Islamic banks to support the national product 8/25
Islamic banks to support the national product
BAGHDAD - Hussein al-Tamimi Tgb
Islamic banks have become in light of the rapid scientific developments urgent need for all communities in which they want to activate its economy and build a real economy and commodity integrated and not rely on interest as a pillar of the traditional economy, at a time sing the country in which the process of economic reform requires the concerted efforts to achieve the goal .
Financial and banking expert d. Rashid al-Shammari said Sadiq Islamic banks in Iraq, the size of their capital amounting to more than 2 trillion Iraqi dinars able to achieve the growth and development of the different sectors (agricultural - industrial - service) through the supply of small and medium-sized and micro enterprises with funding (short or medium term) to activate the activities various economic and provide products based on local resources, whether raw materials or human resources.
He added that the care of small and medium enterprises is a step carries dimensions task relevant to the objectives of economic development in the country and on a large scale, considering the launch of the Iraqi Central Bank $ 800 million recently to finance small and medium enterprises boost is the other has great implications flowing into the wheel of national production and expand the circle gathered beneficiary of lending and in a manner that meets the requirements needed productive sectors and public alike.
He pointed out that securing 5 trillion dinars to the specialized banks and this that anything it shows the orientations of the Iraqi Central Bank policy of supporting projects and support all sectors in order to create a sound and integrated development of economic sectors (agricultural, industrial), thus creating a comprehensive economic development complementary to the reform of the banking and financial desired by communities.
And the process of economic reform Shammari said: It needs to coordinate efforts between all relevant economic affairs institutions to draw a new map will lead to sweeping changes in economic activity and enhance the opportunities for sustainable development sought by Iraq.
He added that everyone agrees that the reform process means in economic terms as an expression of the policies that are working to make local expenses consistent with what available resources, noting that this comes after the finding or order of a combination of financial, monetary and trade policies and exchange rate to ensure a domestic demand total harmony and composition of the total supply and the adoption of a package of measures working to stimulate the sectors of goods and services as well as the adoption of microeconomics policies aimed at improving efficiency in the the use of resources by removing price distortions, enhance competition, easing the administrative control.
He Shammari that this will improve the internal and external financial balance, and then will lead to the reduction of inflationary pressures and mitigate the negative effects, and this necessarily lead to improved balance of payments position and to restore merit credit and that certain measures to ensure the growth and development of viable and reduce unemployment, which account for in Iraq stands at 37 percent, or poverty reduction requires, as well as the stability of policies and reforms designed to improve the allocation of resources and raise efficiency in the medium and long term.
Shammari said, so that we can provide package reforms should re-evaluate the reality of ministries, institutions and the reasons for the deterioration of some of their activities, especially with regard to energy and departments chock as well as the service, in addition to identifying the difficulties and problems faced by the states addressed to reduce these problems or mitigate them until they are removed, pointing to the need to identify proposed to develop and activate the work strategies these institutions after the diagnosis of problems.
He noted that the countries that have taken steps successful and well thought out has been successful install its cash and that means success in stabilizing exchange rates effective for their currencies by reducing rates of inflation or price-fixing levels and open funding markets and to maintain a positive and reasonable on savings and deposit returns Banking in order to promote the resettlement of the national capital and lack of migration as well as the return of funds invested capital in the outside.
He stressed the importance of broadening the tax cabin horizontally and vertically with the support capabilities or resource units, through the capabilities and competencies of professional and provide data base so he can interpolation according to the system approved, and there will be certain controls to deal with cases of inflation as well as specific measures to reduce unemployment and poverty, which assumes that there will be transparency and accountability in the provision of data and calculations across all sectors.