Iraq: Islamic banks lack the qualified cadres It was published on Sunday October / October 8 2017.

Iraq: Islamic banks lack the qualified cadres

It was published on Sunday October / October 8 2017.

Baghdad called on the head of the Iraqi Islamic Banks Association Sadeq al - Shammari, the Central Bank of Iraq to increase its support of the Islamic banking sector, the development of the sector owners and prepare them to be able to banking to better management, and consistent with the development , which included the sector 's activity.

He said Shammari in an interview to «life», that Islamic banking in Iraq «await a broad investment environment through the reconstruction of the liberated areas plans, which calls attention to training Mlakatha to be able to offer products suited to the Iraqi environment, and can elevate their services as long as that competition is intense between them and the products offered by traditional commercial banks. »

He pointed out that «17 Islamic banks and more than twenty companies money transfer operating in the framework of Islamic banking, is now moving to organize a conference under the auspices of the Central Bank of Iraq, the obstacles that hinder the sector and the activity of Islamic banks in the light of its own law , and number 43 for the year 2015, which discussed the qualitative development contributed to the expansion of the role of the financial sector and Altzlavi area, and in the search for solutions , products and non - traditional mechanisms to invest depositors ' money ».

He said Shammari that the Islamic banks «lack the cadres qualified for the work of Islamic banking, and the lack of understanding of the mechanism such as big banks and competition faced in front of traditional banks». He believed that the experience of Islamic banks in Iraq «is still young and need to follow a continuous rise to the activity of this sector is stimulated by the innovation of new products, serving sustainable development.»

He explained that the conference to be held by Islamic banks in Iraq soon «will discuss the establishment of a special training center of Islamic finance and financial inclusion, shall prepare cadres capable of dealing with Islamic banking, and be eager to accommodate the requirements phase in accordance with the standards of Islamic accounting.»

Shammari stressed that the Islamic banks «engage in agricultural, industrial and commercial, real estate and investment directly, in order to play its role of development actor and Capricorn, through various funding formulas and non - dependence on a single product or service as a window buying and selling currency or Murabaha projects.»

He announced that the Islamic banks «aimed at granting Islamic services to owners of small and medium - sized enterprises, which find it difficult to get conventional financing, because they do not possess the required guarantees by banks and traditional institutions.» So he saw that «to expand the role of Islamic finance large capacities to promote financial inclusion, accounting for Islamic banks as advertised the most important part and the largest of the Islamic financial system», pointing out that « the assets of these banks amounted to about 1.346 trillion dollars» 2014, followed by Islamic bonds or amounting to $ 295 billion Sukuk, and Islamic insurance or takaful funds , about $ 33 billion, according to a report released by «Thomson Reuters». It is likely that the «manages funds worth $ 4 trillion this year».

He stressed Shammari that Islamic banks are «safer and more stable than conventional banks, partly because of investment - protected portfolio real and prospective assets, and the return on its operations well for the economy by offering advanced products and provide job opportunities for the unemployed to work, as well as the fact that its economic projects linked to studies economic and technical feasibility, what gave it to success and excellence and expansion function ». It has become «grow by more than 20 per cent Mktzhh banking arena, which requires a strong media campaign to promote social awareness of Islamic banks, through these campaigns and workshops, conferences and seminars help to identify customers on the nature of the formulas and products offered by Islamic banks, such as speculation, participation and leasing and peace and Istisna'a ».

He concluded Shammari , saying that the Islamic finance industry «be more visible and influential, when integrated frameworks and structures of legal and technical to become independent of traditional in most respects» .- (Agencies)

weslin3 wrote:I had to look up this word... candre

ca·dre
ˈkadrē,ˈkädrē,ˈkadˌrā,ˈkädˌrā/
noun
noun: cadre; plural noun: cadres

   a small group of people specially trained for a particular purpose or profession.
   "a small cadre of scientists"
   synonyms: corps, body, team, group, nucleus, core
   "a cadre of academic specialists"
       a group of activists in a communist or other revolutionary organization.
       a member of an activist group.



Most of you might have know what it meant... However I  still don't know anything.