Shammari calls for the expansion of community-based funding
BAGHDAD - Hussein al-Tamimi Tgb
Islamic banking occupied considerable attention on a global level and is evident through the high levels of growth experienced in most countries of the world, which ended its mechanisms Btelmusha success rates, especially that Islamic banking products in harmony and wishes of a lot of communities worldwide.
Albarona Naluxton executive director of the Iraqi Business Council UK, said in an interview »Sabah« The Islamic banking began to grow effectively in the UK, despite the novelty of this experience of banking, where he finds the beneficiary that their products fit a large segment of the community and provide advanced services away from what serves the banks usury.
Select the tracks
She Naluxton to the importance of supporting this type of banking, in particular it was investigating the economic feasibility of the country and is working on expanding its product to be a strong contender for the banks usury, indicating that the work of these banks should be regulated by legislation defines its tracks and help to the success of this experiment, which have attracted the attention of societies.
Islamic banking law
The Islamic banking expert d. Sadiq al-Shammari pointed out that the experience of Islamic banking has achieved great success at the local, regional and prepare today find customers increasingly rise, pointing to the importance of passing a law to Islamic banking in the country.
He said that the growth achieved by the Islamic banking in the country, led the Academy culmination of Excellence Awards banking conferred the National Bank of the Islamic Order of Merit Golden for his role in activating the services of Islamic banking, which entered the yard financial sector recently, and based on the initiatives premium for the bank in the Arab world where the ceremony was held in the city Dubai blocked VIP Arab bank.
Diversification of services
Shammari said, saying despite Mmahakgueth achievements of Islamic banks, but it is limited and it is hoped to achieve them more achievements, particularly in relation to its role and contribution to development in the treatment of economic and social problems of the Islamic peoples. He noted that the community is invited to lift and rehabilitation and modernization of the financial sector and banking in general and Islamic banking in particular by a number of factors, the most important achievement of macroeconomic stability and provide legislative and regulatory framework with the diversification of services and innovation of advanced services for everyone, and the introduction of modern technologies in various fields of finance and banking.
He stressed the importance of rehabilitation of human resource in order to achieve growth and development opportunities and meet the challenges and therefore should work on the expansion of long-term funding formulas and the development of financial instruments and local, rather than focusing on Murabaha and considered a safe source of income. As well as support for small craft, through the promotion of the weak and the poor and low-income people to engage in the economic cycle through speculation, as is the best solution for the financing and the success of such projects, especially micro.
He pointed to the importance of the expansion of social financing (resources of Zakat and alms ongoing donations and endowments and good loans), considering that zakat has many implications on economic development, productivity and social, and the preparation of programs to convert the poor into producers by providing them with loans of good resources Zakat even Aigawa in the clutches of debt.
He called for there to be orientations strategy by the state to ensure government support, as it was necessary to do all of the Ministry of Planning and Development Cooperation and the Ministry of Labour and Social Affairs to prepare periodic surveys on small and medium enterprises for the purpose of identifying prepared and their geographical distribution by provinces and provided to banks and centers of economic decision in Iraq for the purpose of funding the establishment of the Bank have any information about these projects and be closely linked to approaching concerned and the decision-makers.
He Shammari the importance to take the small projects into account the advice, as it must be to play an important and vital role in creating an enabling environment that can grow and expand and evolve under its auspices, where small businesses have turned to large companies and promising, offering advice and information and studies for projects of this until the state can draw strategies to develop a special addition to preparing and drafting the mechanics of a clear and effective shared by the private sector so that it can effectively transform the state of the nationality of these projects to the government sector to partner and head of investment operations commander in the small and medium sector.
And the importance of facilitating access to finance of all financial institutions and intermediate Bklv acceptable and lending to small and medium enterprises through to find suitable channels for the flow of funding to reduce the size of the risk of funding sources, with the need to lay the foundations and special criteria for these projects so that interested banks, the economic aspect of the project.
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