Islamic law and principles. ”

Saleh pointed out that it should be the Islamic Bank and all his works and activities are compatible and Islamic sharia law, and adopted by the Shariah Supervisory Board of the bank.

The central bank knows the Islamic Bank as “any legal person holds a permit or a license under these regulations to carry out Islamic banking according to Islamic sharia law, the benefit does not deal taking or giving” … p / i
Source: alrayy