Al-Nahrain signs a salary settlement contract with the Ministry of Interior, and includes them with many funds

[yota691]

The beginning of next month .. the opening of the first Islamic bank in the Iraq government

09/23/2015

 
 
BAGHDAD / Jassim al-Tai / .. Director General of the Islamic Bank of Mesopotamia Abdul Hussein Mundhiri revealed that the Ministry of Finance and the opening of the first Islamic bank government in Iraq beginning next month.
Mundhiri said in a statement singled out by the agency / JD /: The Ministry of Finance will open on the first of next month, the first Islamic bank in Alarac.mbana government that the bank obtained all regulatory approvals for the purpose of direct action which according to Islamic law.
He added that the bank completed its preparations Alojstah to start work in accordance with the Islamic law and with a capital estimated at 150 billion dinars and through six branches, three of them in Baghdad, and three others in Najaf, Basra and Fallujah stalled for work as a result of military operations.
 He pointed Mundhiri that the bank will begin to receive applications wishing to obtain these loans in the first of next month, according to the agreement with the Ministry of Finance and the Central Bank of Iraq after completing all their preparations to work the granting of loans with the participation of the payments system and clearing and electronic system the (GPS).
He stressed that Mundhiri loans will be granted for the purpose of Murabaha real estate, cars and goods and to support small and medium enterprises in accordance with the mechanism of Islamic instruction after it has been put through the approval of the Sharia Supervisory Board. / End / 22 / 

[Freedomwish]

The beginning of next month .. the opening of the first Islamic bank in the Iraq government

09/23/2015

 

 He pointed Mundhiri that the bank will begin to receive applications wishing to obtain these loans in the first of next month, according to the agreement with the Ministry of Finance and the Central Bank of Iraq after completing all their preparations to work the granting of loans with the participation of the payments system and clearing and electronic system the (GPS).

He stressed that Mundhiri loans will be granted for the purpose of Murabaha real estate, cars and goods and to support small and medium enterprises in accordance with the mechanism of Islamic instruction after it has been put through the approval of the Sharia Supervisory Board. / End / 22 / 

 

Anyone else see what I see, "in between these lines?"  Do ya'?!!     

[rkp]

why am I restriced?

[Laid Back]

The new monetary reform is coming.

E- Govermment

E- banking

E- payment

Anti money laundering law

Investment law

Pay Scale

And much more

[Freedomwish]

The new monetary reform is coming.

E- Govermment

E- banking

E- payment

Anti money laundering law

Investment law

Pay Scale

And much more

 

Let them know, LB!!  Let them know!! 

[chris2028]

[TrinityeXchange]

They are getting ready to open up this economy.  I am posting multiple blasts from the past concerning this huge deal of the national Islamic bank whose purpose it is to gain market share and trust of Islamic citizens.  They passed the bill for this ages ago and is now implementing the bank.  This along with the news that the passing of the Investment Law is first on the agenda next week says that Iraq is opening for business!  

================================================

Iraq's Islamic Bank and the Islamicity of Interest

Monday 14 January 2013 at 1:45 PM ETby Caleb Pittman

JURIST Columnist Haider Ala Hamoudi of the University of Pittsburgh School of Law says that, despite Islam's proscription against collecting interest, and a constitutional provision prohibiting laws that conflict with such Islamic rulings, Iraq's courts are unlikely to declare the nation's new state-owned bank unconstitutional...

Just last month, Iraqi President Jalal Talibani approved a law, No. 95 of 2012, that establishes a state-owned Islamic bank given the name "The Islamic Bank of Mesopotamia." The initial working capital of the bank is, under Article 3 of the law, 50 billion Iraqi dinars (roughly $43 million), and it can be raised from time to time from resources that the bank itself develops. The purpose of the bank, under Article 2 of the law, is to "provide financial and banking services consonant with the rulings of the Islamic shari'a and the development of the Iraqi economy." In a concluding paragraph offering reasons for enacting the legislation, it is said that it stems in part from a "desire of a broad slice of citizens in obtaining banking services that accord with the Islamic shari'a." The law is, thus, the first, major, public effort of the Iraqi government to enter into the rising field of Islamic finance.

 

On the surface, there is nothing particularly surprising about this. Article 2 of the Iraqi Constitution [PDF] does provide for a robust role for Islam in the legal order of the state after all, declaring it not only the religion of the state, but also "a foundational source of legislation." The same Article further obligates the state to guarantee the sustainment of the Islamic identity of Iraq's Muslim majority population. The creation of the Islamic bank is certainly very much in line with these commitments.

 

Yet, two interesting questions arise from the law that created the bank. The first of these becomes apparent when one compares the language of Article 2 of the new law with Article 2 of the constitution. The latter not only establishes Islam as foundational source of legislation, but it also prohibits the enactment of any law that violates the "settled rulings" of Islam. The former calls for the establishment of a bank whose services are "consonant with the rulings of the Islamic shari'a[.]" If the purpose of the new bank is to create an institution which operates in a manner that is consonant with shari'a, would that not mean that existing banks operate by rules that are not consonant with the rules of the Islamic shari'a? Indeed, this would be the conclusion of the majority of Iraq's authoritative juristic and scholarly authorities on Islam, given that conventional Iraqi banks routinely take and pay interest. Moreover, the only sensible reason to establish an Islamic bank would be if other, existing banks were not Islamic.

 

Yet if this is so, how can the laws within Iraq that specifically authorize the taking and paying of interest on the part of institutions and individuals alike be permitted to stand? If the state may enact the law establishing the Islamic Bank of Mesopotamia under the Islamizing provisions of Article 2, must the Federal Supreme Court of Iraq also strike down the laws authorizing any other non-Islamic banking institutions?

 

If the life of the law were driven by logic rather than experience, the answer would surely be "yes" — there is no basis upon which to conclude that one part of Article 2 of the Constitution is somehow more effective than any other part of it. But it is hard to imagine that the Federal Supreme Court would, or could, ever take such a step given the almost certain disastrous effect on the Iraqi economy if it did. The major constitutional court in the region to have heard a claim on the Islamicity of interest — the Supreme Constitutional Court of Egypt — managed to avoid the problem of declaring interest void by an artful dodge, effectively indicating that any laws that were un-Islamic were immunized from the effect of a subsequent amendment requiring the law to conform to Islamic dictate. There is no indication from its current case law that suggests that the Iraqi Federal Supreme Court finds such strained reasoning particularly appealing. It is also apparent, as I have indicated in an earlier piece, that the Federal Supreme Court has always found ways to uphold older legislation as against an Islamicity test, often by avoiding the issue rather than actually evaluating the law on the basis of its consistency with Islam. It seems almost certain that the court would do the same in this instance, either not dealing with any case that sought to challenge interest or finding a way to dispose of the case without deciding that issue. Certainly it is rather noteworthy that none of Iraq's premier Islamist parties have made an interest ban a noticeable part of their legislative agenda, making it all the easier for the Court not to deal with the problem.

 

The second interesting point in the law is the tangential role that religious scholars and religious institutions play in the operation of the bank. Article 1(3) requires the director general of the bank to have a college degree and experience in banking, but not necessarily Islamic jurisprudence generally or Islamic finance specifically. The same is true for four of the six members of the board of directors. Even as to the other two members, where some experience in Islamic finance is necessary, the reference is remarkably ecumenical. These individuals do not need to be graduates of any particular seminary or have any particular level of religious knowledge, they merely need to have "experience and specialization in Islamic economics," broadly speaking. Moreover, they are appointed by the director general, who might know next to nothing about theshari'a.

 

One may contrast this against the recently enacted laws administering the waqfs, or Islamic charitable trusts. There are two such laws for Muslims — one for the Shi'a and one for the Sunnis. The head of the bureaus administering Sunni and Shi'a waqfs respectively cannot even be appointed unless approved the relevant non-state religious authorities. In the case of the Shi'a Waqf Bureau, this gives Grand Ayatollah Ali al-Sistani formal veto power over the appointment of a state official. Each law moreover requires three other members of the board of the relevant Bureau to be jurists of sound reputation selected by the head of the Bureau, who is, as noted, already vetted by the highest relevant religious authorities.

 

The contrast between the operation of these Islamic institutions and the Islamic Bank of Mesopotamia is rather surprising. Indeed, the level of representation of Islamic experts on the Islamic bank is less than the level of representation of such experts that some Islamist parties seek on the Federal Supreme Court, despite the fact that the latter is not an Islamic institution at all.

 

Ultimately, the reasons have to do with legislative awareness of the manner in which Islamic finance operates, relative to the methods used to organize Islamic institutions and projects elsewhere in Iraqi society. Generally speaking, when Shi'a Islamists in particular are interested in rendering the shari'a more prominent in the lives of Iraqis, this is done through calling for more deference to the rulings of the authoritative jurists who preside over the Shi'a seminaries in Najaf. In the case of family law, such deference is achieved through a (as yet unimplemented) call to permit Iraqis to follow juristic rulings rather than state law in the area. In the case of the waqfs, it is achieved through formalizing a role for these non-state actors in state administration.

 

Yet Islamic finance does not in fact organize itself in this manner, and deference to the rules of any single jurist would simply not be in keeping with the practices of this now global autonomously functioning industry. Instead, the industry adopts a patchwork of rules and regulations derived from the rulings of medieval and modern jurists of various schools of thought. Indeed, it must do this to preserve the flexibility necessary to function in a modern economic setting. Even with such flexibility, derogation from some Islamic rules is almost inevitable. The Iraqi legislators were merely recognizing this reality by having ecumenical experts appointed, and rendering them a clear minority and therefore unable to impede the bank's activities even if they did find a particular practice un-Islamic.

 

As with the failure of the state to ban interest, there is very little that is logical, or coherent, in the state's sanctioned approach to operation of the Islamic Bank of Mesopotamia. It makes little sense for Shi'a Islamists to support the creation of a bank that operates through an amalgam of rules of different jurists from different schools of thought while describing as un-Islamic a Personal Status Code [PDF] organizing the law of the family and inheritance that does precisely the same thing in a different area of law. Yet this is precisely what has been done. It is another demonstration of the deep levels of nuance, complexity and, indeed, self-contradiction that color the issue of the role of Islam in the Iraq's legal and constitutional infrastructure.

 

Haider Ala Hamoudi is a Professor of Law at the University of Pittsburgh School of Law. His scholarship focuses on Middle Eastern and Islamic Law, particularly as it pertains to matters of commerce. Hamoudi spent most of 2009 in Baghdad advising the Constitutional Review Committee of the Iraqi Parliament, responsible for developing amendments to the Iraqi Constitution aimed at national reconciliation, on behalf of the US Embassy in Baghdad. He is currently preparing a book on the drafting and subsequent evolution of the Iraqi Constitution to be published with the University of Chicago Press. He maintains a blog on Islamic Law.

 

Suggested citation: Haider Ala Hamoudi, Iraq's Islamic Bank and the Islamicity of Interest, JURIST - Forum, Jan. 14, 2013, http://jurist.org/forum/2013/01/haider-hamoudi-islam-banking.php

 

 

Edited September 24, 2015 by TrinityeXchange

[TrinityeXchange]

============================

 

Director General of the Islamic Bank of Mesopotamia to justice:

Islamic banks strong participant in supporting the national economy

Justice / Salah al-Hassani - 03/10/2015

Said Mr. Abdul Hussein Ali Mundhiri

Director General of the Islamic Mesopotamia Bank Islamic banks strong participant in supporting the national economy, said in a statement to the justice that of Islamic banks targets including Mesopotamia Islamic Bank is to provide far from usury Islamic products and are compatible with the principles of Sharia Alasalamah.vdila that the bank do not deal in accordance with the principle of the interest rate that works by commercial banks, but we deal according to the principle of profit ratio, which comes through the realization of the work, which is achieved through the sale and purchase transactions. and that the bank, which has its capital (150) billion dinars will work within this year plan to lend to small and medium enterprises through the bank's capital deposits and investors to these projects being did not need big money in order to the largest possible number of project funding, noting that the Islamic Mesopotamia Bank was established under Law 95 for the year 2012 was published in the Iraqi Gazette dated 17.12.2012 and the start of the bank unchanged if the rest of the Islamic banking rules and regulations Incorporation with the Central Bank of Iraq in accordance with the basic requirements for the establishment of the bank starting capital and the bank building and furnishing the human cadre, who leads the banking business within the bank. We have two branches in Baghdad and three branches in Basra and Najaf and Anbar, as well as the main branch. Stressing that the Islamic banks initiated take its normal course of action, starting from the establishment of the Dubai Islamic Bank in 1975 and the Islamic Development Bank in Jeddah in 1977, as well as direct the work of Islamic banking in 1993 by the Iraqi Islamic National Bank, which was established in accordance with the special law by the previous government until it reached number Currently seven private Islamic banks and the Bank of government and one in addition to opening a branch of the Abu Dhabi Islamic Bank in Iraq, noting that the Ministry of Finance was the key supporter of the main bank and this cooperation resulted in the establishment of this bank from the allocation of the building down to the allocation of capital as well as the placement of transfer staff from other banks in order to do the banking process management and the bank is supported financially and morally as well as from private banks Association and the Central Bank Atalraca and prime minister Stressing that everyone direct waiting for work to help support the national economy at this critical juncture for the result of lower oil prices. Stressing that the Islamic Mesopotamia Bank will enter into a new and non-existent in the banking market products, especially with regard to supporting small businesses and the field of infrastructure projects, especially after it became the budget can not meet all the infrastructure projects and bringing the front of Islamic banks an opportunity to move its activity Asamimi and authentic, a finance investment projects . He pointed out that the bank will grant loans in the first stage to buy a car or buy raw materials for the owners of the character or industrial workshops fact that the bank is to Aymanh money directly to the borrower, but the bank will purchase the materials needed by the borrower and sold to willing Cra.onoh that the bank will Broken loans to buy homes During 2015, the fact that the capital Aithml the fact that the purchase of the homes need to be very high amounts and duration of long-term repayment. He stressed that in the case of issuance of Islamic Sukuk Act or the Central Bank of Iraq to allow our bank to establish investment funds will be directed the bank to implement a new strategy in the coming years from the entry through the implementation of or participation investment projects, whether real estate projects or bridges or railway lines or airports and all projects you need the infrastructure and the most important residential projects in order to alleviate the housing crisis afflicting Albuld.oukal, Islamic banks in Iraq is weak and does not represent the aspirations of the customers of the public because of the weakness of money these banks capital in addition to the weakness of its assets and Deposits, ADRs and the enthusiasm of the public by causing to a delay in the its not a real product that you need his investment and development operations of private infrastructure projects Altanah.olhma progress still Islamic banks are still weak and brief transactions on simple transactions such as Murabaha and advances and participation. Stressing that the private banks currently can not attract deposits of the public in order to be pumped to the process of production and investment investment according Alasalamah.oahar roads we asked the central bank and finance ministry to speed up the issuance of a law instruments Islamic so that the bank to attract the savings of citizens and investors for the purpose of her husband own economic process society universe The community currently supports infrastructure and financing projects to government banks that make up 90% of the banking size Alaraca.oakd that the bank will proceed in this direction through an agreement with the provinces and investment companies boards that have contracts and contracting with the government for the purpose of participation in the implementation of important investment projects in the country very large amounts of capital through the bank or through the establishment of investment funds with the approval of the Central Bank of Iraq or through instruments of Islamic law if they are issued .uan main obstacles faced by the bank Mundhiri explained that the most important obstacles are delayed work of the bank license from the Central Bank of Iraq because otherwise jurisprudential where the central bank treats the bank by companies 22 law while the main objective of the bank is a government bank in the spirit of the private sector, where the Bank's Board of Directors consisting of 4 from the private sector and 3 from the bank for the purpose of the dimensions of bureaucratic jobs bank and encourage investment in order to serve the national economy At this stage,

===============

 

Iraq exported law establishing the "Islamic Bank Mesopotamia"
MONDAY, DECEMBER 17, 1 / DECEMBER 2012 13:45 


Twilight News / issued the President of Iraq, Jalal Talabani, on Monday, law establishing the Bank of Mesopotamia Islamic number (95) for the year 2012 with a capital of 50 billion Iraqi dinars, indicating, that the task of the bank, the exercise aspects of banking activity in the inside and outside Iraq, and to carry out finance and investment in various projects and activities.

In Article first as in the statement issued by the Presidency of the Republic received " Twilight News ", a copy of which" establishes a government bank called (Bank of Mesopotamia Islamic) be centered in Baghdad and linked to the Ministry of Finance, has the right to open branches and offices within the Republic of Iraq and outside the consent of the Iraqi Central Bank , "pointing out that" the Bank's corporate identity and a financially and administratively independent and represented by the Director-General or his nominee. "

The statement added that "the bank's capital (50,000,000,000) fifty billion Iraqi dinars paid from the public treasury of the state at one time in coordination with the Ministry of Finance," stressing that the bank "is designed to provide financial and banking services are consistent with the provisions of the Islamic Sharia and the development of the Iraqi economy."

The statement continued, that the bank is "practiced for its own account or for the expense of others inside or outside Iraq all aspects of banking activity known or developed and all the banking and investment business by various banking rules and norms accepted and not inconsistent with the provisions of Islamic Sharia."

The statement noted that among his "doing the work of the finance and investment in various projects and activities through the funding to proceed, speculation and Murabaha sale and other formulas and services that do not contravene the provisions of Islamic Sharia."

The statement said the reasons for the establishment of the bank, saying it was "for the purpose of expansion of economic activity, and increase the size of Islamic banking, and the desire of a large segment of citizens in access to banking services approval of Islamic law."

The statement added that from his works also "employ money that owners wish to invest with the rest of the resources available to the bank, and that under the system of speculation, and a bank in certain cases that the employment under a special agreement so."

The Iraqi government announced, in April of this year, for approval of the bill Bank Mesopotamia Islamic at the request of the Ministry of Finance, indicating that the Bank Board of the Sharia consists of 4 members from experienced and competent in Islamic jurisprudence and its assets.

It is said that in Iraq banks government representing the state two banks Rafidain and Rasheed, in addition to other banks, the most important, agricultural, cooperative and real estate, was established as the banks civil many since 2003, including the commercial bank and investment bank and the Islamic Bank and National Bank, as well as other banks updated.

http://www.shafaaq.c...ن-الإسلامي.html

Read more: http://dinarvets.com/forums/index.php?/topic/136882-iraq-exported-law-establishing-the-islamic-bank-mesopotamia/#ixzz3mhKsO15Z

====================

 

Establishment of Mesopotamia Islamic Bank by the government will strengthen the banking

Banker: the establishment of Mesopotamia Islamic Bank by the government will strengthen the bankingsector activity

Date: 30/12/2012 11:31:53 Sunday

Baghdad (news) .. Praised banking expert Mohsen Ali, the idea of setting up a bank Mesopotamia Islamic by the federal government that will strengthen the work of the banking sector in the country.

said Ali (of the Agency news): The establishment of Bank of independent capital High operates according to Islamic law continuedto the federal government will support the banking business in the country , because the government will be covered by supporting financially and promote incident. and pointed out: that there is a tendency great about dealing with Islamic banks by some citizens and owners of companies, stressing that the bank will create competition with commercial banks, which would kind of economic development in the country. was Presidency issued, law establishing the Bank of Mesopotamia Islamic number (95) for the year 2012 with a capital of 50 billion Iraqi dinars, adding that the task of the bank, the exercise aspects of banking activity in the inside and outside Iraq, and to carry out financing and investing in various projects and activities. mentions that the government Federal announced, in April of this year, for approval of the bill Bank Mesopotamia Islamic at the request of the Ministry of Finance, stating that the bank oversight body legitimacy consists of 4 members from experienced and competent in Islamic jurisprudence and its assets. mentions that the activities of Islamicbanking in Iraq began in (1993) when establishing Islamic Bank of Iraq, even now numbering (10) banks, including the Bank of a new government called the Islamic Mesopotamia, and there is an external bank and another Gulf. / end / 8. n. p /

ikhnews

===================

 

Skinner: Approval of the draft law of the Islamic Bank of Mesopotamia for the expansion of economic activity

05/04/2012 12:03:31 


BAGHDAD (Iba) .. Said government spokesman Ali al-Dabbagh said the Cabinet decided, last Tuesday, to approve a bill bank rivers of the Islamic order of the expansion in economic activity and work to increase the size of Islamic banking to the desire of a large segment of citizens of access to banking services approval of Islamic law, which consistent with the provisions of the Constitution. He noted that this bank will be a source of attraction for investors, the Islamists, who are afraid to deal with other banks because of the benefits and some banking transactions. He explained that the Ministry of Finance requested in the February 12, 2012 view the bill Bank of rivers of the Islamic Council of Ministers for approval and to allocate to the House where that Article 35 of Budget Law for 2011 has provided for the establishment of an Islamic bank by the Federal Ministry of Finance with a capital of 25 billion dinars and provides a bill of incorporation to the Cabinet and the House of Representatives by June 1, 2012 as well as Article 28 of Budget Law for year 2012 has committed to provide the bill before June 1, 2012. Dabbagh said that the bank will be managed by the employee entitled General Manager holds a university degree, at least initially, and with experience in banking and the Board of Directors and the correlation Bank, Ministry of Finance directly and has opened branches inside and outside Iraq, with the consent of the Bank CBI The formations of the bank and its functions we specify bylaws proposed by the Board of Directors of the Bank and issued by the Minister of Finance. He stressed that the bank regulator legitimacy consists of 4 members with experience and competence in Islamic Jurisprudence and its Principles The method of their choice and determine their reward are set by the rules of procedure which is issued an annual report the extent of the commitment of the bank formats legitimacy and all the staff of the bank is subject to the provisions of the Civil Service Act No. 24 of 1960 and the law of discipline of state employees and the public sector No. 14 of 1991 and the Unified Retirement Law No. 27 of 2006. (end)

SOURCE

Edited September 24, 2015 by TrinityeXchange

[newbieDA]

Currently they have the have the Islamic Banking Law - 2nd Reading Completed, so maybe we should look for it as well on the coming agenda for a vote.

Edited September 24, 2015 by newbieDA

[yota691]

Bankers plan to establish an association concerned with the work of Islamic banks

 

 

 

 

 0 Likes

font size :

 

 

Author: Editor: mu reporter: ay

Number of Views: 103

 

09/27/2015 14:26

 

Tomorrow Press / Baghdad: A number of bankers seeking to establish an association concerned with the work of Islamic banks in Iraq and ways to strengthen coordination with the Islamic banks in the region and the world. The head of the Preparatory Committee of the Assembly Sadik al-Shammari said in an interview for "tomorrow Press," that "the evolution in the work sector banks in Iraq in particular specialized employment Islamist any Islamic banks called for the number of its employees to the need for an institution dedicated to their work and be specialized along the lines of specialized Arab and international associations on Islamic banking. "Shammari said that" the Assembly take prescription non-profit organization that aims to develop banking products for Islamic banks , and rehabilitation of human resources to operate in this sector to make them empowered to handle sophisticated banking systems and approved in the developed world, "noting that" the reality of Islamic banking in the country needs to develop methods of performing banking services and updated according to the latest of the developments of global updates and coordination with the Central Bank of Iraq, and that the aspirations of the Assembly in its future program, which includes several all programs hurt the development of the joints of the banking business and what proportion to the size of future work in the country. "He pointed out that" the mechanism of action include the cooperation between the public and private sector institutions related to the objectives of the Assembly, as well as for holding collective agreements among its members to unify the terms of banking deal according to the central bank controls, in addition to the exchange of experiences on banking work among members. "AmongShammari said" Islamic banking is expanding the international spread of base all over the world, without exception, "pointing to" the importance of communicate with this expansion through field presence through networking and attending international forums pertaining to this matter, especially as the country has considerable experience in this type of banking and began to update its system the best systems. "It is hoped that up to thirteen banks will be formed, Assembly, notably (Mesopotamia Bank Islamic and Elaf Islamic National Bank and the Islamic Bank as well as the cooperation of Ceyhan and the Islamic Development Bank and the World of Kurdistan and the Tigris and Euphrates rivers, as well as the Iraqi Islamic), in addition to two windows Islamist groups in a bank Rafidain and Rasheed.

[new york kevin]

Well, lah de freaking da. Can I get a toaster if I open an account with them?  and free checking? Do I have to convert to open an account with them?

[Officiallytook]

We want all of Iraq banking...

Some feel more comfortable where others don't...

We still need them electronically tracked and banking right...

So bring it Oct 1st let's see u reinstate your currency

[mrparrot]

OK, so maybe flew a little too close to the lopster pot.

Maybe I can plead temporary insanity.

Does the opening of a new bank really point to an RV?

Or an RI?

Or an R-whatever?

 

Seems like it's just another event that the guru group

has latched onto in an attempt to make things sound

better than they really are...

[sandfly]

THANKS

[yota691]

09/28/2015 18:58

The Iraqi government is preparing for the opening of the first Islamic bank

 

 

 

Capital Bank is expected to range between 130-150 billion dinars, and will have five branches, three in Baghdad and one in Najaf and another in the province of Basra.

BAGHDAD / Obelisk: A source in the Ministry of Finance, on Monday, for the government's efforts for the opening of the first Islamic bank in Iraq multidisciplinary, stressing that the new bank will be the capital of more than 130 billion dinars.

The source said in a statement, "The ministry has completed preparations for the opening of the first Islamic bank a government in Iraq after receiving official approvals from the relevant authorities for the purpose of direct action which according to Islamic law," noting that "it is hoped the opening of the bank during the next two months."

He added that "capital is expected the bank would be between 130-150 billion dinars, and will have five branches, three in Baghdad and one in Najaf and another in the province of Basra," pointing out that "the five branches formatted fully respects logistics and electronic possibilities and even employees. "

The source added that "the bank will be limited to his work on Islamic Banking and also the granting of loans for the purpose of Murabaha real estate, cars and goods and to support small and medium enterprises in accordance with Islamic mechanism having been FAQ put through the consent of the legitimate Supervisory Board and Seko Nscherak Islamic banks operating in Iraq and supporting her."

[yota691]

Iraqi banks and current challenges 2.2.

 

 

         

9/30/2015 0:00 

 Abdul Hussein Ali Mundhiri * 

 These banks account for 90% of the volume of banking in the country and represent deposits have accounted for 

85% and almost the remainder of the share of private banks. These banks have extensive branch network in the middle of Baghdad, where the exercise of public administrations and the main branches to the maximum four sides and border crossings and suffering of these banks from the international sanctions that brought the country's economy by the United Nations on the impact of Iraq's invasion of Kuwait in 1990. The sanctions have affected negatively on the performance of These banks and made ​​them suffer from lack of use of modern mechanization and suffer from legal problems affecting the foreign activities and the foreign transactions threw herself on the Trade Bank of Iraq, which was established in 2003 to assume the open foreign appropriations for imports State instead of the Rafidain and Rasheed, and this bank exposure to mismanagement of the previous period which impact on its financial position as a result of the debt has not recovered most of them so far. 

Islamic banks, like did not provide something tangible to support the national economy and that its assets have been weak not to exceed their capital only a few of the lack of these banks rose to the basics of the work of the Islamic finance industry, but some of them did not appoint an oversight body the legitimacy of its contracts to allow him and his business because he did not exercise such as Murabaha Islamic banking work in goods, automobiles and housing was also practiced participatory processes, peace and Istisna'a residential complexes or different industries. That is why the public stayed away from participating in its projects with them and deposit his money has. And that the Islamic Banking Act not been issued yet. Now came Islamic Banks role as development banks and investment to exploit the opportunities available to them and that you need reconstruction projects in all areas of Iraq from north to south. This was the committee formed at the central bank on the verge of issuing a list of instructions will issue Islamic Sukuk to collect big money and inject capital in generating investment projects of income to be available to Islamic banks and government and central bank to issue several types of instruments to finance projects and to achieve good returns and profits of intervention through which Islamic banking to the capital market of the wider doors and strive to prove themselves and get a considerable share of the volume of banking after the banking arena has remained under the control of commercial banks for several decades.But the success of the Islamic Sukuk in project finance and public budgets, the state took some states the inclusion of revenue due Asthsalha through the instruments of the Islamic general budget of the State and its importance and the need for the economic sector in our country to this version, it requires mass information campaign through various media to promote it and publicize conservatively for investors, politicians and men banks so that this experiment succeed and achieve its goals was the Islamic Mesopotamia Bank began promoting this version, according to its potential available and will intensify when the issuance of instructions from the central bank and will continue in that I do not mind to manage rivers Bank of the convening of seminars and economic forums to explain this experience and make them known. It must be noted finally that the Islamic Sukuk are investment instruments are not debt instruments. 

Circumstances pressure on the national economy and the budget because of lower oil prices and large numbers of centrally-funded enterprises as well as the number of retirees and employees covered by social welfare that depend on oil resources entirely, the responsibility of banks was now It is greater than ever before to activate the various sectors of the economy through funding or investment in order to contribute through its social responsibility in reducing the incidence of poverty and unemployment. To improve its performance requires rewriting its goals commensurate with the current and the next phase requirements and including the following: 

1 - Participation and dispose of good loans development provided by the central bank and finance existing projects and researcher for expansion as well as the financing of new medium and small projects submitted by the feasibility study supports the importance and the high level of success expected to strengthen the grants committees and commissions of follow-up monitoring and implementation cadre efficiently. 

2 - improve and evaluate the performance of money laundering officials and monitor compliance and sections control in banks because some of them as proven irregularities discovered in the banks was absent from what is happening in his bank. 

3 - Seeking to establish a banking business, similar to what It exists in the rest of the countries to take responsibility activate the various sectors of development funding and investment. 

4 - re-work the annual credit banks plan and allocate substantial amounts for lending are distributed according to the needs of each sector of the diverse sectors of the economy and pursue implemented by the departments of banks and percentages completed. And the evaluation of the bank in the light of the size and types of credits granted and the level of its customers base. 

5. intensify efforts to establish a deposit insurance company to its importance in promoting public confidence in banks. 

✽ in Mesopotamia director of the Islamic Bank

[MyLadiesDaddy]

OK, so maybe flew a little too close to the lopster pot.

Maybe I can plead temporary insanity.

Does the opening of a new bank really point to an RV?

Or an RI?

Or an R-whatever?

 

Seems like it's just another event that the guru group

has latched onto in an attempt to make things sound

better than they really are...

I don't know what it means, but to get this many articles the Iraqi government sure seems to think it mean something.

[yota691]

I don't know what it means, but to get this many articles the Iraqi government sure seems to think it mean something.

Remember this....«economy Voodoo» (kind of magic)   as not based on the real rules.    and GM  DV...

 

[MyLadiesDaddy]

GM MY BROTHER Yota! And everyone at DV.

Yes sir, I do remember that. And I remember thinking at the time how it was very interesting in that Fiat banking is itself a kind of magic.

Also, I would like to note that these two articles quite possibly are for telling of something better.

Maybe it's just me, and maybe not, but I can't help keep thinking that this entire United Nations summit in New York this weekend and this week has far more ramifications to world events that we are being led known.

One thing is clear according to media reports the world leaders that have attended this summit have decided to come against terrorism in a big way. Namely by removing Assad as leader of Syria.

And that, my friends, is going to require a lot more money then I think anybody has at this point. Can you say SUDDENLY Iraq saves the day?

Edited September 30, 2015 by ladyGrace'sDaddy

[yota691]

Which it may fall back on this....Basel III (or the Third Basel Accord) Capital requirement.....

[yota691]

Same  subject

The launch of a new tool to measure the annual performance of Islamic banks

 

 

Image of Reuters - Arabian Eye

 

 

September 30, 2015 12:16

Direct: "Global Consultants for the Middle East," the organization of the World Islamic Banking Conference 2015, in collaboration with the Central Bank of Bahrain Foundation said it has launched a new tool to measure the annual Islamic banks performance on the sidelines of the 2015 World Islamic Banking Conference, hosted by the Kingdom of Bahrain in December next level.

At a news conference the organization held with the Central Bank of Bahrain, said Khalid Hamad Abdul Rahman, executive director of the supervision, according to a statement received "direct" a copy of the Islamic banking industry still faces many challenges, including the scarcity of cash assets, as well as the gap between the principles laid down for Islamic finance practices current, in addition to the way they reach communities which do not deal with the banks and their ability to highlight itself in the convergence of the desirability of customers around the world.

He stressed Khalid Abdul Rahman, the importance of the Regulations as an important benchmark for the performance of Islamic banks, pointing out the importance of a consensus and tools to evaluate trends, which wants the pioneers and leaders of the Islamic banking management helm sector at them, and what are the means to achieve this, stressing at the end of his speech, "We look forward with all longing to know results that would achieve this regulation, as well as performance awards, as both constitute the goals of Islamic banking institutions can assess their performance across a variety of criteria, including those allocated to this sector. "

On the other part, the Deputy Chairman of the Board and CEO of Global East to the Middle Consulting, Mr. Farouk for the inauguration of the list of the pioneers of the World Islamic Banking Conference, designed to assess the Islamic banks performance level, in order to help workers in the field of Islamic finance in the assessment accurately the challenges and opportunities for growth located.

Farouk and stressed the importance of enhancing transparency and critical dialogue between workers in the field of Islamic finance, stressing that the World Islamic Banking Conference, a pivotal support of the Central Bank of Bahrain, is still the undisputed leading platform for dialogue for those working in this area.

And that this conference will serve the sectors of banking and asset management, it will also provide an ideal platform for the eight reports which include important information about the sector, plus it will hold dialogue sessions highlight the innovative financial services in addition to a special session on women leaders in the field of Islamic finance, and many other events.

[mrparrot]

So did the bank open on October 1st...?

[MyLadiesDaddy]

So did the bank open on October 1st...?

And the sun came up,

 

And the earth kept spinning,

 

And the seas will roar. 

 

The real question is 

 

WILL IT REPEAT TOMORROW? 

[yota691]

 

 

Islamic banking law meets the needs of the market and society

Specialists: Islamic Banking Act meets the requirements of the market and threatens to commercial banks

 

Author: ASJ, HH 
Editor: BK, HH 2015/10/04 10:29 Number of Views: 399 
 

 

Long-Presse / Baghdad

Counting banks managers, on Sunday, that the legislation of the Islamic Banking Act, meet the requirements of the market due to the "big successes" achieved by these banks despite the old palace, expressing the hope that the development of an effective model it and build institutions able to work according to its own rules without "circumvent" on financial products, and with expert opinion that the law will enter those banks official control scale, and allows them to work about "fair" with commercial counterparts, he warned of the consequences that this will contribute to the weakening of the work of other banks as a result of "lack of confidence".

Said the managing director of the Iraqi Islamic Bank Sadiq al-Shammari, said in an interview to the (long-Presse), "The calls launched since 2004, the need for a law regulating the work of Islamic banks in order to ensure freedom of banking deal in the private sector, and the desire of many of the opening of such banks or branches in Iraq ".

Shammari said that "Islamic banks experience faced enormous challenges most important to work with the commercial banking without a law regulating their work, as well as a lack of understanding or the presence of Angels eligible for this type of banking business, as a result of entrenched mentality interest instead of participation and profit muslim, any sheep base Balgrm any profit and loss "noting that" Islamic banks are investment and trade and not exercise faith mediation only. "

Shammari stressed that "Islamic banks in spite of the old palace which does not Athaoz 40 years, has made great achievements," pointing out that "the House of Representatives legislation to the law of Islamic banking, meets the requirements of this work in Iraq, especially with the presence of eight private banks operate in accordance with Islamic banking, as well as one state bank, and branches of foreign banks are supposed to operate according to the law of Islamic banking to their countries of origin. "

He Shammari, expressed the hope that "the development of an effective model for Islamic banking in Iraq, and to build institutions capable of operating in accordance with the system of Islamic banking, without circumventing the products of that system, whether at the level of Murabaha, Mudaraba, sharing, leasing, sale peace contracts or Istisna'a and other products than they offer commercial banking. "

In turn, the banking expert Fouad Al-Sulaiti said in an interview to the (long-Presse), said that "there is no law for Islamic banks will enter into the control box by the concerned authorities of the Central Bank and the Office of Financial Supervision and the Office of money laundering, as it allows them to work at about fair with business counterparts."

He explained Sulaiti, that "the work of Islamic banks probably will benefit the citizens who have lost confidence in commercial banks," noting that "most of the commercial banks, and even the government, opened a window for Islamic banking."

He stressed banking expert, that "the other hand, it may weaken the work of commercial banks, because of the lack of confidence in them, and some fear that the dealings especially prudent loans, is a kind of usury, the benefits of being a charge on them."

He was placed source in the Ministry of Finance, revealed in an interview to the (long-Presse), in (the 28th of September 2015), about the intention of the ministry the opening of the first multi-branch government Islamic bank, during the year the current 2015, noting that it would be capital of more than 130 billion dinars.

The Iraqi Council of Representatives, the voice of the majority, in (the first of the current October 2015), during its 25th legislative term of the first second legislative year, the project of the Islamic Banking Act.

Islamic banking activities in Iraq began a year ago (1993) at the founding of the first Islamic bank is (Iraq Islamic Bank), while the number of banks that traded nine Islamic banking system, including an external one and another hit (Gulf) to open a branch in Iraq.

The banking system in Iraq is made up of 54 banks, as well as the Central Bank and distributed by property between (7) state banks and 23 commercial banks, including Islamic nine special addition to the 15 branches of foreign banks.

[yota691]

International Report 

By Jamal Bin Ghalaita, CEO of the "Islamic Emirates": .. Islamic banking sector is promising and plentiful opportunities

 

     

Jamal Bin Ghalaita

Posted: Monday, October 05 2015

Jamal Bin Ghalaita *

Formed the Islamic banking industry for many years a prosperous in the world of finance, marked by a lot of future growth opportunities, and today with the presence of some 150 Islamic banks around the world with assets of more than a trillion dollars, we can say that the industry has established itself as a sector vital and attractive capital.

According to Islamic banking and finance center Dubai estimates that the markets in which the Islamic banking services account for about 20% of the market share there, which is a very good percentage if we take into account the nature of the sector.

There is some controversy about whether the global financial crisis in 2008 positively impacted the Islamic banking sector, by highlighting the contrasts with the negative risk aspects, which is one of the most prominent traditional banking system attributes, as it saw the crisis years between 2008 and 2012 the growth of banks' assets Islamic rate of about 17% on an annual basis, according to issued by «Ernst & Young» statistics, and again - coincidence or not - Islamic banks have achieved faster than their conventional counterparts by 2-3 times the rates of growth.

 

 

On the other hand, growth in the sector one of the main instruments trends in the Islamic banking sector in recent years is considered. As instruments market grew at a CAGR of 30% over the past ten years (Moody's). In 2014, the United Kingdom, Hong Kong, South Africa and Luxembourg became the first non-Muslim countries that issue the instruments, which indicates that investors all over the world have become more open to this kind of investment instruments.

 

In light of the foregoing, the city of Dubai moving steadily towards achieving «Dubai Initiative capital of Islamic economics» launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, the Amir. The city has witnessed many of the legislative and regulatory initiatives that strengthened the leadership of the Islamic economy at the global level, including the decision by our government creates «Dubai center for the development of Islamic economics» in the Emirate of Dubai in 2013 under the auspices of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai. The emirate also continues to consolidate Dubai's position as an international Islamic economics as the capital, through the attraction of companies and investments from around the world, thanks to the possession of the art infrastructure, as well as its strategic location outstanding and for being a time zone between the Far East and Europe on the East-West axis area.

 

 

The launch of our platform Murabaha financing in collaboration with «Nassadok- Dubai», as another great achievement for the Islamic banking sector, and is seen today as one of the turning points in the evolution of high-profile Islamic banking in the country.

 

And it confirms Dubai to host the World Summit on the activities of Islamic economics in 2015 strong fundamentals enjoyed by the city, which in turn derives from the well-established Islamic values ​​and cultural heritage rooted deep in history. We hope that this summit provides an effective platform for the exchange of views and proposals that will improve the performance of Islamic economic sectors, as well as explore the possibility of partnerships and take advantage of the investment opportunities available. We also hope the focus of the actors involved in the next stage to launch more awareness of the benefits of Islamic economics, and accelerate the transformation of companies and institutions about Islamic banking activities to finance campaigns.

* Chief Executive Officer of «Islamic Emirates»