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

[DoD]

Applied cases in the work of the Islamic Bank

Tuesday 30 July 2019 33

 

Sadiq Rashid Al Shammari  

 

Islamic banks are different from commercial banks in the methods of financing, employment and the use of funds through the optimal exploitation of resources and in areas that serve and benefit the society and its development through the participation of all parties in investment. And attract customers looking to the function of funding as it puts their money in real financing and investment methods, that is, their portfolios are protected by real assets and expected, and their operations are good for the economy and the creation of employment and production of products through the projects that finance them, and this will certainly lead to two essential values in terms of Economic and social development. 

Economic development through the creation of areas of investment of funds to lead to sustainable economic development and also lead to a balance between the supply of money and the supply of goods necessarily leads to the imposition of inflationary pressures resulting from the increase of the agreement and also contribute to the transfer of money from speculation to non-productive goods to invest in a product, And creating jobs for large segments of society. 
 

The social society is based mainly on the values and rules of Islamic law, and its main objective is to invest in man as the main focus in the work for the benefit of society and the individual and to promote social solidarity and the fairness of distribution. In achieving justice distribution and reducing unemployment). 
 

For example : 

The Islamic banks are obliged to own the goods or goods before selling them or disposing of them. The purchase of the commodity by the bank and its seizure is different according to the condition of the commodity. Such as cars) can be purchased through the communication or any communication devices ..... Car ownership of the car is transferred to the bank. The receipt of the goods and goods shall be a real or legal sanction by letting or enabling the vehicle to be located in the merchant's stores. The ownership of the goods shall be borne by the bank. The bank shall bear the damage or loss of the commodity after it has been held to guarantee it.
 

- If there is any error, the Shari'ah Board may set aside the profits of these transactions which do not comply with this law and include them in the "faces of good" and measured against this situation (Murabaha contracts) when they are disciplined to own the bank for the commodity (or car) and then sell it Murabaha What prevents this is permissible.

Sometimes the banks may sign a contract (binding promise) signed by the customer or taken from it (a serious margin). These cases are used by banks in the case of buying the commodity at the request of the customer and used to avoid some of the risk of the customer to buy and the bank to sell the commodity and loss, The bank will pay the amount of the loss (from the amount of the margin of seriousness), either if the bank did not lose or was able to refund the commodity does not take from the customer anything and obliges the bank to return the amount of margin of seriousness to the customer. 
 

- Shari'ah Supervisory Boards are required to have their fatwas in line with the Shari'a standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (IOFI) in addition to the Central Shari'a Board (if any).

There are many cases of employment, as well as for example, Ijara Muntahia Bittamleek, as some consider it a sale by installments, knowing that the Ijarah Muntahah Bittamleek takes the ruling of Ijara in all cases (and this will be explained later) on the subject of Ijara as the bank bears the responsibility of the loss (commodity or eye) During the period of the lease, because the bank is considered the owner of this (eye or commodity) as well as the main maintenance (for the commodity or the eye) and insurance for it because it belongs to the bank because the property will later be transferred to the lessee under an independent contract of sale that has nothing to do with the lease contract, And the sale of Mtour fact is the Contracts that do not comply with these controls and restrictions governing this contract according to the Shari'a standard.
 

Note: The Islamic bank has to own (the property or eye) before renting it and also registers the property in the name of the bank in most systems that allow it.

The Shari'a standards issued by Iwifi have been approved by Ijara Al Muntahia Bittamleek and have also been approved by many Shari'a bodies. Special regulations have been set up by the Islamic banks, which is an important formula for those wishing to own real estate and others.

As for the Tawarruq carried out by Islamic banks and some problems, we will put some opinions on it.
 

- Some consider that Tawarruq is a type of selling the sample or just get liquidity in ways beyond the law. 

We would like to clarify that the tawarruq performed by Islamic banks is a sale of murabaha. The bank buys and owns the commodity or the eye and then sells it to the customer. The customer in turn sells this commodity to another party to obtain cash (or liquidity) or assigns a third party other than the bank to sell them. The seller shall sell the commodity to a dealer different from the first trader, which is contrary to the sale of the sample in which the commodity is not transferred and returns to its first owner.
 

Accordingly, the tawarruq performed by Islamic banks has been approved by the Islamic Fiqh Academy in its resolution No. 179 (19/5) and the prohibition of organized and reverse tawarruq because of the complicity between the financier and the customer. For the purpose of obtaining cash. This is what the Islamic banks have done to finance the individuals and has avoided all the suspicions that exist, as the bank does not intervene in the last sale that the customer is trying. With the dealer itself or through the agent (agent) as the customer can In order to obtain (commodity or eye) and sell it with his knowledge whenever he wishes to do so for the purpose of securing his cash flow. Accordingly, the tawarruq in Islamic banks has been approved by the Islamic Fiqh Academy.
 

The dispute was in the organized tawarruq in which the bank is a buyer of the commodity (for the eye or the commodity) and a seller of it by proxy from whom he bought it from the customer and sold it to a third party and deposited it in the customer's account. The Shari'a bodies of the Islamic financial institutions are careful not to trust the customer in the sale). 

This does not preclude the fact that the goods and goods used in tawarruq are local or foreign, as long as such goods are available and can be purchased real and can be received real and judgment Storage). 
 

- Tawarruq is permissible (for need), but it is not a substitute for other forms of sales such as marriage, engagement, and so on.

And the need to meet the demands of customers and their need for cash and the inability to meet those desires to pay debts and pay salaries and other through other Islamic products, such as marriage, treatment, education, building materials and investments and to achieve the wishes of customers in a kind of contribution to the community service and move the market and benefit all parties to the contract. 
 

The bank benefits from the sale profit and the customer benefits from the cash. 

The banks may differ in the adaptation of credit cards according to the contract and the mechanism approved by the bank, and perhaps currently available are the cards of the good loan in return for the calculation of fees on the service as the bank bears expenses on the issuance of this type of The cards are different according to the different characteristics and types. The bank pays membership fees for the cardholder organization in addition to the costs of providing the benefits and services provided by the card. This fee can be collected once a year or monthly installments. This card charges are not linked directly linked to loan-Hassan. 
 

As the bank determines the amount of fees in the contract starting at a lump sum and not a certain percentage in the amount borrowed and the bank may not exceed the agreed limit while it is entitled to waive or part thereof, as the Islamic Bank offers customers cash withdrawal service from credit card and bear these banks Some costs for the delivery of these funds to the customer at any time, anywhere and in any work desired, so take some of the fees specified on them.
 

- As for the Islamic Bank to invest in various forms, especially speculative as it manages the accounts of investment deposits for all customers through speculation as a speculator and the customer as a guarantor of money, and the realization of profit distributed according to the agreement and these amounts deposited in customer accounts resulting from this investment, and can be deposited monthly Or annually as agreed. 
 

- The Bank also invests the funds of depositors who have the right to withdraw at any time in short term investments with low risks for which there are few returns. In addition, the size of the investment portfolio affects these profits and sometimes the shareholders waive part of their profits to support the profits of deposit accounts Investment. 
 

- The bank may not grant a specific profit because it is a guarantee of profit and capital (legally prohibited) and through the expected profits or what has been achieved for previous years or through feasibility studies it proves the amount of profit historically or the expected statement and the expected profit is not binding The bank has a performance. And sometimes the bank may commit to a steady profit as the income of the investment portfolio is stable, such as investment in the form of peace or Ijara.
 

- Islamic banks may offer prizes (gift or gift) from the shareholders to the depositors and are not deducted from the profits of the investments of customers' savings funds. The depositor does not bear the cost of these prizes, and this award account takes the Mudaraba-based savings account to invest these funds The system of the bank and grant the money (depositor) profit according to the agreement.
 

Note that the accounts of customers in Islamic banks are subject to profit or loss Islamic banks by setting or holding mandatory and optional reserves put by Islamic banks to avoid any loss or shocks or in the case of a decline in profits from the rate of market profits.

- Islamic banks may not (in the case of the Agency) invest a fixed profit at the Agency in the same manner as speculation. This may be in the expectation that it is possible to commit not to enter into investments that do not achieve a profit of at least a certain amount.     

 

Some observations on some of the forbidden taboos 

It is well known that gold is gold and gold is not permissible in women, and the meaning of women is to delay one of the two possessions from the other, and gold as silver is not permissible for women, either it is permissible for women to buy gold or silver, whether they are present or absent. If the contract of peace is concluded by the word of salaam or salaf, it is necessary to accelerate the capital in the council, but if it is concluded by the word of sale, it is not necessary to accelerate the capital. That is to say that the Lord of Women is in accelerating one of them and postponing the other or postponing it to different people. This sanctity is related to money and riba-based exchanges where the adjectives are homogeneous or convergent. 

There is disagreement at the Maalikis in the validity of the measurement of silver on gold and silver. 
 

The narrations on the authority of the Imam, the owner of a circle about the prohibition of delaying one of the two currencies when selling money in money or in one of the criticisms or permissibility or makrooh, and the dispute also in the details when selling the money to each other, the difference is very strong in the schools. 
 

For example: If a person wants to spend a gold coin in the bank with a coin of gold, and one of them gives it to his currency and the other to hand over his currency to another, then it is not permissible because he has lost the condition of hand-holding. Religion is absolute. (Riba) is the lord of loans. 
 

And Raba sales: - Riba best 100 grams gold accelerated 101 grams gold in which the late Raba Fadl. 
A woman is not a woman. It is not a debt. It includes loans and deposits. The most profitable products are a type of debt, ie, if the sale is deferred, the price is the debt. 

The sale in which the sale is deferred is selling the peace in which the sale is the debt, knowing that riba al-fadl is an increase in quantity without delaying the time. The price of the woman is to delay the time (delay) without increasing the quantity (ie, selling it with debt). (Million sale of 1 million dinars) by 1,050 dinars (one million fifty thousand dinars). 

It is permissible but subject to the contract in the contract board and if we want to sell (1200 Iraqi Dinars) with 1000 US dollars, the differential and women (or 700 JD with 1000 US dollars) And women. 
 

Laid Back, you want to take a stab at what this bank is trying to do?

[Donziman]

Sounds like you can buy my 1000 dinar camel for 900 dinars but you have to take

my wife in the deal.......

[yota691]

The role of Islamic banks in the economic development in Iraq

Saturday 31 August 2019 85

 

Dr.. Bashar Kaddouri 

 

 

Islamic banks are currently part of the global banking trade, as they have proven their worth among the traditional financial and banking institutions in terms of services provided to the customer and the percentage of dividends as companies or individuals. Therefore, it is necessary to take a look at the origins and stages of development of the Islamic bank until it has reached its present form. .

The first to use the idea of the financial loan is the companion Abdullah bin Zubair, as he was trusted and honesty among his owners and those who deposited their money with him, but he was not accepting the money only to be a loan and no trust, and this is the first banking deal to invest money and the idea on which the Islamic banks were built, In Islam, another example is the idea of financial bonds. 

The first Islamic banks in terms of content only and not the form and named in contemporary history is the Malaysian Haj Fund, where was established for pilgrims only to invest their money and increase Islam according to Islamic law in order to go to Hajj in 1958, as well as in the same period Nasser Social Bank was established in Egypt and was In 1975, it was an initiative of several Islamic countries to establish a bank according to Islamic Sharia, the Islamic Development Bank, but it was a bank among the member states and it is not compatible with individuals as customers. Commercial hand it is the Dubai Islamic Bank in 1974, and Faisal Islamic Bank of Egypt in 1977, the Islamic Bank of Jordan in 1977, and the Bank of Kuwait Finance and Faisal Islamic Bank of Sudan in 1980 and then spread the idea in most Arab and Islamic countries, and also opened branches in Western countries to serve the Muslim communities there. 

After reviewing the beginning of Islamic banks and finance, we had to highlight their role in Islamic societies if they work properly with the acceptance of the Islamic community and acceptance of the idea of the Islamic bank and rejection of the idea of usury, as one of the most important reasons for the continued work of Islamic banks to expand and provide banking services are formulas I will summarize each formula separately to know what its usefulness is to the complex and the state.

Islamic finance is divided into different forms and is based on Murabaha and Mudaraba, the two most important and most popular forms of Islam.

 

Murabaha Financing:

Murabaha in the language, a source of profit and is the increase

This type of financing is defined by Muslim jurists and economists: it is a contract for the sale of a certain commodity that exists or is under operation and with specific specifications. Islamic banks usually engage in this process for customers in complete commodities, whether from a local market (Murabaha) or the external market (external Murabaha).

 

Mudaraba Financing:

It is one of the oldest and most legitimate contracts  

Mudarabah is the language of a hit and in the terminology, is a contract between two that includes the payment of one to the other money owned by him to trade a common part of the known profit, such as half or a third or so with dedicated tapes, the Prophet peace be upon him beaten Khadija may Allah be pleased with her money and traveled to the Levant Before it was sent, it was established in ignorance, and when Islam came to pass it.

The following conditions shall be specified in the speculation: the capital shall be cash and known, in order for the capital to be traded to be distinguished from the profit distributed between them as agreed, and that the profit between the worker and the owner of the capital shall be known to the investor.

The Mudaraba contract is also an Islamic alternative to financing on a loan basis, which is applied in ordinary commercial banks.

 

Farming Financing: 

This formula is mainly based on the contract of planting some outside of it, in other words, the land owner gives the land to those who plant it or works on it, and this formula has been applied only by some Sudanese banks, due to the critical importance of the sector It is the main source of income for more than 75 percent of the population.

 

Istisna'a financing 

Istisna'a is a contract of sale in the factory (the buyer) and the manufacturer (the seller) so that the second manufactures a commodity described (manufactured), and obtained at the time of delivery provided that the material and work cost from the manufacturer, in return for the price they agree on and how to pay.

The importance of this formula lies in the bank's financing of industrial projects, working on the production of idle production capacity of some of its industrial clients, and in Iraq we can make the Istisnaa contract for stalled industrial projects and projects, especially has exceeded the number of closed factories by half, and prevent Iraq from going from a factory to a consumer country . Thus, we have outlined the types of Islamic finance and investment opportunities in them through speculation, murabaha, agriculture and Istisnaa, the concern of developed countries is the diversity of economic resources and this leads to real development generates revenues for the country as well as enhances the state's economy through the diversity of sources of cash revenues, which makes Iraq a developed country In all fields.

[yota691]

Mashat calls for further development to keep up with the requirements of Islamic banking well

Economy | 11:39 - 02/09/2019

 

 

 

BAGHDAD - 
The Chairman of the Board of Directors of the Arab Mashreq Bank Sadiq al-Mashat, on Monday, that Islamic banks played a significant and important role in the economic development in Iraq. 
In a statement received by Mawazine News, Al-Mashat said, "Islamic banks are currently part of the global banking trade." Therefore, it is necessary to look at the origins and stages of development of the Islamic bank until it has reached its present form. " 
"Since its inception in the mid-1970s, Islamic banks have focused on their developmental role, and their philosophy is based on participation as a financing mechanism, and away from debt as a mechanism to finance economic activity."
Al-Mashat pointed out that "the law governing the work of Islamic banks in Iraq was issued in 2015, which made these banks concerned over the past few legislative environment, calling for the need to develop them to cope with the requirements of Islamic banking well."

[yota691]

Nahrain Bank: Acceptance of the sponsorship of officers of the security services

Saturday 07 September 2019 94

 

Baghdad / Hussein Thaghb 

 

Al-Nahrain Islamic Bank has issued instructions to accept the sponsorship of officers who wish to obtain financing in accordance with Islamic Sharia.

A statement by the Government Information and Communication Unit, received by "Al-Sabah": "The guarantee of officers will be a maximum of the amount of financing fifty million dinars and all Murabaha at least his rank from the first lieutenant," noting that "this step comes in support of the role of security forces in maintaining security and the contribution of the bank In support of this task chip. " 

"The instructions also include accepting the sponsorship of civil servants working in the security services as well as their peers in other civil ministries," the bank said, adding that "continuity books and obligations of the sponsor department must be issued exclusively by the headquarters."

[yota691]

Asian Islamic Bank of Iraq decides to increase its capital to 150 billion dinars

 

Asia Islamic Bank of Iraq logo

Banks Economy News - Baghdad: Asia Islamic Bank for Investment and Finance decided to increase its capital to 150 billion dinars instead of 100 billion dinars. A source in the banking sector told "Economy News", "The General Assembly of the Islamic Bank of Iraq, Iraq Islamic Investment and Finance decided at its last meeting unanimously approved to increase the capital of the bank from 100 billion dinars to 150 billion dinars," pointing out that "the value of the share of one dinar" . He added that "the General Assembly decided to increase the number of members of the Board of Directors of the Bank from 5 original members to 7 original members and the same reserve." Views: 58   Date Added: 12/09/2019

[yota691]

Nahrain Bank announces joining the list of banks authorized to settle salaries

Economie

2019-09-16 | 08:53

 

Source:

Alsumaria News

 

514 views

Al-Nahrain Islamic Bank announced on Monday that it has joined the list of banks authorized to settle salaries.

The bank said in a statement received by Alsumaria News that it, "joined the list of other banks authorized to settle the salaries of public and private sector employees."

The bank called "all employees from the public and private sectors to settle their salaries to benefit from the services provided by the bank, which includes Murabaha real estate and a maximum of 150 million dinars and cars and a maximum of 30 million dinars and travel financing and a maximum of 2 million dinars and education and a maximum of 3 million dinars and marriage and a maximum of 10 million dinars ".

 

Founded in 2012, Nahrain Islamic Bank is the first Islamic government bank and began in 2018 to grant loans and advances to citizens and employees according to certain mechanisms and controls.

[yota691]

Islamic Bank joins the list of banks authorized to settle salaries

Release date:: 2019/16 16:24 • 74 times read

BAGHDAD: Al-Nahrain Islamic State Bank announced that it joined the list of banks authorized to settle the salaries of public and private sector employees.

The bank called in a statement, received (Euphrates News) a copy of it, all employees from the sectors to "settle their salaries to benefit from the services provided by the bank."
He added that "the services include Murabaha real estate and a maximum of 150 million dinars and cars and a maximum of 30 million dinars and travel financing and a maximum of 2 million dinars and education and a maximum of 3 million dinars and marriage with a maximum of 10 million dinars."

[yota691]

A government bank launches a call deposit service

Economy

2019-09-19 | 05:35

 

1,578 views

Al-Nahrain Islamic Bank announced on Thursday the launch of the "Deposit on Demand" service, indicating that the deposit should not be less than 50,000 dinars.

The bank said in a statement received by Alsumaria News, a copy of it, "launched a deposit service on demand for all citizens," noting that "controls include the minimum deposit is 50 thousand dinars."

The bank added that the customer may increase the amount of his deposit and record the deposit movement in his book. Instead of the new book. "

 

A deposit or deposit in the economy is money or property placed in the custody of a bank or other person for safekeeping, investment or mortgage, and a demand deposit is one of the various means of payment, based on the creation of a demand deposit or for a time to be determined by agreement between the parties.

[yota691]

Thursday 19 September 2019 01:47 PM

| Number Of Hits: 57

"Demand Deposit" is a new service launched by a government bank

 

BAGHDAD / ... Al-Nahrain Islamic Bank, announced on Thursday, the launch of the service "deposit on demand", indicating that the deposit should not be less than 50 thousand dinars.

The bank said in a statement received "Eye of Iraq News," it "launched a deposit service on demand for all citizens," noting that "the controls include the minimum deposit is 50 thousand dinars."

The bank added that the customer may increase the amount of his deposit and register the deposit in his book. Instead of the new book. "

A deposit or deposit in the economy is money or property placed in the custody of a bank or other person for safekeeping, investment or mortgage, and a deposit on demand is one of the various means of payment, based on the creation of a deposit on demand or for a time to be determined by agreement between the parties.

[Butifldrm]

Economy

Thursday 19 September 2019 01:47 PM

| Number Of Hits: 125

 

 

"Demand Deposit" is a new service launched by a government bank

 

 

BAGHDAD / ... Al-Nahrain Islamic Bank, announced on Thursday, the launch of the service "deposit on demand", indicating that the deposit should not be less than 50 thousand dinars.

The bank said in a statement received "Eye of Iraq News," it "launched a deposit service on demand for all citizens," noting that "the controls include the minimum deposit is 50 thousand dinars."

The bank added that the customer may increase the amount of his deposit and record the deposit movement in his book. Instead of the new book. "

A deposit or deposit in the economy is money or property placed in the custody of a bank or another person for safekeeping, investment or mortgage, and a deposit on demand is one of the various means of payment, based on the creation of a deposit on demand or for a time to be determined by agreement between the parties.

http://aynaliraqnews.com/index.php?aa=news&id22=125261

[yota691]

Localization of salaries enhances financial services

Wednesday 02 October 2019 299

 

Baghdad / Follow the morning

 

 

The competition between public and private banks in the provision of financial services continues after the localization of salaries came into effect, which led the banks within the Emiratization program to enter a real competition to attract beneficiaries.

Meanwhile, the state-run Islamic Bank of Nahrain announced that competition among banks is intensifying, and this is in any case suitable for the development of financial services to the public, and promote financial inclusion, which aims to benefit the largest segment of financial services that enhance the family economy. 

A statement issued by the bank said it called on the state departments to settle the salaries of its employees at its branches for the purpose of benefiting from the services provided by the bank in accordance with Islamic banking formulas.

"The MasterCard will enable the beneficiary employee to settle his salary to have priority in obtaining banking services, and will be covered by amortizing 25 percent of the remaining profit when he pays the full amount due," the statement said. He added that "the use of the bank card will enable the employee to obtain Murabaha real estate and Murabaha cars, travel, marriage and education without a sponsor to the employee or a member of his family to guarantee salary only, and work to raise the margin of seriousness of all Murabaha imposed on non-national customers with the bank."

[yota691]

Al-Mashat: Issuing smart cards for the daily wage earners will contribute by adding financial enhancements to them

Economy | 01:03 - 14/10/2019

 

 

 

 

BAGHDAD -
Mashreq News Chairman of the Board of Directors of the Arab Islamic Bank, economic expert Sadiq al-Mashat, on Monday, that the government's orientation to issue electronic smart cards to the owners of daily wages in the country is a contribution to add financial reinforcements for them.
Al-Mashat said in a press statement followed by (Mawazine News), "This step to receive the owners of daily wages through the smart card will give the owners of that class to take loans from government and private banks in addition to their purchase of cars and other consumer goods monthly installments and payment for Through the card and does not need a guarantor. "
Al-Mashat pointed out that "the actions of the current executive authority are going properly to calm the Iraqi street and implement the legitimate demands of the people."

[yota691]

Nahrain Bank issues Murabaha financing regulations for citizens

Economie

2019-10-24 | 06:11

 

 

1,623 views

 

 

State-owned Islamic Bank of Nahrain on Thursday issued regulations on the financing of travel murabaha for citizens.

The bank said in a statement received by Alsumaria News that "the controls include the upper limit of financing (amounting to) two million dinars, and that more than that is borne by the applicant and the rate of Murabaha (interest) of 25% and repayment period of 10 months."

 

The bank pointed out that "the other controls is that the applicant should be at least 18 years old, and if he is a minor, the application shall be submitted by the guardian."

He added, "The applicant should provide a sponsor from the government departments whose net salary is twice the monthly installment. Due. "

[yota691]

Islamic banking is a guarantee of a secure profit sharing

Saturday 09 November 2019 91

 

Baghdad / Shukran al - Fatlawi 

 

 

Islamic banks have become a relatively new hinge for many economies around the world. All bank accounts, where interest or interest is not paid to current account holders on their deposits or savings account holders for their savings. The reason for this is that money has no implicit value, it is just a tool 

For barter.

Raed Al-Zalmi spoke about the characteristics that characterize Islamic accounts, saying that "current accounts become compliant with Islamic law when they are not paid or collected interest on accounts payable or receivable in general. And above the minimum balance. "

 

Open accounts

"Unlike conventional accounts, current Islamic bank accounts cannot be exposed, so customers should always make sure they have enough money to cover their monthly expenses."

He pointed out that "the primary profit method in Islamic banks is focused on trade, so banks can trade in investments compliant with the Islamic Sharia through funds deposited by customers, and then share the risks and profits with the client in order to ensure that the profits are appropriately shared, separating banks Islamic Bank between shareholders' capital and customer deposits in order to ensure that profits are properly shared, a 

Islamism. "

 

Savings

Regarding savings in Islamic accounts, he said: "These accounts operate on the same principle, that the money saved in the account can not reap any interest because that is forbidden by law, instead, the target profits are provided to savers instead of interest, and that is why Profit rates are based on Shariah compliant accounts rather than rates 

Benefit".

“Banks then use the funds deposited to invest in commercial activities in order to obtain the above target profits. Like conventional savings accounts, customers can choose either a fixed profit target that is usually found in a time deposit account or an accessible savings account that they can access. Drag it in any 

time".

 

Compatible savings

“Anyone can open a current account or a Shariah-compliant savings account. Islamic banking is open to all, whatever their religious faith. In fact, some non-Muslims prefer the principles and values of Islamic banking over conventional banking. Banks cannot use the invested funds to do any business that would finance any activities that are considered prohibited or harmful.

 socially".

 

Profit rate

"Finding the best Islamic bank account should be the first step to compare all available Islamic accounts," he said. If there are any hidden fees, there may be fees to transfer money or to withdraw money from an ATM from a bank that does not have an agreement with your bank. "

[screwball]

and i cant wait to profit from their profits....😀

[yota691]

Governance and Performance Development

Monday, November 18, 2019 48

 

Kassem is nice 

 

With the growth and spread of the Islamic banking industry in recent years and the development of its financing instruments, many voices have been calling for the establishment of standards of governance applied in Islamic institutions as in the traditional international institutions, but within the rules and philosophy of Islamic law, governance is a term and concept is no different from what is It is known and followed globally, although some terminology and expressions differ, but the difference with the Islamic perspective is in the criteria used to apply them.

Governance, in its general sense, means good governance. It represents the practices by which companies are run and the ability to control well the management of their business. It also leads to a process that balances the objectives of the institution, whether economic or social with the interests of individuals, and then the efficient use of available resources through the provision of sound accounting control. All data required to be held accountable for the way in which the resources of this institution are managed, in other words, to reconcile the objectives of the owner and the company with the society's desired objectives.

Thus, it represents a set of tools and procedures governing the nature of the relations between the parties represented in the owners of the institution and the system of control and responsibility, which aims to determine an effective strategy for the performance of the company.

Despite the novelty of this term, the need to apply it to financial institutions in order to protect funds and ensure the safety of the banking system has emerged, especially after the spread of financial and administrative corruption in many private and public financial institutions. It had financial and banking power centers.

The rapid and significant expansion of Islamic banks now requires a re-examination of the concepts that these institutions started to run their businesses, when they were individual and small-scale projects, and are now one of the main pillars of the Islamic economy.

This is why we are keen to emphasize our Islamic banking experience and take all necessary precautionary measures to regulate the means of supervision and apply the principle of governance to ensure the protection of the assets of these banks and protect the rights of shareholders and depositors, as well as the sound financial position of them, especially as depositors with investment deposits are exposed to significant risks due to the nature of Investment based on profit and loss sharing.

[yota691]

Spectrum Bank decides to increase its capital to 150 billion dinars

 

Banks The Economy News - Baghdad: The General Authority of the Islamic Spectrum Bank for Investment and Finance decided to increase the bank’s capital to 150 billion dinars, an increase of 50 billion dinars. A source in the bank told "Al-Eqtisad News" that "the general assembly held a general meeting and voted to distribute the profits and increase the bank's capital to 150 billion dinars." He added that "the bank's capital is currently 100 billion dinars." It is noteworthy that the Islamic Spectrum Bank was a money transfer company and it was transformed into an Islamic bank early this year. And the bank achieved profits during the past year 222.1 million dinars. Number of views 111   Date added 09/12/2019

[yota691]

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

Economie

2020-01-07 | 06:16

 

 

515 views

Al-Nahrain Islamic State Bank announced, on Tuesday, that it has signed a salary settlement contract with the Ministry of Interior, which includes many funds.

The bank said in a statement, Alsumaria News received a copy of it that it "signed a contract for the settlement of the salaries of employees of the Ministry of Interior," noting that "the bank decided to include them in many of the bank's advances and loans."

 

The bank added that "they will be covered by financing the Murabaha purchase of a property amounting to 150 million dinars, financing the construction of plots of up to 100 million dinars, and adding the construction of 50 million and other loans, including financing the purchase of cars and completing a study and other for treatment in private hospitals as well as travel."

 

 

The bank explained that "it is in the process of adding other funds and including all employees of the Ministry of Interior whose salary is with the bank."

 

Al-Nahrain Islamic Bank was established on 12/17/2012 and it is the first Islamic government bank and began in 2018 to grant loans and advances to citizens and employees in accordance with specific mechanisms and controls.