Economy News Baghdad
The Central Bank of Iraq (CBK) launched on Monday the Islamic Finance Program (SIFP), which aims to create a regular partnership in the financing and investment process between conventional and Islamic banks on the one hand and the public and private sectors on the other hand. Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).
"The program is pushing conventional and Islamic banks to participate in the financing of projects of national importance in accordance with Islamic Sharia-compliant contracts such as Musharaka, Bittaheel Bittamleek contracts, Istisna'a and Istisna'a contracts and Ijarah Muntahia Bittamleek contracts," the central bank said in a statement received by Al-Iktissad News.
"In the framework of activating this program, the bank formed a committee headed by HE Mr. Ali Mohsen Ismail, the Governor of the Central Bank of Iraq, and the membership of the National Investment Commission as the strategic partner in the SIFP program, government banks and the Association of Private Banks,
The committee recommended the implementation of three projects as a starting point for the implementation of the program and projects. The project is to rehabilitate, construct and develop chemical fertilizer plants in Baiji and Abi Al-Khasib, and rehabilitation and development of the glass factories in Ramadi, "He said.
"This program comes as a step complementary to the success achieved by the Central Bank in achieving monetary stability during the war economy and its transition to the Iraqi economy to the runways of the economy of peace, making the process of targeting growth is a very urgent step."
The complex Islamic finance program is the fastest and most advanced means of dealing with the problem of economic development where the financial sector works with the real sector directly without the need for a mediator.
economy-news.net/content.php?id=16684
The Central Bank of Iraq (CBK) launched on Monday the Islamic Finance Program (SIFP), which aims to create a regular partnership in the financing and investment process between conventional and Islamic banks on the one hand and the public and private sectors on the other hand. Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).
"The program is pushing conventional and Islamic banks to participate in the financing of projects of national importance in accordance with Islamic Sharia-compliant contracts such as Musharaka, Bittaheel Bittamleek contracts, Istisna'a and Istisna'a contracts and Ijarah Muntahia Bittamleek contracts," the central bank said in a statement received by Al-Iktissad News.
"In the framework of activating this program, the bank formed a committee headed by HE Mr. Ali Mohsen Ismail, the Governor of the Central Bank of Iraq, and the membership of the National Investment Commission as the strategic partner in the SIFP program, government banks and the Association of Private Banks,
The committee recommended the implementation of three projects as a starting point for the implementation of the program and projects. The project is to rehabilitate, construct and develop chemical fertilizer plants in Baiji and Abi Al-Khasib, and rehabilitation and development of the glass factories in Ramadi, "He said.
"This program comes as a step complementary to the success achieved by the Central Bank in achieving monetary stability during the war economy and its transition to the Iraqi economy to the runways of the economy of peace, making the process of targeting growth is a very urgent step."
The complex Islamic finance program is the fastest and most advanced means of dealing with the problem of economic development where the financial sector works with the real sector directly without the need for a mediator.
economy-news.net/content.php?id=16684