Specialists: Islamic banks outperformed the commercial and gained a wide audience

Specialists: Islamic banks outperformed the commercial and gained a wide audience, but you need to legislate a special law

Date: 12/23/2012 12:59:56 Sunday

Baghdad (news) / report / Hussein Faleh / .. After the spread of Islamic banks and widely across the country became a strong desire by the citizens in dealing with banks of Islamic because they do not believe in the principle of interest arising from the funds deposited and borrowed.
called a number of deputies and finance professionals Tbarham (of the Agency news) to the enactment of the New Islamic Banks to organize their work and contribute to the development of the country’s economy. member of the economic and investment commission MP / coalition of Kurdish blocs / Jassim Mohammed Hussein, said: Islamic banks have achieved great successes in Iraq because of the nature of Iraqi society, which mostly Muslims, noting that Muslims Iraq In particular they have a religious obligation and ideological big fear many things, especially in investment funds as a result of the benefit of the financial implications of money. Hussein added (of the Agency news): that Islamic banks now surpassed largely on commercial banks evidence it has begun to spread and widely across the country, because These banks give financial loans free of interest rates, most of the citizens and even owners of capital prefer Islamic banks and not others. stressed: the importance of new legislation particularly for Islamic Banks and be isolated from the Banking Act public places Islamic ideas in the nature of the work banks in order to achieve success more and organize their work . while eloquent executive director of the Association of private banks Abdul Aziz Hassoun, an intention at the Central Bank for the enactment of a special Islamic banks, because their conflict with some articles of the law of Iraqi banks. said Goldfinch (of the Agency news): The Islamic banks need to operate a legal framework clear, because the work is contrary currently stipulated by the Banking Law No. (94) for the year (2004), especially in the field of investment and posts achieved profits. explained: that the central bank wrote a draft law private work of Islamic banks and discussed with the Association of private banks, and now has been display to the legislature (parliament) for approval, noting that the law will allow the banks to exercise Islamic banking, which is very different from conventional banking. was the Presidency has issued, law establishing the Bank of Mesopotamia Islamic number (95) for the year 2012 with a capital of 50 billion Iraqi dinars, He pointed out that the task of the bank, the exercise aspects of banking activity in the inside and outside Iraq, and to carry out financing and investing in various projects and activities. mentioned that the federal government announced, in April of this year, for approval of the bill Bank Mesopotamia Islamic upon request from the Ministry of Finance, stating that the bank oversight body legitimacy consists of 4 members from experienced and competent in Islamic jurisprudence and its assets. As a member of the Finance Committee MP / National Alliance / Amin Hadi, refer reasons directed government encouragement to open Islamic banks large in the country to increase the confidence public by being does not believe riba and devoid of financial benefits, noting that the success of open Islamic windows in public banks prompted the government to think of opening Islamic banks purely. said Hadi (of the Agency news): as a result of the interest rate high financial imposed by some government and private banks and up to (8%) and (10%) government decided to open Islamic windows in the Rafidain and Rasheed to see how Iqbal audience her, noting that her experience succeeded what led to encouragement towards opening Islamic banks more, whether local or foreign in Iraq. He : that Islamic banks will give impetus to the advancement of the banking sector and create an atmosphere competitive between Iraqi banks, as well as it will help to drive investment by encouraging work and reconstruction and speculation and stock, excluding the enactment of a special Islamic Banking because it will affect the nature of the Iraqi banks governmental and private. Meanwhile He banking expert Mohsen Ali, the importance of the enactment of the special Islamic Banks for their support and organization of work, because the Banking Act General incompatible with the nature of the work of Islamic banks in Iraq. said Ali (of the Agency news): The work of Islamic banks is contrary to the Banking Act General of years (2004 ) being believes in the principle of the financial benefit, while Islamic banks granted loans without a financial ratios them. added: be directed the government and the House of Representatives for enactment of a special Islamic Banks will support the banking activity in Iraq and organize its work. mentions that the activities of Islamic banking in Iraq began in (1993) When establishing Bank of Iraq Islamic, even now numbering (10) banks, including Bank of a new government called Mesopotamia Islamic, and there bank external and another Gulf. noted that in Iraq banks government representing the state two banks Rafidain and Rasheed, in addition to other banks, the most important, agricultural, cooperative and real estate, as many civil established banks since 2003, including the commercial bank and the investment bank and the Islamic Bank and the National Bank, as well as other banks updated. / end / 8. n. p /