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Director General of the Islamic Bank for dinars Mesopotamia: Bank loans will reach 100 million dinars

BAGHDAD / Jassim al-Tai / .. revealed Director General of Mesopotamia Islamic Bank Ministry of Finance's Mundhiri Abdul-Hussein said Iraq will be opened on the first of next month, the first Islamic bank in Alarac.makda government that the bank loans will be given to the owners of the projects will reach 100 million dinars.

Mundhiri said in a statement singled out by the agency / JD / economic that the Ministry of Finance will open on the first of next month, the first Islamic bank in Alarac.mbana government that the bank obtained all regulatory approvals for the purpose of direct action which according to Islamic law.

He Mundhiri that Mesopotamia Islamic Bank completed the incorporation requirements that were required by the Central Bank of Iraq was getting the chance 8/17/2015 work and this date the start of the bank to complete its preparations Alojstah to start

Mundhiri He said it was merging the five branches with the heads of their money, raising the head of the Islamic Mesopotamia bank's capital to 150 billion dinars. He explained that the bank has initiated all lending instructions were presented to the Sharia Supervisory Board in the bank was approved this special Bmrabhh real estate, cars and goods help with the introduction of Activity New not be found in the former is to support small and medium enterprises in accordance with Islamic mechanism was put instructions on the Sharia Supervisory Board and got approval.

He noted that the bank will enter the Senior Contributor development of the Iraqi economy through financing and investments which characterized the work of the Islamic Bank of Murabaha and posts and Astsnaat multiple kinds of other investment through the issuance of Islamic Sukuk .msheera that can Mesopotamia Islamic Bank by granting loans to small and medium-sized enterprises can enter everyone benefit from the granting of these loans allocated to industrial, agricultural and housing sectors, amounting to five billion by the Central Bank of Iraq.

He said that our bank will enter partner through Murabaha buy or speculation, and that will contribute to solving the problem of unemployment, which currently make up 30% and the poverty rate is about 20%. In the case of the financing of small and medium enterprises will absorb many working hands, which will contribute to reducing poverty and unemployment through the operation of labor.

Stressing that all the official value in the world statistics indicate that small and medium-sized enterprises constitute the run 70% of the workforce in countries powers and that the world's economies are built through the support and operation of these projects the fact that despite the availability of employment opportunities Tstsahm in the provision of goods and services at affordable prices in these projects market and sings the state of the process of imports as well as providing hard currency.

Mundhiri He noted that the bank will begin to receive applications wishing to obtain these loans in the first of next month, according to the agreement with the Ministry of Finance and the Central Bank of Iraq. Stressing that the bank completed all their preparations to work the granting of loans with the participation of the payments system and clearing the electronic system (GPS).

And the categories covered by this loan, Mundhiri stressed that the Islamic Mesopotamia bank services according to his vision would include all Iraqis for two reasons, the first definition of the community on the benefits of Islamic banking is based on investment and profit muslim and away from banking benefits usury forbidden in Islamic law, and secondly to obtain profits by financing projects The funds granted to sectors of society from the staff and the owners of the private sector.

Banking and how interest is calculated between the Islamic Bank Mundhiri rivers do not deal of interest, but by dealing profits

And on identifying the bank of the roof lending Mundhiri confirmed that the bank identified three categories of loans, the first loan select the limit of five million dinars for the project and it needs to ensure that employees, in excess of this amount up to 15 million identified Bkivalin and the duration of the payment of three years with giving three months and exceeded 30 million medium-sized enterprises requires the borrower to bring the drug to ensure that with increasing duration of repayment.

He said the value of the 5 million loans for small businesses, or the 30 million will be given to medium and exceeds this amount will be given to large projects that require the purchase of machines and production lines. Stressing that the bank will be able to grant loans of up to 100 million dinars.

He denied all the bank to grant loans for the purchase of housing units being will exhaust the money the bank as well as disadvantages to the Iraqi society through its contribution to increase real estate prices Stressing that the bank used alternative to loans by investing residential complexes being the

increase of residential units and contribute to the reduction of prices of residential units in Iraq Stressing that the bank will be allocated 25 billion Iraqi dinars for the housing sector within the budget of 2015 in 2016. Or in the case issued a public instructions from the Islamic instruments during the coming period we will be able to attract big money from the public and small investors and implicated in a residential investment projects in Baghdad and the provinces Stistvid of them low-income owners.

Parliamentary Finance vows to pursue suspects of currency smuggling and money laundering

Parliamentary Finance Committee vowed Tuesday to pursue suspects of currency smuggling and money laundering by the Iraqi judiciary and the banking sector and the Central Bank.
The committee member said Masood Haider told / information /, "The past period has seen significant weakness in the fight against money laundering and the smuggling of hard currency and therefore has been coordination with international financial working group to prepare a draft anti-money laundering, passed by the Parliament recently the law", noting that "all measures taken to implement and activate the anti-money laundering and terrorism financing law is the responsibility of the Central Bank of class

He added that the "anti-money laundering department at the Central Bank will be strengthened and judges linked to the Department of Economic Security, as well as the employment of legal and economic experts," noting that "the law still needs more time and effort to fill the void in the banking sector."
Haider pointed out that "there are the names of the accused of smuggling currency and money laundering to the Iraqi judiciary and the banking sector and the Central Bank, will be right to take legal action." Finished / 25 El