The Central Bank launches the Islamic Finance Program

2019/5/20 15:50

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The Central Bank of Iraq announced on Monday the launch of the Islamic finance program complex, while stressing that the project aims to create a regular partnership in the process of financing and investment.
"The program aims at creating a regular partnership in the financingand investment process between conventional and Islamic banks on the one hand and the public and private sectors on the other. This investment is carried out under the umbrella of Standard 24 of the Accounting Authority And Review of Islamic Financial Institutions {AAOIFI} ".
"The program will encourage conventional and Islamic banks to participate in the financing of projects of national importance in accordance with Islamic Sharia'a compliant contracts such as Musharaka Bittamleek contracts, Istisna'a and Istisna'a contracts and Ijarah Muntahia Bittamleek contracts," the bank said.
The bank pointed out that "the formation of a committee of competent authorities, which recommended the implementation of three projects to start the implementation of the program," explaining that "the projects are the rehabilitation and construction and development of chemical fertilizer plants in Baiji and Abi Khasib, and the rehabilitation and development of glass plants in Ramadi, Rehabilitation and operation of the white cement plant in the district of Fallujah. "
He pointed out that "the program Bati 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 method of dealing with the problem of economic development where the financial sector works with the real sector directly without the need for a mediator.

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