Specialists: Islamic banking is growing rapidly and gained a wide audience

Posted by on Oct 26, 2013 | Leave a Comment

23-06-2013 01:38 PM

Baghdad (News)/report/bahtik/… Islamic banks important strides made in promoting activity in the Iraqi market, and now compete with commercial banks through a broad audience and increase the size of their capital, prompting the Government to open Windows in the Rafidain and Rasheed Bank aims to finance projects such as buying homes and cars by citizens in accordance with certain guarantees and repay in monthly installments.

It has a number of specialists in banking, Islamic banking is growing rapidly in the current period and gained a broad audience, calling on during their talk (News Agency) to the need for legislation of a special law to allow them to participate and investment to promote economic development in the country.

The Executive Director of the Association of private banks Abdul Aziz Hassoun, stressed: that Islamic banks earned broad audience and increased the size of its capital, as they enter partnerships and direct funding, which has increased its activity in the local market.

He said Hassoun (News Agency): the subject of the participation of Islamic banking in development and reconstruction projects in the country, because it needs to programmes and plans for the banks could well, by gaining guarantees from government departments to implement the projects.
He added: the current banking law which highly problematic because of Islamic banks and trade working under their misleading what makes great challenges in the work of those banks, calling for enactment of a special law for Islamic banks allowed investment and allowing them wider opportunities in investment and development in the country.

Good Bank announced the opening of a branch of the Islamic assets in Al Wathba square, Baghdad, is one of three branches of the Bank opened in Baghdad, Basra and Najaf under a plan to work with Windows.

The working mechanisms of these Windows depend on the Islamic banking system adopts Islamic law, does not support the comprehensive banking method adopted in the banking industry.

Member of the Committee for economy and investment Deputy/iraqiya/Qusay Juma, that Iraq has gone through the experience of Islamic banking through open two in Rafidain Bank and Rasheed, despite the great orientation was towards the establishment of an independent Islamic State Bank, where he achieved great success by gaining audience and participating in the market.

He said Juma (News Agency): most of the citizens are starting to prefer to deal with Islamic banks without business because a lot of people perceive that the financial benefit and that’s what pushed them in dealing with banks with Islamic character.

He added: the law does not allow for public banks Islamic banks investment and direct participation in development projects, making its limited market, stressing the importance of legislation to Islamic banks.
Islamic banking refers to a system, or banking Shariah-compliant. The interest paid by banks on deposits or loans taken in ruling on masturbation, which is one of the major sins.

It has been the establishment of the first Islamic Bank in Dubai in the early 1970s, and established many Islamic banks then amounted to about 100 Bank worldwide and most famously the Faisal Islamic Bank and Dubai Islamic Bank.

The financial expert said Helal altaian: the Ministry of finance to expand the work of the banks that deal with Islamic banking due to its success in attracting large numbers of citizens who may not want to deal with the banks imposed interest on loans.

In modern (News Agency): it will deal with Islamic banking is a low rate of inflation and solving the housing crisis.

Tribute: a step to open a branch in the Rasheed Bank deals in accordance with the Islamic Sharia as the benefit banks and citizens alike as well as widening the applicability of national investment.

Citizens expressed their trhabihm to open branches for banks that deal in accordance with the Islamic Sharia in financing loans to citizens, specifically with regard to buy homes because of a clear housing crisis in Iraq.

It should be noted that Iraq has seen the entry of Islamic banks since 1992

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