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Islamic banks hold their first meeting in Baghdad

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Islamic banks hold their first meeting in Baghdad

28/1/2018 12:00 am
Baghdad / morning work team

The expansion witnessed by the reality of Islamic banks locally and internationally and the surge in the volume of its trades in all regions of the world prompted the Association of Private Banks to organize the Forum of Islamic Banks under the auspices of the Central Bank of Iraq Baghdad.

The Governor of the Central Bank d. Ali Alaq that "the number of Islamic banks in Iraq reached 30 banks," adding that

"this expansion comes in order to increase the volume of banking transactions and build confidence between the banking system And the citizen."

The relationship between "the importance of working to return the money accumulated to the banking system and make them participate in the economic cycle and contribute to the development process Sustainable development".

He pointed out that "the Central is working to provide the legislative environment suitable for the work of Islamic banks to activate its development role, in the belief that this role will support the economy,"

noting the importance of banking awareness and stressed that everyone is required to make double efforts to develop banking Islamic countries."

Secretary-General of the General Council of Islamic Banks and Financial Institutions, Abdel-Elah Belaitik, said "the importance of Islamic banking in most countries of the world for the great successes in the performance of its products and products provided to the public of beneficiaries."

He pointed out that "the volume of banking transactions in the world in 2022 will be $20 trillion," explaining that

"this reveals the extent of the ability of this type of banks to interact with a wide range of citizens through the advanced products that provide," describing the expansion of the work of Islamic banks in Iraq Acceptable.

International Islamic Banking Expert Sadiq Rashid Al-Shammari stressed that "Iraq must have an effective financial sector commensurate with the size of the wealth that it owns, whether natural or human, which necessitates a solid financial platform to be the center of support for economic advancement," pointing out that

"the existence of expertise and human resources can To be a catalyst for the development of the reality of banking and commensurate with the expansion witnessed by the reality of Islamic banks.

For his part, the President of the Association of Iraqi private banks Wadih al-Hanal, that the capital of Islamic banks is more than 3 billion Dollars.

Al-Hantal said in his speech at the inauguration of the Forum of Islamic Banks in Iraq: "This forum, which is held under the slogan" Launching an Islamic banking sector that contributes to development, "represents a serious and important step in keeping pace with the new and accelerating developments witnessed by this type of banking activity in our region and in the world., Especially as it enjoys wide participation of elites and personalities banking specialized Islamic banking work in Iraq and in countries Arabic".

"Over the past few years, the Islamic banking sector in Iraq has witnessed rapid positive developments, which have enabled it to acquire half of the market share of the total private banks with a capital of more than US $3 billion, which gives us hope for further success, On the way to expand the formats of dealing and growth and spread horizontally and vertically in the future."

Launch products

General Manager of Payments Doha Abdul Karim said: "In the light of the development of the banking sector, and the tendency to invest funds in Islamic banking, will see its Islamic tools a large turnout and accept in the Iraqi society, especially if the launch of new electronic banking products in line with Islamic law," noting that"

The Central Bank of Iraq has developed a system of deposit of government bonds to include the trend towards investment in the Islamic bond system to enable these banks to use investment security in accordance with Islamic law.

Financial transactions

Executive Director of the Iraqi Private Banks Ali Tariq said: "The expansion witnessed by the Islamic banking sector has turned the attention towards it, the banking products that meet the wishes of a wide range of citizens, which led to the Association to initiate the organization of the Forum of Islamic banks in the presence of local and international subject".

He added that "the number of Islamic banks close to 24 banks and branches spread in most cities of Iraq," noting that

"this expansion witnessed by the Islamic banking sector stems from the availability of more than an option to customers of different companies or citizens need to deal Finance".

Tariq pointed out that "the forum focused on the reality of the work of these banks their capabilities and their potential to support the national economy, as well as legislation and laws that regulate the work of these banks and stand when the products offered by the state to develop in proportion to the popular interest that has encountered during the last period."

And witnessed the reality of the Islamic exchange expanded significantly in most countries of the world and exceeded the volume of trade barrier of 3 trillion dollars, and the opening of Islamic windows in the largest international banks for their development role Great.

Transaction integrity

Islamic Banking Expert Abdul-Hussain Al-Mundhari addressed the issue of supervision and auditing in Islamic banks where the control department is the audit arm of the Shari'ah Supervisory Board of Islamic Banks, which monitors and supervises the integrity of daily credit and accounting transactions And others.

He explained that "this section follows the commitment of the sections and branches of the bank to implement the fatwas issued by the Authority to maintain the integrity of the implementation so as not to fall sections and branches in the legal taboo and undermine the reputation of the bank and undermine the confidence of customers and shareholders.

And that this would make "the work of the control department is integrated with the oversight body through ongoing meetings between the parties and through the auditors of the control to provide the oversight body copies of reports containing audit observations on the results of the audit or the results of the investigation of violations committed by managers and employees in their daily work For the study by the Commission and the issuance of guidance crisis to avoid these errors and the legitimate basis for the establishment of control sections in banks and the rest of companies and institutions is the verse, "And to be a nation of you ordering the good and forbidding evil."

The Chairman of the Board of Directors of Al-Rajih Islamic Bank Aqil Al-Nouri pointed out that "Islamic banks have launched in the past few years, and have achieved great success for their ability and flexibility in the performance of business, and their products are in harmony with the wishes of many citizens and their social and religious tendencies, Success in the performance of its work."

Products offer

The chairman of the Board of Directors of the Islamic World Bank, Saif Badir, only pointed out that "the Iraqi economy, which awaits a promising future and the size of a very large work requires a large number of banks, which made attention towards Islamic banking, which is now offering products compatible with the economy the National".

He pointed out that "the forum discussed the most important axes of the regulatory work for the Islamic banking sector, which is very important, and these banks must be active presence in the economic arena and be an active contributor to the process of sustainable development sought by Iraq during the period Coming".

Wide work

Director of the International Islamic Bank Suha Kafaie said: "Standing up to the challenges faced by Islamic banks is an urgent necessity, to work on developing their capabilities and making them more contribution to the process of economic development and the need for large and large work."

Al-Kafai pointed out that "the talk of electronic payment during the forum is of great importance, as the Central Bank looks forward to making all financial transactions in the public and private sectors through electronic payment, for its role in dealing with many of the problems that accompany the financial operations in the public and private sectors, In the collection of taxes and other daily financial transactions in the public and private economic life."

A real supporter

In his turn, economic specialist Haider Al-Aqabi pointed out that "Islamic banks are in the process of structured construction and interact with the Central Bank's Islamic banks, to be a true support for a major development process change the shape of the economy and make it able to deal with the large numbers required by the stages of advancement in the productive sectors And service."

He pointed out that "Islamic banks have entered a stage of competition in the development of performance and this is very positive, and from banks, which was able to obtain the certificate of international ISO, stressing that

" this is a success of the bank and the Central Bank, which regulates the work of the reality of Islamic banking, "and urged" Foreign banks have an active role in banking work through more friction with local banks and work on transferring expertise to employees of local Islamic banks, as well as the need to contribute to the development process and provide real opportunities, commensurate with the amount of profits that Check them out".

He predicted that "the reality of the Islamic banks during the coming period is a major development in light of the fierce competition between banks, and urged the Iraqi Central to contribute effectively to the process of economic development and support for small and medium enterprises, as well as projects Strategy".

The reality of quality

"The forum comes at a time when the Islamic banks are working to develop new systems and improve the quality of performance and modernize their work systems in line with the requirements of the Iraqi economy next to a sustainable development process covering all sectors," he said.

He pointed out that "the forum of Islamic banks in Iraq is of great importance in the course of the development of the work of Islamic banks in Iraq and a starting point essential to the Iraqi Islamic banks developed in line with developments in the global banking industry and methods of combating terrorism and money laundering and what has been put forward by the speakers from the core points considered The light of the lighthouse to the achievement of the Islamic banking industry is compatible with the systems (Basel) and the laws of legitimacy and banking local and global taking into account the risk and how to reduce them to the limit Minimum".

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