CBI News 05/20/2019

[yota691]

 

The Central Bank launches the Islamic Finance Program

 

  

 May 20, 2019

 

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The Central Bank of Iraq has launched the SIFP, which aims to create a regular partnership in the financing and investment process between traditional and Islamic banks on the one hand and the public and private sectors on the other hand. Accounting and Auditing for Islamic Financial Institutions  (AAOIFI)

It is worth mentioning that the program pays conventional and Islamic banks to participate in the financing of projects of national interest in accordance with the contracts in accordance with Islamic law, such as Musharaka Bittamleek contracts, Istisna'a and Istisnaa contracts and Ijarah Muntahia Bittamleek contracts .

Within the framework of activating this program, the Bank formed a committee headed by HE Mr. Ali Mohsen Ismail, the Governor of the Central Bank of Iraq, and the membership of the National Investment Authority as the strategic partner in the SIFP program , government banks, the Association of Private Banks and ministries and concerned parties.

The Committee recommended the implementation of three projects as a starting point for the implementation of the program and projects. The project is to rehabilitate, construct and develop chemical fertilizer plants in Baiji and Abi Al-Khasib, and rehabilitate and develop the glass factories in Ramadi .

This program is complementary to the success achieved by the Central Bank in achieving monetary stability during the war economy and its transition to the Iraqi economy to the runways of the peace economy, making the process of targeting growth a very urgent step.

It is worth mentioning that the complex Islamic finance program is the fastest and most advanced means of dealing with the problem of economic development where the financial sector works with the real sector directly without the need for a mediator .

May 20,

[yota691]

20-05-2019 01:49 PM

The Central Bank launches the Islamic Finance Program

 

 

Baghdad

The Iraqi Central Bank announced on Monday the launch of its Islamic finance program to create a partnership in the financing and investment process.

"The Islamic Finance Program (SIFP), which aims to create a regular partnership in the financing and investment process, has been launched between conventional and Islamic banks on the one hand and the public and private sectors on the other," the bank said in a statement. Investment under the umbrella of Standard No. (24) issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) ".

He pointed out that "the program drives conventional and Islamic banks to participate in the financing of projects of national importance in accordance with contracts in accordance with Islamic law, such as participation contracts ended Bittmleek and Istisnaa and Istisnaa parallel contracts and Ijarah Muntahia Bittamleek contracts.

"In the framework of activating this program, the bank formed a committee headed by the Governor of the Central Bank Ali Mohsen and membership of the National Investment Commission as the strategic partner in the program (SIFP) and government banks and the Association of private banks and ministries and stakeholders.

The committee recommended the implementation of three projects to start the implementation of the program and projects: "Rehabilitation, construction and development of chemical fertilizer plants in Baiji and Abi Al-Khasib district, rehabilitation and development of the glass factories in Ramadi and rehabilitation and operation of the white cement plant in Falluja district."

"This program comes as a step to complement the success achieved by the Central Bank in achieving monetary stability during the war economy and its transition to the Iraqi economy to the runways of the peace economy, making the process of targeting growth is a very urgent step."

[yota691]

 

Central Bank Launches Consolidated Islamic Finance Program (SIFP)

Economie

13:41

Last updated

01:50 PM

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BAGHDAD (Reuters) - 

The Central Bank of Iraq (CBE) launched a joint Islamic finance program on Monday to create a structured partnership for financing and investment between banks from various sectors. 

"SIFP aims to create a regular partnership in the financing and investment process between conventional and Islamic banks on the one hand and the public and private sectors on the other," the bank said in a statement received by Al-Gham Press.

And stipulated that "this investment is carried out under the umbrella of Standard No. 24 issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)". 

It is noteworthy that the program drives conventional and Islamic banks to participate in the financing of projects of national importance in accordance with contracts in accordance with Islamic law, such as participation contracts Bittamleek and Istisnaa and Istisnaa parallel contracts and Ijarah Muntahia Bittamleek contracts.

[yota691]

The Central Bank launches the Islamic Finance Program

 

Central Bank of Iraq

Banks Economy News Baghdad The Central Bank of Iraq (CBK) launched on Monday the Islamic Finance Program (SIFP), which aims to create a regular partnership in the financing and investment process between conventional and Islamic banks on the one hand and the public and private sectors on the other hand. Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). "The program is pushing conventional and Islamic banks to participate in the financing of projects of national importance in accordance with Islamic Sharia-compliant contracts such as Musharaka, Bittaheel Bittamleek contracts, Istisna'a and Istisna'a contracts and Ijarah Muntahia Bittamleek contracts," the central bank said in a statement received by Al-Iktissad News. "In the framework of activating this program, the bank formed a committee headed by HE Mr. Ali Mohsen Ismail, the Governor of the Central Bank of Iraq, and the membership of the National Investment Commission as the strategic partner in the SIFP program, government banks and the Association of Private Banks, The committee recommended the implementation of three projects as a starting point for the implementation of the program and projects. The project is to rehabilitate, construct and develop chemical fertilizer plants in Baiji and Abi Al-Khasib, and rehabilitation and development of the glass factories in Ramadi, "He said. "This program comes as a step complementary to the success achieved by the Central Bank in achieving monetary stability during the war economy and its transition to the Iraqi economy to the runways of the economy of peace, making the process of targeting growth is a very urgent step." The complex Islamic finance program is the fastest and most advanced means of dealing with the problem of economic development where the financial sector works with the real sector directly without the need for a mediator. Views 18   Date Added 05/20/2019

[yota691]

The Central Bank launches the Islamic Finance Program

Editorial date: • 2017/5/20 15:50 • 47 times scheduled

The Central Bank of Iraq announced on Monday the launch of the Islamic finance program complex, while stressing that the project aims to create a regular partnership in the process of financing and investment.

"The program aims at creating a regular partnership in the financing and investment process between conventional and Islamic banks on the one hand and the public and private sectors on the other. This investment is carried out under the umbrella of Standard 24 of the Accounting Authority And Review of Islamic Financial Institutions {AAOIFI} ". 
"The program will encourage conventional and Islamic banks to participate in the financing of projects of national importance in accordance with Islamic Sharia'a compliant contracts such as Musharaka Bittamleek contracts, Istisna'a and Istisna'a contracts and Ijarah Muntahia Bittamleek contracts," the bank said.
The bank pointed out that "the formation of a committee of competent authorities, which recommended the implementation of three projects to start the implementation of the program," explaining that "the projects are the rehabilitation and construction and development of chemical fertilizer plants in Baiji and Abi Khasib, and the rehabilitation and development of glass plants in Ramadi, Rehabilitation and operation of the white cement plant in the district of Fallujah. " 
He pointed out that "the program Bati as a step complementary to the success achieved by the Central Bank in achieving monetary stability during the war economy and its transition to the Iraqi economy to the runways of the economy of peace, making the process of targeting growth is a very urgent step. 
The complex Islamic finance program is the fastest and most advanced method of dealing with the problem of economic development where the financial sector works with the real sector directly without the need for a mediator.

[jg1]

Bump. The Central Bank launches the Islamic Finance Program

Edited May 20, 2019 by jg1

[10 YEARS LATER]

Launch the currency...... soon ? 

[Donziman]

Sounds like it's complicated enough that the Big Boys can switch off the stealing 

at the auction (that everyone has caught on to ) and develop a whole new avenue

of skimming and stealing .Let's keep it as complicated as a Kentucky wedding. lol

[10 YEARS LATER]

3 minutes ago, Donziman said:

Sounds like it's complicated enough that the Big Boys can switch off the stealing 

at the auction (that everyone has caught on to ) and develop a whole new avenue

of skimming and stealing .Let's keep it as complicated as a Kentucky wedding. lol

 

Folks brought lots of firepower to Last Kentucky wedding I was at. 😂