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The Central Bank recommends adopting {Islamic Sukuk}
Economical 01/02/2024
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Baghdad: Hussein Thaghb Al-Tamimi
The Central Bank recommended the necessity of adopting Islamic Sukuks as part of Iraq's strategic policy, as an important alternative to other financial instruments that depend on interest, while stressing that they can finance the financial deficit in the general budget.
The Central Bank organized the first annual conference, which addressed the role of Islamic finance and the sukuk market, with broad Arab and international participation, and under the slogan “Sovereign sukuks are a tool for financing economic development projects.”
The conference, which was organized via an electronic circuit, stressed the acceleration of the legislation of the Islamic Sukuk Law in Iraq.
The participants stressed the need to pay attention to developing appropriate legislation in order to make it successful in Iraq, and to make a media and promotional effort to spread the culture of investment in Islamic Sukuks among banks and financial institutions before the law is enacted.
Deputy Governor Dr. Ammar Hamad Khalaf stressed the necessity of international cooperation in this field and the exchange of experiences and viewpoints in order to achieve positive effects that lead to the growth and development of the Islamic banking sector locally and internationally, and to work on issuing a variety of Islamic sukuks and trading them in the financial markets.
He explained that this brings about a fundamental change in The financing structure of Islamic banks, through the production of various financial instruments that accommodate the needs of financial markets and developments of the times, which requires innovation and innovation on the part of Islamic banks. In turn, the Director General of the Center for Banking Studies, Dr. Basem Abdul Hadi, stated that “The Central Bank of Iraq has a major role in this process through It was proposed by the Islamic Sukuk Law and the provision of technical and practical assistance to the concerned parties in the Islamic banking sector, and thus it became useful to learn about international experiences in this field, especially Arab ones.”
President of the Arab Organization for Administrative Development at the League of Arab States, Dr. Nasser bin Hatlan Al-Qahtani, praised the conference’s theme and the importance of enhancing the role of sukuks in sustainable development in the Arab Islamic countries, calling for more transparency in dealing with sukuks and raising awareness of their importance to investors and interested parties, calling for the need to unify private local standards. With instruments, and enacting flexible laws that ensure the achievement of the desired goals to confront potential risks.
He expressed his hope that the conference would be an opportunity to discuss the most prominent issues and challenges related to sukuks and their applications through the participation of experts, decision makers, representatives of various banks, and other stakeholders concerned with the topics of local and international sukuks. The former Minister of Finance of the Arab Republic of Egypt, Dr. Fayyad Abdel Moneim, discussed the theoretical framework of sukuks, their historical development, advantages, and their saving and developmental role. His study reached a number of results, the most important of which is that the sukuk mechanism represents an effective tool in financing infrastructure in the general budget and reduces the burden of loans at the same time. It is an effective investment tool, and in this way it differs from bonds, which represent only a financing tool. Advisor to the Prime Minister for Financial Affairs Dr. Mazhar Muhammad Saleh pointed out the importance of sovereign guarantees by host governments to reassure lenders of the investment project that the government will take certain actions or refrain from taking certain actions that affect the implementation of the project subject of the guarantee. Despite this, many types of legal and political risks that projects face, especially projects Infrastructure is within the ability of the host government to control it, which makes guarantees subject to the rule of risk and strictness regarding accepting them or not. The paper touched on the experience of the Iraqi-Chinese agreement as an alternative to loan financing. Director General of the Legal Department at the Central Bank of Iraq, Dr. Nawar Daham Matar, said: Investment instruments in contemporary financial markets are witnessing an unprecedented spread with the aim of financing huge economic projects, as individuals, companies, institutions and banks participate in them by purchasing these instruments.
He added that there is no doubt that Islamic banking and its contemporary tools are increasing day after day, and the Islamic economy and Islamic banking possess preventive tools that work in accordance with the higher objectives of Sharia based on efficiency, justice, optimal allocation, and prohibition of harm and injustice. He pointed out that it is necessary to preserve the integrity of this financial edifice and its Islamic products and ensure its sustainability and continuity through its legal, legal and technical framing within the financial and investment markets. This research comes as an attempt to reveal the importance of legislating the Islamic Sukuk Law in Iraq.
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