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The Central Bank of Iraq is organizing the IOOF

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Central Iraqi membership in {AAOIFI} economic achievement

10/1/2018 12:00 am

After expanding the base of Islamic banks

Baghdad / Hussein Thugb

Counting specialists in the economic affairs of the accession of the Central Bank of Iraq to the membership of "AAOIFI" economic performance, which coincides with the movement of horizontal expansion of Islamic banks and activities that spread in most areas Iraq.

"The Iraqi Central Bank's accession to the" Iwifi "represents a step towards success and increased international confidence in our Islamic banking system, which began to expand horizontally and continuously after the successes achieved on the ground in the field of the work".

Development Plans

He said in an interview with Al-Sabah that "many Islamic banks, which are now occupying a part of the local banking system, have adopted development plans to promote their products through the adoption of advanced systems, including banks that have obtained the ISO International Certificate and the first is the International Islamic Bank. Direction".

He pointed out that the membership granted to the Central Bank represents a new confidence in the mechanisms of action which necessitates the Central Bank itself to take care of Islamic banks and activate the supervision of the calendar more than it is, and to take care of all Islamic banks morally and encourage them to adopt the best global systems that enable these banks to develop products Sophisticated banking competes with regional banks And global.

Development goals

He pointed out that "the importance of Islamic banks to contribute to achieve the development goals for which it was founded, especially the branches of foreign banks, which has a long history of Islamic development, to be successful experiences can be adopted by Islamic banks Iraq".

And exceeded the number of the Islamic banking system in Iraq, the barrier of 20 banks, in light of the trend to establish this type of banks, which is consistent with the needs of Iraqi society, as well as the transfer of financial transfer companies to Islamic banks in accordance with the instructions of the Iraqi Central.

Accounting Authority

The statement was confirmed by the Central Bank of Iraq joining the membership of the Accounting and Auditing Organization for Islamic Financial Institutions "AAOIFI"

The Director of the Information Office of the Central Bank of Iraq, Acer Jabbar said in a press statement: "The Central Bank of Iraq has been a member of the Accounting and Auditing Organization for Islamic Financial Institutions (IOVE)," noting that

"the central membership was side by side with a group of banks and Islamic financial institutions and regulatory authorities Supervision of banks, financial markets, insurance and finance in a group of countries and within the category of "regulatory bodies And supervisory."

Jabbar pointed out that "the Central Bank of Iraq membership in the "Ayouvi" enjoys all the rights and duties in the body to serve the professional and technical relations, which reflect positively on the work of Islamic banking in Iraq".

Serious interaction

"Many Islamic banks are aware of the goals they have established for them and are working to expand their activities so as to achieve a serious interaction between the citizens and Islamic banks that meet the needs of a large segment of society, especially that these banks have proved a great success in the world. "He said.

Budget "Ivey"

Al-Alusi pointed to "the existence of coordination between the Islamic banks and the Central Bank on the budget of" Ivey, "and some Islamic banks to sign contracts with the company KPMG International Auditing and operates the budget" Ivy "allowance Standard".

She said: "The accession of the Central Bank of Iraq to the" Ivy ", is very important, and is one of the important topics that re-audit in accordance with international regulations, which gives Iraqi banks greater confidence before the international community Banker".

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