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Economy News _ Baghdad
The Board of Directors of the Central Bank of Iraq decided to cancel two decisions (112) of 2020, which include amending paragraph (2) of the conditions for independence of the controls of the Sharia advisory committee, and resolution (136) of 2019 that includes the approval of the controls of the Sharia advisory committee in its final form.
The bank published documents on its website that Al-Eqtisad News reviewed. The bank’s board of directors, in its Resolution No. (213) for the year 2020, canceled two resolutions (112) for the year 2020, which include amending Paragraph (2) of the conditions for independence of the controls of the Sharia Advisory Committee, and Resolution (136). For the year 2019, which includes approval of the Sharia advisory committee's controls in their final form, and the previous decisions that are related to the subject, and is satisfied with relying on international standards for deciding on Sharia Islamic banking products and developing the capabilities of the functional staff of the Sharia Supervision Division in the Islamic Banking Supervision Department.
The controls of appointment of the Sharia advisory committee included:
First - To have legal capacity, to be a fit and qualified person according to what was stated in the Banking Law No. (24) of 2004, and to not be an article by any institution inside and outside Iraq for reasons related to job behavior.
Second - That he is at least 40 years old.
Third - To have a doctorate in transactional jurisprudence, Islamic finance, or Islamic economics.
Fourth - He must have experience of no less than (5) years in the field of issuing fatwas and legal rulings.
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The Central Bank cancels two previous decisions pertaining to the Sharia Committee in Islamic Banks
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