CBI is organizing the work of Islamic banks; New legislation in the next few days

Baghdad, 15 April (Rn) – The Central Bank of Iraq adviser said Friday that the Bank is working to organize the work of Islamic banks through a special law legislation during the next few days.

He said the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that “the central bank law in connection with legislation regulating the work of Islamic banks in the country, especially with respect to loans, conversion of the Islamic system of interest on a system of profit and loss.”

He pointed out that “the number of Islamic banks in Iraq have arrived at six banks, most notably the Bank of the country and the Bank of Abu Dhabi Islamic Bank of Kurdistan.”

And regulating the work of government and private banks in Iraq’s Banking Act, which legitimized the House of Representatives at its first session in 2007.

Saleh pointed out that “the Islamic Banking Act aims to promote increased number of Islamic banks with significant capital to contribute to the development of banking and economic in the country.”

The CBI has identified $ 250 billion dinars as a minimum for the establishment of private banks in the country.

The main tasks of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies, and manage the reserves of foreign currency, and the issuance of currency management, as well as to regulate the banking sector.

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