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Experts: Governance and Transparency are “Important Axes” to Activate Banking Performance
Economic 09/04/2024
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Baghdad: Hussein Thagb
Economic experts believe that governance and transparency are important axes for activating banking performance in the country. Islamic banking expert Sadiq Al-Shammari said on the sidelines of a session of the General Council for Islamic Banks and Institutions attended by “Al-Sabah”: The importance of governance as a modern means aimed at preserving the financial system. We stand at governance in Islamic banks, its importance, mechanisms, and guiding principles issued by the General Council for Islamic Banks and Financial Institutions.
Al-Shammari added to “Al-Sabah” that “the financial technology revolution and the great development in digital transformation, which represented the spread of electronic payment operations, artificial intelligence, and data analysis, contributed to facilitating the provision of financial services directly by financial technology institutions,” noting the importance of “banks adapting themselves to the rapid digital changes, changing the work methodology, and innovating flexible solutions to serve their customers more effectively.”
He called for “adopting a number of initiatives and activities that contribute to the growth and development of Islamic banks and financial institutions, for example, the increasing interest in cybersecurity and major risks.”
He pointed out the necessity of issuing the Islamic Economic Encyclopedia, which includes all the Sharia rulings that Islamic banks need to serve as a reference for fatwa and Sharia supervisory bodies in enhancing governance in Islamic banks, in addition to conducting more studies and research on governance, especially in the Islamic sector, to deepen its understanding and importance, especially with regard to the role of members of Sharia supervisory bodies in enhancing governance in Islamic banks. He stated that the importance of governance is evident from its objectives, which are to achieve transparency and justice and grant the right to hold accountable the managements of banks and financial institutions, thus achieving protection for all shareholders and stockholders, while taking into account the interests of work and workers and limiting the exploitation of power in a way that is not in the public interest, which leads to the development of investments and savings, maximizing shareholders’ profits and achieving sustainable development to develop society. In addition, the existence of an effective system capable of providing trust and combating corruption in Islamic financial institutions, including Islamic banks, will bring them more success and support the expansion of their operational processes, although this requires supporting what the departments related to governance are doing within financial institutions. In turn, Islamic banking expert Mohamed El-Beltagy pointed out the importance of adhering to Sharia controls, the nature of the relationship with depositors, and the various financing formulas that are part of the Islamic banking axis and have become the focus of attention of a wide segment of the world’s societies, leading to the application of the profit and loss sharing rule and the correction of the money document.
El-Beltagy warned that governance and transparency are important axes in consolidating the performance of the banking system of any country and enhance the development of work joints and go towards achieving the goals according to what was planned for them.
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