Establishing New Islamic Banks to Increase Investment: Finance Committee

On Monday, the Iraqi Parliamentary Economic and Investment Commission issued a statement that the establishing new banks would improve the investment process in Iraq. Point to be noted that the Iraqi government is ready to allow anyone who needs to establish an Islamic bank. A member of the Parliamentary Economic and Investment Commission Najiba Najib issued a press statement that increasing the number of Islamic banks would help in financing major and large-scale projects. It would also give assurance to the Iraqi citizens on their deposits in these Islamic banks. She also indicated that House of Representatives is working for law making and reviewing Islamic Banking Act, because Islamic banks have their own importance and a number of Islamic banks are operating in the Iraqi banking sector.

Najiba Najib further added that new Islamic Banking Act would allow the Iraqi government to give permission to anyone who needs to get special instructions and provisions for the Islamic Bank. On Saturday, the House of Representatives has been completed most of the work during its 2nd reading session in order to finalize the draft of Islamic Banking Act. The Parliamentary Finance Committee in the House of Representatives has announced about the arrival of the project of Islamic Banking Act. It is also confirmed that after implementation the new Islamic Banking law, we have a specific agreement with the Iraqi Central Bank in order to allocate 25 billion U.S dollars for the advancement of Islamic Banks.

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