Proposal to increase, Islamic banks


Date: Sunday, 01-07-2012 01: 30 am
Baghdad/term

Proposed economic Committee member in the House of Salman al-Musawi, using the laws of Islamic banks in the Gulf States and Iran to organize the work of Islamic banks in the country, stressing the need for legislation because it will help launch loans without interest.

He said al-Musawi (News Agency news) there are many things of the House when their laws on project financial loans: financial benefits that have made some deputies demanding the cancellation, this is incorrect because global system

In all global banks, noting that the legislation of a special law for Islamic banks would solve all these problems because it believes the usurious system.

He added that neighbouring States such as Iran and the Gulf States have achieved major successes in the field of Islamic banks, and Iraq can benefit from their seniority in terms of what begins it arrived through the use of the Islamic banking laws exist they have to develop and organize the Islamic banking sector in the country.

He stressed the importance of speeding up the enactment of Islamic banks by the Financial Committee for submission to the House of the fact that the country is in urgent need of banks operating in accordance with the Islamic Sharia, which is quite different from commercial banks and specialized as industrial, agricultural and real estate in clear financial benefits on deposits and loans.

He noted: the Islamic banks, Islamic in name only, but of course act as regular commercial banks, because of the absence of a special law to regulate their work.

The Islamic banking activities in Iraq started in (1993) when establishing the Islamic Bank of Iraq, even now numbering 10 banks, including Bank of new Government named rivers, and most Gulf Bank.

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