Islamic Banks in Iraq Would Support National Economy

Iraqi Dinar 123 News:– The Islamic banking system in Iraq is developing rapidly and all communities who need to enhance Iraqi economy should participate to stabilize the economy of the country. The Iraqi government is also working very hard and taking a number of major steps, and the most important is economic reform process. A banking and financial expert Dr. Rashid Al Shamari issued a statement that Sadiq Islamic banks in Iraq are improving their business volume and their capital size is estimated at more than 2 trillion Iraqi dinars, which would enable Iraq achieve its targets by improving development in various sectors in Iraq, such as industrial, services and agriculture. These Islamic banks would provide short and long term funding for small, medium and enterprise level businesses for raw materials and human resources.

Shammari further added that we are introducing economic reform package, which would enable us to reexamine the authenticity of ministries and financial institutions, and to find the causes of worsening in some of their functionalities, such as our departments of service and energy sectors have blocked. This package would also identify the problems experienced by country; it would enable us to decrease those problems until their elimination. He added that Central Bank of Iraq is looking to provide the amount of 800 million U.S dollars to finance small, medium and enterprise level businesses which would provide a boost in moving the wheel of production at national level to meet the productivity requirements in various sectors. He said that economic reform process has become more successful in most of the countries and improved their currency exchange rate against most of the major foreign currencies.

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