Al-Hanal: The capital of Iraqi Islamic banks is more than 3 billion dollars
The head of the Association of Iraqi private banks Wadih al-Hanalal, the capital of
Islamic banks is more than 3 billion dollars.
Al-Hantal said in his speech at the inauguration of the Forum of Islamic Banks in Iraq, which was attended by "Al-Iktissad News", that "this forum, which is held under the slogan of (launching an Islamic banking sector contributes to development), represents a serious and important step in keeping pace with the new and accelerating developments witnessed by this type of Banking activity in our region and in the world, especially as it enjoys wide participation of elites and banking personalities specialized in the work of Islamic banking in Iraq and in the Arab countries. "
"Over the past few years, the Islamic banking sector in Iraq has witnessed rapid positive developments, which have enabled it to acquire half of the market share of the total private banks with a capital of over US $ 3 billion, which gives us hope for further success, On the way to expand the formats of dealing and growth and spread horizontally and vertically in the future. "
He pointed out that "the achievements of this sector are in line with the plans and programs set by the Central Bank, which focused on the principles of openness to the world and the development of banking standards, especially in the areas of compliance and risk management, combating money laundering and financing terrorism, The expansion of the use of information and communication technology systems and the rapid transition to the use of electronic banking services, to cope with the rapid global development in this area, and achieve the elements of financial inclusion to reach all segments of society and not just a particular class or category.
He pointed out that "we must not forget the positive and vital role that should be addressed by banks in general within the framework of economic and social mission aimed at building the human and society, which places on them more responsibilities and necessarily requires the drawing of future plans according to the requirements of service development and society same time".
"We should not forget the specificity of Islamic banking and its principles derived from the provisions of the Islamic Shari'a law, and to ensure that this is a motive to develop its capabilities and improve the quality of its services to its customers and to diversify and innovate new products, tools and banking services. The audience".
"It is very important to strengthen its position, increase its share of market share and its success in banking competition, and keep abreast of the tremendous growth achieved by Islamic banks in the world, especially in the field of Islamic finance, which was admired, especially after Islamic banks managed to escape from The consequences and damage of the financial crisis that hit the world and seriously affected the reality and the future of many of the largest banks in the world. "
He pointed out that "despite the achievements of the Islamic banking business in Iraq and the Arab world, more achievements are still awaited, especially in the field of financial inclusion and geographical spread in Islamic finance, which still needs to adopt standards and standards fixed and secure, for success In competition ".