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Central Bank Law inconsistent with usurious banks

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Central Bank Law inconsistent with usurious banks

Unread postby admin » Sun Sep 08, 2013 9:40 am

Banker: Central Bank Law inconsistent with usurious banks and Islamic banking needs to Law

08-09-2013 07:19 AM

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Baghdad (news) .. He said an expert on banking wholesome Elias Abbou, that the law of the Central Bank of the current conflict with the nature of the banks usury of a commercial nature, indicating that the increased activity of Islamic banking requires the existence of a law regulating the work. said Abbou (of the Agency news): that certain paragraphs of the Central Bank Law The current conflict with the work of banks usury of a commercial nature, which depend on the interest, so must be modified in order to support the banking sector. pointed to: the Activity Islamic banking in the country began to grow in the recent period in terms of investment and Murabaha and speculation are in dire need of a special law by organizing work , stressing that it spread in most countries of the world, particularly in Europe. It is noted that the banking system in Iraq consists of forty-three banks as well as the Central Bank and distributed by ownership between (7) state banks and (30) Bank of my family, including (7) Islamic banks in addition to the (6) foreign banks. / End

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