"Central": the Banking Act increases the share of Islamic banks in Iraq

​Direct: The governor of the Central Bank Alaraca- on the Keywords, the Islamic Banking Act - Headquarters Hditha- will contribute to the lifting of Islamic banks' share of the Iraqi banking sector, and to increase the assets of the Islamic finance industry compared to commercial banks.

He added, "Keywords" that Islamic banks can attract more deposits and savings, and will help in the financing of many of the key economic sectors in Iraq, as well as the financing of major projects which are considered the main engine of the country, "citing the central bank governor said in an interview with the angle. He pointed according to the Iraqi News Agency that the law will give the necessary banking business legality carried out by Islamic banks, and revive the banking sector, noting that the number of Islamic banks in Iraq amounted to 13 banks, in what constitutes a capital 23.1% of the total of the banks' capital sector for 2014.

According to the law of Islamic banks - which was approved earlier this month - it may be the establishment of an Islamic Bank in accordance with the provisions of the Companies Act No. 21 of 1997, according to the formats of banking transactions that are not inconsistent with the provisions of Islamic law, and may not be paid-up capital of any Islamic bank less than [250 ] two hundred and fifty billion dinars, to be paid [100] hundred billion dinars, of which at the foundation, and pay off the rest in three equal annual installments.

Economic Advisor to the Government of the Iraqi-Dr "constitutes a market share of Islamic banks size in Iraq is currently 25% of the banking sector, and after the adoption of the law may be up to 40% until 2020" and the volume of Iraqi bank assets to approximately 200 trillion dinars says the appearance of Mohammed Saleh, Iraqi year-end 2014, of which 90% owned by state-owned banks, a commercial, and only 10% of the domestic banks, which practiced commercial and Islamic financing together, he says "fit".