Dabbagh: draft law approval, Islamic Bank of rivers expansion in economic activity

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Dabbagh: approval of the draft law to the Islamic Bank of rivers expansion in economic activity

2012-04-05 12:03:31

Baghdad (IBA)... Government spokesman Ali Dabbagh, the Cabinet decided Tuesday to approve a draft law on the Bank of the Mesopotamian marshlands in the Islamic expansion in economic activity and work to increase the volume of Islamic banking to desire a broad cross-section of citizens in obtaining banking services that correspond to Islamic law and consistent with the provisions of the Constitution.

He noted that this Bank will be a magnet for Islamic investors who fear the deal with the rest of the banks because interest and some banking transactions.

He explained that the Ministry of finance requested in 12 February 2012 display nahrain Bank Bill subject of Islamic Council of Ministers for approval and transmission to the House where that article 35 of the law on the 2011 budget has provided for the establishment of an Islamic Bank by the Federal Ministry of finance capital of 25 billion dinars and submit a bill of incorporation to the Cabinet and Parliament before 1 June 2012 as well as article 28 of the budget law for the 2012 draft law committed before 1 June 2012.

Dabbagh added that the Bank would be managed by staff entitled Director General holds a degree in least experienced in banking, Board of Directors and be a Finance Ministry Bank directly and open branches inside and outside Iraq and with the consent of the Iraqi Central Bank and the Bank formations either specifies the functions to internal system proposed by the Board of Directors and by the Minister of finance.

He stressed that the Bank's Shariah supervisory body consisting of 4 members from experienced in Islamic jurisprudence and Islamic mode of selection and determining their remuneration, determined by the rules of procedure, where the body produces an annual report on the Bank's compliance with all legitimate versions of Bank staff to the provisions of the Civil Service Act No. 24 of 1960 and the law discipline public servants and public sector no. 14 of 1991 and uniform retirement law No. 27 of 2006. (Finally)

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Skinner: Approval of the bill rivers Islamic Bank with a capital of (25) billion dinars

04/05/2012 12:49

BAGHDAD / Aswat al-Iraq announced government spokesman Ali al-Dabbagh said the cabinet decided at its meeting held on Tuesday (3/4) Approval of the draft law on Bank of Mesopotamia Islamic auditor by the State Council and submitted to the House of Representatives based on the provisions of Articles (61 / I and item 80 / II) of the Constitution, taking into account the notes of the Legal Department of the Secretariat of the Council of Ministers.

Dabbagh said that the approval of the draft law on bank rivers of the Islamic "comes the interest of the Iraqi government on the expansion of economic activity and work to increase the size of Islamic banking to the desire of a large segment of citizens' access to banking services approval of Islamic law and which are consistent with the provisions of the Constitution, this will be Bank a magnet for Islamic investors who fear dealing with other banks because of the benefits and some banking transactions."

Dabbagh said that the Ministry of Finance has requested in the February 12, 2012 view the bill Bank of rivers of the Islamic Council of Ministers for approval and forwarded to the House of Representatives where that article (35) of the budget law for 2011 has provided for the establishment of an Islamic bank by the Federal Ministry of Finance with a capital of (25) billion dinars, and submit the draft law of incorporation to the Cabinet and the House of Representatives by June 1, 2012 and Article (28) of the Law on the budget for the year 2012 has committed to provide the bill before June 1, 2012.

Dabbagh said that "the bank will be managed by the employee entitled General Manager holds a university degree, at least initially, and with experience in banking and the Board of Directors and the correlation Bank, Ministry of Finance directly and has opened branches inside and outside Iraq, with the consent of the Iraqi Central Bank The formations of the bank and its functions we specify system of internal proposed by the Board of Directors of the Bank and issued by the Minister of Finance."

Al-Dabbagh that "the Bank of the Sharia Supervisory Board consists of (4) members with experience and competence in Islamic Jurisprudence and its Principles The method of their choice and determine the reward are set by the rules of procedure as are issued the annual report on the extent of the commitment of the bank formats legitimacy and is subject to all the staff of the bank to the provisions of the law Civil Service No. (24) for the year 1960 and the law of discipline of state employees and the public sector No. (14) for the year 1991 and the Unified Retirement Law No. (27) for the year 2006."

(B) - Q TC
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