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The Central Bank suspends procedures for the establishment of Islamic banks


yota691
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Economy News Baghdad

The Central Bank of Iraq decided in its session held on 7/12/2017 to stop the establishment of Islamic banks during the next stage.

According to a document issued by the Central Bank, the Central Bank Governor Ali Al-Aalak said that the Central Bank has formed a committee consisting of (Walid Aidi Abdel Nabi, Ihsan Shamran Al-Yasiri, Majed Mohammad Hassan Al-Soury and Qassim Saleh Ali) to submit a study to transfer all financial transfer companies Requests to convert to Islamic banks and those that have not yet been submitted to one bank or two banks or converted to exchange companies.

The Central Bank decided on the banks that are under establishment and did not get the initial approval but they are continuing in their procedures. The bank has decided to discontinue its procedures or choose to merge all (7) banks together to form a single non-Islamic bank.

While the Committee will consider the requests of Islamic banks that obtained the initial approval and completed all procedures and deposited the full amount of capital required within the period specified to the above committee to provide a specific opinion thereon.

The committee noted that it had stopped looking at applications to establish new Islamic banks.

 

 

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Views 34   Date Added 25/12/2017
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Central denies three commercial companies from entering the window for six months

In the economy of  December 25, 2017 on the central three companies are banned from entering the window for six months closed 23 visits

 

Baghdad / SNG

 

The Iraqi Central Bank announced on Monday that three commercial companies were banned from entering the window for six months for violating the instructions.

The bank said in a statement received by SNG, a copy of it, that "based on the requirements of the supervisory work and in order to achieve full compliance with our instructions and on the violation of commercial companies to our faith No. 6 (1997) and dated 21 June 2017 it was decided to deny access to the window of sale and purchase Foreign currency for 6 months from the date of uncles. " 
"The companies included Al-Amara General Trading and Trading Agencies Limited, Al-Nasr Trading Co. Ltd., and Al-Ajyal General Trading Company."

The Central Bank is holding daily sessions to buy and sell foreign currencies to finance foreign trade except for official holidays which the bank stops for these auctions.

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The Central Bank suspends the procedures for the establishment of banks under incorporation and is authorized to merge every seven banks

In the economy of  December 25, 2017  on the document .. Central suspends the procedures for the establishment of banks under incorporation and the merger of all seven closed banks 15 visits

 
 

BAGHDAD / The Central Bank of Iraq issued on Monday a document referring to the suspension of procedures for the establishment of banks under construction and is authorized to merge every seven banks.

The document issued by the Central Bank on the study submitted on the establishment of Islamic banks to form a committee of the bank to convert all financial transfer companies that submitted requests to switch to banks or not yet submitted to one bank or two banks or converted to exchange companies.

The document shows that the banks that are under the foundation and did not get approval after the cessation of the completion of its procedures and the option to merge every seven banks to form a single bank is not Islamic.

The bank will not consider requests for the establishment of new Islamic banks, the document said.

The document reads as follows:

46606152-AB12-4D64-A57F-8B1031435E56-218

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Economy News _ Baghdad

The Iraqi Central Bank announced on Monday that three commercial companies were banned from entering the window for six months for violating the instructions.

The bank said in a statement received by Al-Iktissad News that "based on the requirements of the supervisory work and in order to achieve full compliance with our instructions and based on the violation of the companies of our faith numbered No. 6 (1997) and dated 21 June 2017 it was decided to deprive them to enter the window to buy and sell currency Foreign exchange for 6 months from the date of the uncles. "

"The companies included Al-Amara General Trading and Trading Agencies Limited, Al-Nasr Trading Co. Ltd., and Al-Ajyal General Trading Company."

 

Views 69   Date Added 25/12/2017

 
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5 hours ago, nannab said:

Stop the windows and you won't have to bother with companies like this. End of story. :D

 Don't these people give ya such a big pain in the you know what!!! 

Thank ya Yota. 

 

It's always amazed just how loooooooooooooong they have to TALK about anything, before they actually get around to DOING anything.

 

Captain Obvious has got Nuthin' on these folks.

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