The importance of the adoption of the Ministry of Finance to invest in Islamic banking

The importance of the adoption of the Ministry of Finance to invest in Islamic banking

6/29/2014

Baghdad Yasser incumbent

  In an unprecedented initiative, the Ministry of Finance confirmed that it will sponsor the forum funded by investment banks as the Iraqi Islamic Bank entrusted to one of the two rivers Islamic formations important preparation is what was told to me personally Director General Abdul Hussein Mundhiri.

The first activity sponsored by a bank, but not the most important financial activity at this stage, based on its belief in the importance of benefiting from excess liquidity in banks and then to fit the requirements of investment in important sectors such as housing, energy, and service projects.

This initiative, though a bit late, but the timing was entirely consistent with the orientations of the government in the implementation of the National Initiative for housing and to address one of the most complex challenges faced by the country at present.

I think that the preparation for this event requires concerted efforts by all banks, Islamic or commercial because they all fall under the banner of the Association of private banks in Iraq, and I see as an observer and economic analyst can play Association a major role in the success of this event and give his character banking and reflect the willingness of banks to adopt the goals of this forum .

And I find a suitable opportunity to invest in this initiative to encourage the Ministry of Finance, "Harsha" to continue its important role in the care of such meetings and conferences being responsible for the public sector banks, which have the liquidity largest in the country and most importantly it is a Ministry of Finance is responsible Chairperson on the fiscal policy in the country.

And I see that this step will help in strengthening the relationship between the two financial and monetary through closer cooperation in these important areas and vital in addressing the challenges faced by our national economy, and the desired sustain the momentum of this cooperation and convergence and coordination in order to be able to address the intersections between the two policies in regard to the roles that are supposed the play government and private banks alike.

Eight favorable opportunity because going development movement banking witnessed by private banks to speed the introduction of modern technology and its uses through the training of staff both outside Iraq or inside in to be able to government banks to take advantage of this experiment made ​​by private banks in this area through coordination between stakeholders in the The ministry and the central bank and leading to the achievement of development witnessed in the banking world, is committed to international standards of private banks that enable them to catch up with global Bachirfah especially Basel 1.2 and, most recently and most difficult of the Basel 3, which are beyond comprehension.

Well done and the Ministry of Finance in the adoption of this project is to stimulate the Islamic banks to finance investment, which would be a sign of hope for the springboard towards other goals that are no way to solve them without banks sober and efficient able to finance housing projects and productivity and service to rebuild the country.

We believe that the fingerprint and the Ministry of Finance on its own initiative this will open new horizons in the nature of banking activity in Iraq and dismantle the obstacles that hindered the sake of cooperation through fiscal and monetary authorities.

This initiative will be charged an investment bodies first beneficiary of this initiative is the responsibility of dealing with the financing of the Iraqi banking and marketing to ensure foreign investment through the gate of the Iraqi discreet banks and guarantors of the rights of local and foreign investors, and this is the ultimate goal.

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