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The Central Bank designs a pooled Islamic financing program (SIFP)

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The Central Bank designs a pooled Islamic financing program (SIFP)

 Time: 10/23/2020  

The Central Bank designs a pooled Islamic financing program (SIFP)
{Baghdad: Al Furat News} The Central Bank of Iraq announced the design of a pooled Islamic financing program {SIFP}.

A statement by the bank stated, "The Euphrates News Agency received a copy of it" in an effort to reduce the unemployment rate and reduce the import gap by supporting projects that have a positive impact in raising the rate of growth of GDP. For establishing market economies by designing a consolidated Islamic finance program (SIFP) that creates opportunities for partnership in financing between Islamic and conventional banks by targeting projects of strategic importance.
He added that "This comes at a time when the current economic phase is witnessing a number of challenges in the market of production and consumption, and in order to see the executive controls the basic principles of Islamic finance program complex" .anthy
to see the details of the design .. Click hereالبنك-المركزي-يصمم-برنامجاً-للتمويل-الإسلامي-المجمّع-sifp

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“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, 
"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.”

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