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The growth of Islamic banks in Iraq
Author: [You must be registered and logged in to see this link.] 09/5/2018 12:00 am [rtl]Dr. Bassem Brahimi The development of the banking system in any country is one of the signs of the development of the economy in that country. Although some believe that the rapid development of the financial sector in general has become a generator of the financial crises, we find that banks are still the engine of advanced economies even after the global financial crisis But with an urgent need to regulate and control more banks, which is one of the lessons produced by the crisis. In this context, some views have emerged regarding Islamic banking, which believes that Islamic banks were the most prominent survivors of the crisis among banks due to the nature of the work of these banks, which makes them converge with the real economy and are in line with the trend of its trading up and down to bear the bank and its customers jointly the results of investment according to the rule of sheep Fined. Islamic banks have been thinking about Islamic banks since the 1930s. The first attempt was in Pakistan to establish an institution that would receive deposits from wealthy people and lend them to farmers in need of money without a return, followed by a second experiment in Egypt in the 1960s by establishing Islamic savings banks . In 1975, the Islamic Development Bank was opened in Jeddah. In Iraq, the start of the Islamic banking business with the establishment of the Islamic Bank of Iraq for investment in 1993, then develop the work of Islamic banks and increase their number, especially after the legislation of the Islamic Banks Law No. 43 of 2015, where the number today to 25 banks, which constitute 33% of the total number Banks in Iraq. This increase comes in line with the great development witnessed by Islamic banking at the international level. Many international conventional banks have opened Islamic windows to match the increasing demand for this type of product. The value of Islamic banks' assets globally is expected to exceed this year. Three trillions and a half trillion dollars, and in turn we expect the Islamic banks in Iraq to have an important developmental role, especially with the great potential available to these banks, but this role remains contingent on the ability to overcome the challenges that guide them both in the field of gaining practical experience but Lean or in the field of competitiveness with conventional banks .[/rtl] [rtl][You must be registered and logged in to see this link.] [/rtl] |
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