Iraq: Alasalamahtstthmr banks in development projects
April 23, 2015, 11:03:30 AM »
The Iraqi Special Islamic banks work to take advantage of financial excess liquidity papers currently have, and the need to employ them in development projects, pointing to the possibility of holding a conference devoted to this goal in the coming period, calling him among supportive of the idea of activating the investment in Iraq.
Academic confirmed Commissioner for «Islamic National Bank» Sadiq al-Shammari Director in an interview with the «life», the need to «Islamic banks oriented investment in the projects contained in the National Investment Commission and its branches in the provinces Software», pointing out that «the credit and investment portfolios and expanding growth in field services and products provided by the bank, was a catalyst for other Islamic banks to expand their activities, as reflected in the annual financial returns and the size of the financial centers. » He added: «Total capital of Islamic banks in Iraq more than two billion dollars», pointing out that «the working papers to be discussed at the proposed conference include activating activity of Islamic banks through practical involvement in the achievement of economic and social development projects related to and in accordance with the provisions of Islamic Sharia». He stressed the need «establishment of an Islamic investment funds specializing in mortgage shall provide loans to eligible without interest».
He Shammari «participation of private Islamic banks in addressing social problems, and on top of unemployment, runs from the responsibility of the banking sector as a whole and Muslim in the achievement of social justice as a matter of lying social responsibility on them and lay the foundations for sustainable development, which means the rights of present and future generations and the contribution of the financial returns of these banks in support productive activities, most notably the financing of small and medium-sized enterprises and micro, through soft loans in order to eliminate unemployment and tackle inflation and reduce the gap between the rich and the poor ». And confirmed the existence of «ready projects to invest but lack the financial liquidity among Islamic banks are available in accordance with the financing and investment formulas determined by these banks contexts», pointing to the impressive success achieved by Islamic banks in more than 80 countries through the financing of investment in the productive and service projects.
He said the «this conference in Iraq affirmation of the importance of reviving the economy and the development of the productive sectors, and attract local and foreign capital contributes to move the wheel of development». He said: «Islamic banking experience in Iraq has achieved a clear growth in spite of all the difficulties they faced, as the size of its deployment and its assets increased and doubled its own capital», pointing to the existence «nine Islamic private banks and the Bank of government and one in Iraq, has about 100 branches in the provinces and offer their services in spite of the many challenges that hinder their activities, most notably the absence of a law regulating Islamic banking business in the investment field ».
It is noteworthy that Islamic banking activity in Iraq began in 1993 and has seen a boom and widespread enhanced opportunities to consolidate its presence in the Iraqi and Arab arenas across its branches network correspondents at home and abroad.
Shammari pointed out that «the most prominent theme in the upcoming conference Islamic finance small and medium enterprises and micro, which is the best to achieve economic viability.» He added: «These projects face difficulties limit its growth to fall and become large projects economically feasible, especially as the number of small and medium enterprises is about 150 thousand project», explained: «the part of these challenges take an administrative nature».
He stressed that «the necessity of a clear strategic vision for the small to the point of legislation finance institutions, it looks great interest in the small and medium-sized enterprises while interest also creep institutions that finance these projects.» He attributed this imbalance to several reasons, most notably «the absence of appropriate data and information for small businesses in order to estimate the financing requirements with a base, as it should be allowed to get on imported raw materials, which are a burden on the product, and therefore high cost».
He Shammari hoped «to take advantage of the special prime minister Haider al-Abadi initiative with the support of the private sector and development outputs, and the possibility to get out of the current economic crisis», pointing out that the state's strategy in supporting the private sector and reduce dependence on oil by activating the productive sectors and strengthening the banking sector performance , comes within the framework of the government initiative that also need supportive legislation and the creation of a partnership with the state. » He pointed out «that the CBI finally directing the support of all banks, including rate of five percent of the credit plan in order to grant loans to finance small and medium enterprises».
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