Islamic windows support the profitability of conventional banks
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In the second half of 2018 and 2019, the Central Bank of Iraq is making clear efforts to implement the objectives of its strategy in supporting the profitability of banks and stimulating them for real banking work by providing new banking products and services in line with their efforts over the past four years and achieving their strategy in developing the banking sector structurally, structurally and technically. .
In view of the role of Islamic banking in providing Islamic investment finance and offering Islamic products that contribute to restoring confidence to customers to deal with the banking sector and achieve good profits and the Islamic banking experience demonstrated by some banks that have been approved over the past two years, we are encouraged to propose that the Central Bank allow traditional banks to open Islamic windows in some areas where Islamic financing and investment activity is flourishing for the purpose of these traditional banks to expand their banking products towards the addition of Islamic products according to the executive instructions issued by The Central Bank must be noted here that the central bank already has issued instructions introduction of Islamic windows formerly No. 6 of 2011 before the issuance of the Islamic Banking Act No. 43 of 2015.
Therefore, I call on the Central Bank to encourage traditional banks to open Islamic windows in some of its branches according to economic feasibility studies and the need of the banking market.
Which widens the circle of beneficiaries of this industry, and the options available to Islamic banking customers, and accelerates the process of developing the products and services of the industry. This is what happened when conventional banks started offering Islamic banking services in Arab and foreign countries. Where there has been a boom in Islamic banking products in the last ten years, in addition to improving the services and prices of Islamic banks, as a result of competition, but I think that the regulators in the Central Bank when allowing the traditional banks to open Islamic windows to put controls and restrictions, The most important of which are the following:
First, a traditional bank that wishes to open an Islamic window or offer an Islamic product must appoint a Shari'a board that will have specialists in the Shari'a to approve and control these products and be appointed by the General Authority of the Bank.
Second: The bank shall have a specialized section for internal auditing and supervision, in proportion to the volume of work in the bank.
Thirdly: Accounting should be separated between Islamic and traditional operations, in accordance with instructions issued by the Central Bank.
Fourth: The accounting registration of the Islamic operations shall be in accordance with the accounting standards adopted by the Islamic banks and the accounts shall be independent of the accounts of the conventional bank.
Fifth: The existence of policies and procedures for the work of Islamic windows and products separate from traditional banking procedures.
Sixth: Disclosure of Islamic operations in the quarterly and annual financial reports, the accounting methods used to record them, their risks, and how to address these risks.
The number of conventional banks with Islamic windows has reached 320 banks worldwide, according to the report of the General Council of Islamic Banks and Financial Institutions, of which 22 are in the UK alone, led by HSBC, which offers Islamic banking services through its secretariat Which he founded in 1998 and currently manages $ 19 billion of Islamic financial assets around the world.
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