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The government is preparing for the opening of the first Islamic bank with a capital of more than 130 billion dinars, the center of economic debate

Source in the Ministry of Finance, on Monday, the government's efforts for the opening of the first Islamic bank in Iraq a multi-branch, and as he emphasized that the new bank will have a capital of more than 130 billion dinars, the effects of open debate among legal experts and how they impact on the current situation of the Iraqi economy.

senior source in the Ministry of Finance in an interview with the (long-Presse), "The ministry has completed preparations for the opening of the first Islamic bank a government in Iraq after receiving official approvals from the relevant authorities for the purpose of direct action which according to Islamic law," noting that "it is hoped the opening of the bank during the next two months. "

The source, who asked not to be named, said: "Capital expected the bank would be between 130-150 billion dinars, and will have five branches, three in Baghdad and one in Najaf and another in the province of Basra," pointing out that "the five branches has configured Full aspects of logistics and electronic possibilities and even the staff. "

The source added that "the bank will be limited to his work on Islamic Banking and also the granting of loans for the purpose of Murabaha real estate, cars and goods and to support small and medium enterprises in accordance with Islamic mechanism having been FAQ put through the consent of the legitimate Supervisory Board and Seko Nscherak Islamic banks operating in Iraq and supporting her."

For his part, counting the banking and academic expert Khaled peace profession government's decision to "open an Islamic bank continued her that he would be a burden on the government by the banking sector in particular and the sector of private banks in general."

The profession in an interview with the (long-Presse), that "the government banks able to open windows for Islamic banking because it has the potential and the ability to do banking practices, can not be for the government to open Islamic banks of its own because it will be a big burden them."

He continued a career that "the Central Bank of Iraq and the testimony maintain relationships, he is stressed more than once that in collaboration with the Ministry of Finance is seeking to restructure the largest banks government and two Rafidain and Rasheed result of the subject of its laws and mechanisms to prevent the development and support of the banking sector."

For his part, Managing Director of the Islamic Bank for Investment Sadiq al-Shammari, said that "the opening of Islamic banks in Iraq will develop the banking sector due to its content of physical, electronic possibilities as well as supporting the confidence of depositors."

He said Shammari in an interview with the (long-Presse), that "Islamic banks and since the early stages of its work in Iraq after 2004 began to keep pace with the developments witnessed by the world in this field," noting that "Islamic banks in Iraq has been able to raise their capital to possible levels that the commercial banks compete not only in Iraq, but even in the countries of the region. "

Shammari stressed that "the work of Islamic banks can not be promoted unless there are no facilities of the Iraqi Central Bank Law and also rely on it, pointing out that the success of Islamic banks lies in the assets supporting the balances work."

Shammari pointed to "the existence of the Islamic worldwide regional and area expansion of banking and is striking, especially since more than 600 bank worldwide branches scattered in most of the cities with assets of more than $ 3 trillion has annual growth rate in excess of 30% of the market share the banking business, "adding that" Islamic finance operations have become the focus of attention of many of the peoples of the world. "

The Islamic banks, like banks and other classic works to provide the community what it needs from various resources but particularly legitimate manner followed by each bank management in order to raise critical for customers who want to deal with the banks according to the principles of Islamic Sharia.

And it started Islamic banking activities in Iraq since the year (1993) at the founding of the first Islamic bank in Iraq called (Iraq Islamic Bank), while the number of banks that traded Islamic banking system amounted to (9) banks including the external bank and another (Gulf) to open a branch in Iraq.

The banking system in Iraq is made up of 54 banks, as well as the Central Bank and distributed by property between (7) state banks and 23 commercial banks, special, including (9) Islamic banks in addition to the 15 branches of foreign banks.