CBI» calls for Islamic banks to establish a special gathering and activate its activity

CBI» calls for Islamic banks to establish a special gathering and activate its activity

<< Mon, August 22 / August 0.2016

Amman - the Constitution and the agencies

considered the experts who participated in a workshop organized by the Central Bank of Iraq with the Islamic banks, the establishment of Iraq 's Noor Islamic Bank bold step challenging financial difficulties and deflation suffered by the Iraqi economy. Others felt that the Islamic banking spread quickly after the public beneficiaries interact with the services provided commensurate social and religious orientation, noting that the establishment of a new Islamic bank indicator of the success of this type of banks and rising demand for its products.

And the Director General of the Department of Islamic banking at the central bank during the the workshop, the need to establish a special pool of Islamic banks to take on the tasks of monitoring the implementation of the instructions and the development of Islamic products , cash and carry out a wide media campaign to enhance public awareness of this type of banking.

the focused workshop discussion about the financial and banking liberalization and globalization and its challenges, and products of Islamic banks which took deployed in most cities In the world. Turning to the biggest challenge of the ways Islamic banks deal with Basel, the great expansion of the banks in the world for its products in harmony and the requirements of the beneficiaries of the companies or citizens and serve the development work.

The head of the Iraqi Islamic Banks Association international banking expert Sadeq al - Shammari in a speech that the focus of the workshop head toward the way the exchange of cash in Murabaha and means awarded and paid. He is not permissible payments in the same currency, ie , if the granting of Murabaha in Iraqi dinars, the payment in another currency in circulation, or buy a commodity and in accordance with the customer 's request calculated cost with the addition of expenses and profit specified agreed, pointing to the stand when applying governance problem that define the relationships between the Department of the bank and the board of directors and those interested in the bank.

He added that the relationship between the public and the banks mutually beneficial relationship, so bear all parties risks and share profits, Islamic banks must be subject to oversight mechanisms established itself by the Central Bank of the conventional banks (commercial), especially when credit granted or when acceptance of deposits.

He pointed out that the workshop focused on the sources of bank funds and how to invest, and formulas for successful investing according to Islamic formats, most notably speculation and Murabaha and selling of peace as well as Istisna'a and sales of leases and then posts the farmer and Almsacap, so as to achieve the development of the country 's economy and its development.

He pointed out Islamic banking expert Abdul Hussein Mundhiri, that the expansion witnessed by this juncture it is important in the banking business in the world has led to a growing local interest, pointing out that the workshop addressed the accounting and regulatory aspects of the work of Islamic banking, as well as Islamic funds and instruments. He stressed that the workshop recommended that hold specialized seminars in all Islamic banks in order to raise the skills of workers within the banking field, and increased media effort to inform the public, businessmen and politicians on the role of Islamic and importance of conversion to attract domestic and international capital and employment in investment projects, as recommended increasing the number of courses private acts of Islamic banking.

the members of the boards of directors and managers Commissioners and account managers in the Islamic banking, Islamic banking faces a number of obstacles, most notably the lack of qualified and capable of innovating products or the work of Islamic banking products , banking personnel, as well as the unavailability of banking doctrinal environment among workers in banks, particularly with respect to improving financial supervision departments and developed. They pointed to another problem is the commercial banks control the banking business, particularly State - owned banks , which account for 94 percent of total deposits, as well as the emergence of governance and the extent to apply to Islamic banks , which 10 banks , numbering the total of their capital and more than two billion dollars, and the application the principle of extraction and its implementation and considering that the criticism is a way of sharing rather not deal beneficial.

the executive director for the Iraqi private banks association Ali Tariq the Islamic banking sector helps to move the new monetary block to the banking sector, especially in light of a law regulating the work of these banks. He pointed out that Islamic banking operates in accordance with the instructions of the Central Bank, this harmony between the two sides leading to the creation of suitable to the success of its business environment in Iraq , which began banking gives more attention.