Islamic finance and the new formula
24/7/2016 12:00 am
Abdel Hussein Al-monzeri
Despite the importance of Islamic finance in the business world being carrying Islamic look to invest money in finance and investment analyst initiated beyond dealing with usury and debt contracts gharar and in many versions of this type of financing available to banks and the public from individuals and companies to enter into this new financial thought on financial and banking and investment arena has aged more than four decades.
But he didn't take the right regulatory and legal attention and media despite Iraq scientists were the first to present a written financing our economy and the usurious Bank Islam of Mohammed Bakr Al-Sadr.
So far, still many Islamic countries did not issue laws and regulations for the Islamic banking instruments and Islamic investment companies, investment funds and insurance companies, Islamic banks pave the symbiotic open Windows or central banks granting work permits to establish new Islamic banks while some Western and Asian countries concerned that funding more States Arabic and a few years ago and created his laws and financial markets ﴾ in the stock exchanges of ﴾ court management that got investment projects and infrastructure of roads, bridges, airports Railway lines and residential complexes and run for working hands and started getting high tax returns And others.
While prayers are repeated on more than one occasion the economic interest of this investment and grant due attention by all relevant but it still needs more attention due to the small number of advocates of this funding in addition to not knowing the most public of Islamic banking.
Compounding public disinclination to deal with Islamic banks is not to engage in such banks to Islamic financial and funding activities at its most important activities and that these banks remained only the name to signify that it Islamic.
Now highlight the need to raise the degree of interest in this type of financing to transform public attitudes to commercial banks after he tripped over a commercial bank prolonged re depositor because management errors affected the reputation of these banks and misapplied to the banking sector in General.
We therefore believe that there is a 70 percent chance of financial liquidity stored in homes in search of safety in addition to some of the audience wants to deal with Islamic banks only and that there is significant opportunity in front of Islamic banks to attract these savings and financing Islamic investment formulas institutionalize her like ﴾ in the back rows, almsharakat, Merv Griffin murabahat Fund and other ﴾ for profits to client public shared the fact that Islamic banks activity represents the investment side over the lending side.
We hope to enter the new Islamic banks banking arena and that these banks tend to prove themselves as Islamic banks is already a name after granting the Central Bank recently established leaves for remittance companies to replace the Islamic banking activity based on the 2015 budget law which urged the Central Bank to facilitate the procedures for establishing Islamic banks by reducing the capital required to establish Islamic banks against the capital required to establish commercial banks.
Where there will be an audience excited in these banks' activities viscous and profit the analyst rightfully so to take this money, its role in the national economy, which has suffered two years ago from a lack of liquidity available as an investment is other disabled in our country and suffers from a lack of funding, we hope to contribute to addressing this crisis.