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Published the text of the Islamic Banking Act and prevents the interest and violation of law


[Where] published the text of the Islamic Banking Act and prevents the interest and violation of law

Publishes agency all of Iraq [where] the text of the Islamic Banking Act, passed by the House of Representatives at its meeting on Thursday.
According to the law, according to a statement of the Council received [where] a copy of it, on behalf of the people, the presidency based on what was approved by the House of Representatives and approved by the President of the Republic and based on “the provisions of subsection [first] of article [61] and item [III] of article 73 of the Constitution , the following law was issued:

No. [] to the year 2015, the Islamic Banking Act:
Chapter I: Incorporation and objectives

Article 1 may be the establishment of an Islamic Bank in accordance with the provisions of the Companies Act No. 21 of 1997 and the General Companies Law No. 22 of 1997 and the Banking Law No. 94 of 2004 that includes its Memorandum and rules of procedure an obligation to engage in banking activities permitted without taking and giving According to the formulas of banking transactions that are not inconsistent with the provisions of Islamic Sharia law, whether in the field of accepting deposits and providing other banking or in the field of finance and investment. usefulness of

Article 2, the Islamic Bank aims to as follows:

First, the provision of banking services and practicing financing and investment based on non-basis interest in all its forms.

Second, the development of the means of money and savings attract development to participate in the product in ways that banking and means are not inconsistent with the provisions of Islamic Sharia investment.

Third, to contribute to economic and social development.
Chapter The second license

Article 3 is subject to Islamic banks and their branches and offices, license and branches of foreign banks to the law of the Iraqi Central Bank No. [56] for the year 2004 and the Banking Law No. 94 of 2004.

Chapter III: Capital
Article 4 I. shall not be less than the head paid-up capital of any Islamic bank for [250] two hundred and fifty billion Danaraly to pay [100] hundred billion dinars, of which the foundation and pay off the rest in three equal annual installments from the date of granting the license for the bank to raise the minimum according to the Banking Act No. 94 of 2004.
Second Bank reserves with reserves as determined by the Central Bank of Iraq.

Thirdly vacation banking does not grant the Islamic to branches of foreign banks unless transforms them an amount equal to the capital as determined by the Central Bank of Iraq.

Chapter IV: acts of Islamic banks
Article 5. practiced Bank for its own account or for the account others inside and outside Iraq all aspects of banking and Islamic ones:
first, financing and investment business in the various projects and activities that are contrary to Islamic law.
Secondly, the conclusion of contracts and agreements with individuals, businesses, institutions and organizations inside and outside Iraq and not contrary to the provisions of Islamic Sharia law.

Third, the establishment of companies or contribution where in various complementary areas of aspects of their activities and contribute to the existing businesses of activity is forbidden in Islam, “the consent of the Central Bank of Iraq and not more than the ratio determined by the Bank of bank capital and reserves that.
Fourthly contribute to the heads of banks and funds Islamic licensed inside and outside Iraq after obtaining bank approval .
Fifthly opening accounts and accepting deposits.

Sixth own movable and immovable property and selling, investing and leasing and renting, including the reclamation of land owned or leased and prepared for agriculture, industry, tourism and housing after the approval of the Central Bank of Iraq and the transfer of ownership of real property upon the completion of the purpose which it was created.
Seventh establishment investment portfolios and investment funds and the issuance of bonds, mutual muqharada or bonds dedicated muqharada as determined by the Central Bank of Iraq.

Eighth establish mutual insurance funds for the benefit of the bank or its clients in various fields.
IX accept commercial paper and finance for safekeeping and collection of rights arising out of their respective owners and the payment and collection of instruments and orders and bills of exchange unless, including interest or contravene the provisions of Islamic Sharia law.

X. provide funding for the purposes of dealing in foreign currencies in spot exchange markets.
eleventh investment deposits under a contract agency in exchange for wage specified only or to accept payment specified plus a share of the profit realized on the investment process in the event of increase for a certain extent in the contract in advance.

Twelfth act after depositors money back to their owners or as agreed upon filing.
Article 6 prohibits the Islamic Bank as follows:
first, dealing in bank interest taking and giving.

Second, investment or financing of any commodity or project not granted by Islamic law.
Thirdly finance brokering real estate projects operations.

Fourth: infringement of the value of the stomach fixed property for use 30% of the net basic own funds shall not exceed the investment proportion in fixed including the percentage mentioned property above 50% of the value of its investment portfolio.

Chapter V: Sharia Supervisory Board
Article 7, first, a constituent body for each bank had to be when it was founded and with the approval of the Central Bank of Iraq body called the [Sharia Supervisory Board.
b Sharia Supervisory Board shall consist of [5] have five members, two of them in the least experienced in Islamic Jurisprudence and the three of them in the least experienced and competent in the banking, legal and financial business.
c after the end of the constituent body for The General Authority for Bank appointed members of the Sharia Supervisory Board and the approval of the bank.
Second, elected members of the Commission including the president, “and a member of” executive “and may draw upon whom it deems appropriate “of people and organizations to achieve its goals
Thirdly shall not be Sharia Supervisory Board members of the administrators or employees of the directors or members of the board of directors or shareholders in the bank.
Fourthly The term of membership [3] three years, renewable for approval of the General Authority for Bank After obtaining bank approval.
Fifthly be the commission’s decisions are binding on the bank.
Article 8 The Commission shall following tasks:

first, monitoring the work of the bank and its activities and the extent of its commitment to the provisions of Islamic law.
Secondly, access to the reports of the forensic audit department in the bank or branch.
Thirdly reporting on things that referred to it by the Board of Directors.
Fourthly submit a report on its activities and the extent of the bank’s commitment to the provisions of Islamic law to the Bank’s shareholders in general meeting, which is held annually, “or the Board of Directors for the government of the bank.

V. to express an opinion in the work of the bank and its activities and its contracts in accordance with the provisions of Islamic law.
Sixth matter in matters assigned by the Bank’s Board.
Article 9 of the solution may not be legitimate by the Commission or any member of the exemption but reasoned decision of the Board of Directors two-thirds majority and the approval of the General Authority of the Bank.

Article 10 shall be established in each bank or Islamic Department Branch independent-called internal forensic audit section] The audit work of the bank and to assess the extent of its commitment to the provisions and principles of the Islamic Sharia and international accounting standards and legitimacy and guidance and instructions issued by the Sharia Supervisory of the Bank Board.
Chapter VI: Financial Statements
Article 11 is committed to the Islamic Bank and branches of foreign Islamic banks to prepare budget and annual profit and loss accounts in accordance with international law and standards and Islamic legitimacy.

Chapter VII: the liquidation of the bank
Article 12 is the bank liquidation in accordance with the provisions of the Banking Act No. 94 of 2004, and without prejudice to the provisions of Islamic Sharia law and under the supervision of the Sharia Supervisory Board, and shall be treated depositors and convicted and shareholders When the bank liquidation as follows:
first pay first depositors’ accounts in current accounts.

Secondly paid after the rights of depositors in savings and investment accounts, depending on the conditions of the special accounts related and lead the rights of the owners of documents Muqarada or investment portfolios or investment funds under the terms of each issue.
Thirdly paid after the rights of debtors to the bank.
Fourthly Drain the rights of other shareholders on the basis of sharing the remainder of the funds shares held by each shareholder.

Chapter VIII: General Provisions
Article 13 first under Islamic banking institution in accordance with the provisions of this law, the Law of the Central Bank of Iraq No. [56] for the year 2004 and the Banking Law No. 94 of 2004 and the Law on anti-money laundering number [93] of 2004 and the Companies Act No. 21 of 1997 and the Law on public companies No. [22] for the year 1997, international accounting standards and legal and accounting standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions at all unless it is contained in would provision in this law.

Secondly exempted Islamic Bank and foreign Islamic bank’s branch of the tax and fees on transactions relating to the purchase and sale of real estate, land and cars in the sale of Murabaha and Ijara ended with ownership and participation transactions decades, with the exception of real estate back to him as a result of the settlement of a religion or to house its staff.

Third, the Iraqi Central Bank to issue instructions to determine the prudential ratios that are compatible with the activities of Islamic banks.
Article 14 Islamic banks is the institution a special law and the institution before the entry into force of this law conditioning their positions in accordance with the provisions of this law.
Article 15 Bank may issue instructions to facilitate the implementation of the provisions of this law.
Article 16 wherever they appear the word Bank means the Central Bank of Iraq and the bank means by the Islamic Bank.
Article 17 of this law shall be the date of its publication in the Official Gazette.
Reasons:
in order to organize the work of Islamic banks and branches foreign banks engaged in Islamic banking in the Republic of Iraq and to preserve the safety and soundness of the banking system, initiated this Aleghanon.anthy

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