Government calls for the adoption of Islamic banking law experts and they see .. factor to attract money
07/06/2015



Dinars / Adnan Abdul Hassan / .. The federal government called the House of Representatives to speed up passage of banking law Islamic inactivated in the committees of Parliament for nearly 3 years, while experts say that the law in the event of entry into force will be an important factor to attract money.

He said Prime Minister for Economic Affairs Adviser the appearance of Mohammed Saleh, in a special statement to the Agency / JD /: "The disabled law in the House of Representatives for nearly 3 years, and we hope to read and vote on it as soon as which depends on Halal and Haram and profit and loss and the system of participation," he said, adding, "The banks are currently operating in Iraq Law banks No. 94 of 2004 on the banks of usury. "
Saleh explained: "The central bank is working instructions do not live up to be Mistoy law," stressing "the urgent need for a modern Islamic banking in accordance with the law regulating its work, noting that the central bank discussed the draft law in the former by giving interest-free usurious loans and to engage in commercial activity across Murabaha and Istisna'a and fish and take the profit and loss equally with the borrowers other than those working on other interest-based banks. "

He pointed adviser Abadi "The positives of the law is to give an incentive to pay the wheel of investment and reconstruction and creates matchup Interbank being will affect the special nature of government banks, "noting" that the Islamic regime is supported globally. "
In the opinion of experts and specialists in economic affairs that the activation of the Islamic Banking Act will lead to a negative impact on banks that give high interest rates of up to more than 8% of government private including banker Rasheed and Rafidain who depend on the style of the profit only rely on the financial interest, the exact opposite of the Islamic regime.

For his part, economist Mohsen al-Zaidi to Islamic banks and loans and all other considerations constitute a strong pull factor in attracting private capital and is one of the best funds government institutions, "adding that" Iraq has nine private including Mesopotamia Bank, which was established by Government Decision No. Islamic banks (95) for the year 2012 with a capital of 50 billion dinars. "
He pointed out that "Islamic banks play a large role and engage in banking activity even at the level of outside Iraq, including the carrying out of finance and investment in various projects, "calling on parliament to speed up passage of the law and enter into force in light of the economic challenges faced by the country."

He said Zaidi in an interview with Agence / JD / "The positive effects will be reflected in the development of sectors financial and banking in the event of the new law, Add to that would be to attract money when citizens and a large interaction and support the establishment of private Islamic finance issued accounting and legitimate instructions Muslim to be a handy tool for banks and institutions, consulting firms, "explaining" that the nations of the world prior to Iraq and benefited greatly from the experience, There edifices and Mtart built according to the Islamic system, as happened in Malaysia and avoid moving away from commercial loans characterized by a significant rise in benefits. "

, and the Government has already succeeded in opening Islamic windows in the Rafidain and Rasheed met with widespread demand from the public, which led to encouragement towards opening Islamic banks more domestic or foreign in Iraq ended .