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Specialists: Islamic banks outperformed on business and gain a wide audience but needs its own law l


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Specialists: Islamic banks outperformed on business and gain a wide audience but needs its own law l

Post by Hkp1 on Sun Dec 23, 2012 9:44 pm

Specialists: Islamic banks outperformed on business and gain a wide audience but needs its own law legislation

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

Baghdad (News)/report/Hussein Faleh/... After
the spread of Islamic banks and extensively across the country, there
was a strong desire by citizens in dealing with banks Islamic nature
that they do not believe in the principle of interest on funds deposited
and borrowed.

A number of
lawmakers and financial experts in their (News News Agency) to the
enactment of a new Islamic banks to organize its work and contribute to
the development of the country's economy.

Member of the Committee for economy and
investment Deputy/Coalition blocs Kurdish Jasim Mohamed Hussain, said
that Islamic banks had great successes in Iraq because of the nature of
Iraqi society that mostly Muslims, noting that Muslims in Iraq in
particular have great religious and ideological commitment and fear many
things, especially in the investment of funds as a result of the
financial interest of the money.

Added Hussein (News News Agency): Islamic banks now
excelled in big commercial banks to guide it spreading widely across
the country, because these banks granted loans without interest rates,
most citizens and even venture capitalists prefer Islamic banks.

Confirmed: the importance of a new law for
Islamic banks and be isolated from the General Banking Act puts the
Islamic ideas on the nature of the work of banks in order to achieve
more success and organize its work.

most of the Executive Director of the Association of private banks
Abdelaziz goldfinch, a faith in the Central Bank for legislation of a
special law for Islamic banks, because their work is incompatible with
certain articles of the law on banks.

He said goldfinch (News News Agency): Islamic banks
need to work with a clear legal framework, because its work is
incompatible with the provisions of the Banking Act No. (94) of the year
(2004), particularly in the area of investment and partnerships that
make profit.

Explained: the Central Bank wrote a draft
law for Islamic banks work and discussed with the Association of banks,
and now it was introduced to the legislature (Parliament) for approval,
indicating that the law will allow banks to exercise Islamic banking
which is very different from traditional banking.

He was the President of the Republic
issued the law on the establishment of the Islamic Bank of rivers no.
(95) of 2012 with a capital of 50 billion Iraqi dinars, pointing out
that one of the functions of the Bank, the practice of banking activity
within and outside Iraq, and of financing and investment in various
projects and activities.

The Federal Government announced, in April
of this year, the Islamic Bank of rivers Bill at the request of the
Finance Ministry, indicating that the bank supervisory body composed of 4
members with expertise and competence in Islamic jurisprudence Fiqh.

As a member of the Finance Committee of
the National Alliance Deputy//Secretary Hadi, refer the Government
encouraging reasons to open an Islamic banks in the country to increase
public trust in that they do not believe RIBA and no financial benefits,
adding that the successful experience of open ports in General banks
paid the Government thinking about opening Islamic banks.

He said Hadi (News News Agency) as a result
of high financial interest rate imposed by some governmental and private
banks that arrives (8%) (10%) The
Government decided to open the Windows in the Rafidain Bank and Rasheed
to see public demand, noting that the successful experience to promote a
more open Islamic banks, whether domestic or foreign, in Iraq.

He noted: the Islamic banks will give an
impetus to the advancement of the banking sector and will create a
competitive atmosphere among Iraqi banks, as well as it will help to
boost investment by encouraging him to work and reconstruction and
speculative stocks, excluding private law legislation Islamic banks
because it will affect the nature of the Iraqi State and private banks.

Banking expert, said Mohsen Ali, the importance of
the legislation of a special law for Islamic banks to support and
organize its work, the General Banking Act is incompatible with the
nature of the work of the Islamic banks in Iraq.

Ali (News News Agency): that Islamic banks is
incompatible with the General Banking Act of the year (2004) as it
believes the principle of financial interest while Islamic banks granted
loans without a financial ratios.

He added that the Government and
Parliament to legislate a special law for Islamic banks banking activity
will support in Iraq and organize its work.

The Islamic banking activities in Iraq
started in (1993) when establishing Islamic Bank of Iraq, even now (10),
including a new Government Bank called two rivers, there is an external
Bank and another Gulf.

In Iraq the Government banks are the two
State banks, Rafidain and Rasheed to other banks, notably, real estate
and agricultural and cooperative, and established many civil since 2003
banks including the commercial bank, Investment Bank and the Islamic
Bank Al-Ahli Bank, as well as other banks developed./finished/8 n. p.


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Re: Specialists: Islamic banks outperformed on business and gain a wide audience but needs its own law l

Post by lonelyintexas on Sun Dec 23, 2012 10:31 pm

Great article thanks Hkp,

    Current date/time is Tue Dec 06, 2016 8:45 am