The Governor of the Central Bank of Iraq Ali Alalak, the importance of work to restore the money saved by citizens to the banking system, and make them participate in the economic cycle and contribute to sustainable development.
He announced during a forum for Islamic banks organized by the Association of Iraqi private banks and sponsored by the Central Bank of Iraq, work to provide the legislative environment suitable for the work of Islamic banks, number 30, to activate the role of development supportive of the economy.
He stressed the importance of banking awareness, explaining that everyone is required to make double efforts to develop Islamic banking.
The Secretary-General of the General Council of Islamic Banks and Financial Institutions, Abdul-Ilah Belaitiq, pointed to the success of the Islamic banking sector in the world to perform its work and products to the public.
“The volume of banking transactions in the world will reach $ 20 trillion in 2022,” he said, adding that this reveals the sector’s ability to interact with a wide range of citizens through its advanced products.
According to the newspaper “Life”, stressed Islamic banking expert Sadiq Rashid Al-Shammari, the need to be in Iraq an effective financial sector commensurate with the size of the wealth that he owns, which necessitates a solid financial platform is the center of support for economic advancement.
He believed that the existence of expertise and human resources can be a catalyst for the development of the reality of banking work, and commensurate with the expansion witnessed by the reality of Islamic banks.
The head of the Association of Iraqi Private Banks, Wadih al-Hanalal, said that the Islamic banking sector in Iraq has witnessed rapid positive developments over the past years, which enabled it to acquire half the market share of private banks with more than $ 3 billion in capital. , On the way to expand the formats of dealing and growth and spread horizontally and vertically in the future.
The director general of payments at the Central Bank of Iraq, Suha Abdul Karim, predicted that the development of the banking sector and the tendency to invest money in Islamic banking and
Islamic instruments, a remarkable demand and acceptance in the Iraqi society, especially if introduced new electronic banking products that comply with Islamic law.
She noted that the Central Bank of Iraq developed the system of deposit of government bonds to include the trend towards investment in the Islamic bond system, so that these banks to use safe investment in accordance with Islamic law.
The Executive Director of the Association of Iraqi Banks, Ali Tarek, that the expansion witnessed by the Islamic banking sector has made the attention towards it, because of the banking products that meet the wishes of a wide range of citizens, led the Association to organize the Forum of Islamic banks in the presence of local and international actors.
The Islamic banking expert, Abdul-Hussein Al-Mundhari, referred to the issue of supervision and auditing in Islamic banks, the audit arm of the Sharia’a Supervisory Board of Islamic Banks, which monitors and supervises the safety of daily credit, accounting and other transactions. The integrity of the implementation so that the sections and branches do not fall within the legal prohibition and undermine the confidence of customers and shareholders.
Source: Iraq’s Economic Center