Director of private banks: the work of Islamic banks is different from the traditional and the Central Bank in connection with the enactment of its own
Baghdad (news) .. Disclosed the Executive Director of the Association of private banks Abdul Aziz Hassoun, the existence of intention by the Central Bank of the enactment of a special Islamic banks, because the work inconsistent with certain articles of the law of Iraqi banks.
said Goldfinch (of the Agency news) on Tuesday: The Islamic banks need to operate a legal framework clear, because its contrary to currently stipulated by the Banking Law No. (94) for the year (2004), especially in the field of investment and is profitable.
He explained: that the central bank wrote a draft law especially the work of Islamic banks and discussed with the Association of private banks, and now has been presented 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.
It is noteworthy that the activities of Islamic banking in Iraq began in (1993) at the founding of Bank of Iraq Islamic, even now number ( 10) banks, including Bank of a new government called the Islamic Mesopotamia, and there is an external bank and the last Gulf.