In the economy of December 25, 2017
BAGHDAD / The Central Bank of Iraq issued on Monday a document referring to the suspension of procedures for the establishment of banks under construction and is authorized to merge every seven banks.
The document issued by the Central Bank on the study submitted on the establishment of Islamic banks to form a committee of the bank to convert all financial transfer companies that submitted requests to switch to banks or not yet submitted to one bank or two banks or converted to exchange companies.
The document shows that the banks that are under the foundation and did not get approval after the cessation of the completion of its procedures and the option to merge every seven banks to form a single bank is not Islamic.
The bank will not consider requests for the establishment of new Islamic banks, the document said.
The document reads as follows: