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Communications: Establishment of "Islamic Postal Bank" in its final stages
The financial and administrative agent of the Ministry of Communications Dr. Karim al-Saadi announced that the launch of the Islamic Postal Bank has reached its final procedures.
"The preliminary approval was obtained by the Central Bank as the body responsible for granting banking licenses," Saadi told the Journal News. "The approval is to be an Islamic government bank at the request of the ministry."
He added that "the bank will grant all facilities and loans according to Islamic customs and law," likely "because of the provision of services at a low cost to certain segments of society compared to some services of private banks."
"The bank's capital reaches up to 160 billion dinars of the assets of the General Post and Savings Company, to provide all banking services to citizens and employees alike, including lending, deposit and electronic payment," Saadi said, noting that "the bank can be managed open to the private sector as a partner in certain percentages to contribute Providing services and operating capital. "
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The financial and administrative agent of the Ministry of Communications Dr. Karim al-Saadi announced that the launch of the Islamic Postal Bank has reached its final procedures.
"The preliminary approval was obtained by the Central Bank as the body responsible for granting banking licenses," Saadi told the Journal News. "The approval is to be an Islamic government bank at the request of the ministry."
He added that "the bank will grant all facilities and loans according to Islamic customs and law," likely "because of the provision of services at a low cost to certain segments of society compared to some services of private banks."
"The bank's capital reaches up to 160 billion dinars of the assets of the General Post and Savings Company, to provide all banking services to citizens and employees alike, including lending, deposit and electronic payment," Saadi said, noting that "the bank can be managed open to the private sector as a partner in certain percentages to contribute Providing services and operating capital. "
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