CBI promoting the development of Islamic banking in Iraq

[All-In-4-RV]

http://another site.wordpress.com/2011/05/30/cbi-promoting-the-development-of-islamic-banking-in-iraq/

Posted: May 30, 2011 by THE CURRENCY NEWSHOUND - Just Hopin in Iraqi Dinar/Politics

Tags: Baghdad, Central Bank of Iraq, Economy of Iraq, Iraq, Islamic banking, Private bank

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Economic Council of Representatives: Islamic banks in Iraq Atsem development projects

Baghdad, 30 May (Rn) – According to a member of the Economic Council of Representatives, Monday, that the Islamic banks to Atsem in economic development projects in Iraq.

Said Abdul Hussein Abtan, told the Kurdish news agency (Rn) that “the work of Islamic banks does not contribute to the support of the Iraqi economy and in Iraq plan to reach the highest levels of development banking as it is still not free of administrative constraints and bureaucracy.”

“The Economic Committee is working in coordination with the Iraqi Central Bank to provide the legal requirements to promote the work of Islamic banks in particular with regard to profits and deposits of financial and work according to electronic clearing system.”

He explained that “the work of Islamic banks need to regulate the administrative and legal framework allows it to expand its dealings in the banking and loan projects mature and their financial filings.”

He added that “Iraq has not benefited much from the large private banks in economic development projects and raise the capacity of the parliamentary foreign currency in the banking sector.”

The Central Bank of Iraq that is organizing the work of Islamic banks across the enactment of its own during the next few days.

In the opinion of a number of economists say the private banks to not possess tools promoting monetary and economic reality in Iraq.

And select the CBI 250 billion dinars as a minimum for the establishment of private banks in the country.

House of Representatives and began its first session the Banking Act in 2007 to organize the work of private and state banks.

And the central bank of Iraq in the month of February last he will give the number of licenses to establish private banks, stressing that banks will increase from its economic role in the country.

He denied the central bank in June 24 that the development of Iraqi private banks according to risk is confirmed by the Ministry of Finance down.

The total capital of Iraqi private banks one billion and 600 million dollars now, other than bank branches owned by Arab and foreign companies operating in the country.

The main tasks of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies, and manage the reserves of foreign currency, and the issuance of currency management, as well as to regulate the banking sector.

[jeepguy]

o kay this sounds like it could be an addition too another monatary deal with c b i , i`ll put up in post thanks all-n-4 r v

[bagdaddy]

Thanks for the post.

Could be the banks are answering a need in the market place--almost like an Islamic Credit Union. However, I don't know how it will be a viable institution without the ability to charge for the use of money--interest.

Go RV!