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[size=36]The Central Bank launches the Islamic Finance Program[/size]
Economy | 01:44 - 20/05/2019
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BAGHDAD -
The Central Bank of Iraq ( CBE) announced on Monday the launch of a syndicated Islamic finance program to create a regular partnership in the financing and investment process.
"The Islamic Finance Program (SIFP), which aims to create a regular partnership in the financing and investment process, has been launched between traditional and Islamic banks on the one hand and the public and private sectors on the other," the bank said in a statement received by Mawazine News. This investment is carried out under the umbrella of Standard No. 24 issued by the AAOIFI.
He added that "the program pays the conventional and Islamic banks to participate in the financing of projects of national importance in accordance with contracts in accordance with Islamic law, such as participation contracts ended Bittmleek and Istisnaa and Istisnaa parallel contracts and Ijarah Muntahia Bittamleek contracts.
The statement pointed out that "the bank formed a committee headed by the Governor of the Central Bank of Iraq Ali Mohsen Ismail and the membership of the National Investment Commission as a strategic partner in the program (SIFP) and government banks and the Association of private banks and ministries and stakeholders."
He explained that "the committee recommended the implementation of three projects to start the implementation of the program and projects are (the project of rehabilitation and construction and development of chemical fertilizer plants in Baiji and Abi Khasib, and the rehabilitation and development of glass plants in Ramadi, and the rehabilitation and operation of the white cement factory in the district of Fallujah.
The statement added that "this program comes as a step complementary to the success achieved by the Central Bank in achieving monetary stability during the war economy and its transition to the Iraqi economy to the runways of the economy of peace, making the process of targeting growth is a very urgent step."
It is worth mentioning that the complex Islamic finance program is the fastest and most advanced method of dealing with the problem of economic development where the financial sector works with the real sector directly without the need for a mediator.
The Central Bank of Iraq ( CBE) announced on Monday the launch of a syndicated Islamic finance program to create a regular partnership in the financing and investment process.
"The Islamic Finance Program (SIFP), which aims to create a regular partnership in the financing and investment process, has been launched between traditional and Islamic banks on the one hand and the public and private sectors on the other," the bank said in a statement received by Mawazine News. This investment is carried out under the umbrella of Standard No. 24 issued by the AAOIFI.
He added that "the program pays the conventional and Islamic banks to participate in the financing of projects of national importance in accordance with contracts in accordance with Islamic law, such as participation contracts ended Bittmleek and Istisnaa and Istisnaa parallel contracts and Ijarah Muntahia Bittamleek contracts.
The statement pointed out that "the bank formed a committee headed by the Governor of the Central Bank of Iraq Ali Mohsen Ismail and the membership of the National Investment Commission as a strategic partner in the program (SIFP) and government banks and the Association of private banks and ministries and stakeholders."
He explained that "the committee recommended the implementation of three projects to start the implementation of the program and projects are (the project of rehabilitation and construction and development of chemical fertilizer plants in Baiji and Abi Khasib, and the rehabilitation and development of glass plants in Ramadi, and the rehabilitation and operation of the white cement factory in the district of Fallujah.
The statement added that "this program comes as a step complementary to the success achieved by the Central Bank in achieving monetary stability during the war economy and its transition to the Iraqi economy to the runways of the economy of peace, making the process of targeting growth is a very urgent step."
It is worth mentioning that the complex Islamic finance program is the fastest and most advanced method of dealing with the problem of economic development where the financial sector works with the real sector directly without the need for a mediator.
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