Islamic banks .. Between al-Shara and the economy
11/29/2015
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Islamic banks .. Between al-Shara and the economy

11/29/2015

Dr.. Acer Yassin

current circumstances experienced by the Iraqi economy from the beginning of the recession could be long requires us to deal with all the data available in the economy and revitalize and re-breathe life into some of the doors of economic
​ Islamic banks .. Between al-Shara and the economy

11/29/2015

Dr.. Acer Yassin

current circumstances experienced by the Iraqi economy from the beginning of the recession could be long requires us to deal with all the data available in the economy and revitalize and re-breathe life into some of the doors of economic

activity, including the Islamic banks which restricted its unfair competition from some of the Iraqi private banks, which were based on dealings in the currency auction of the Central Bank of Iraq in the conduct of its business and achieve sustainability of its dominance of the data of the Iraqi banking work without a guarantee in the financing of real processes of development in the Iraqi reality and the survival of its ink on transactions and transfers paper marred in the last period a lot of suspicions of money laundering.

All these data pushed the number Limited of Islamic banks to adopt investment formulas distance it often from the provisions of Sharia and Islamic approached from traditional commercial banks, albeit an Islamic cover such as Murabaha formula to buy something and which we find unfair for its intended role of Islamic banks, which are financial institutions working to assemble savings and investment as best suited not inconsistent with the provisions of Islamic law, adoption is based in its dealings on the Islamic modes of financing of acts of banking and finance and others to meet the needs of emerging economic sectors in order to collect specific share of Murabaha is the information from this process and its distance through it from any suspicion of usury is forbidden.

We first of all start can confirm that righting the foundation for the establishment of Islamic banks is to meet the requirements of the users are trying to reconcile their need to finance or invest their money within the framework of Islamic law and in line with founded in the prohibition of usury in Islam, but it remains in line with the vision of the Islamic to the role of money in economic and social development and salvation the man of the cases of destitution and ignorance and to the existence of a divine control over the employment of money these banks being Mstkhalafa on that money and an accountant before God Almighty to use it for the money and move it to the active investment to serve the community and directs for the purpose of compactness, monopoly and based on the fact that it agrees with the commercial banks in the investment is the lifeblood her and the sustainability of its work requires investment efficiency.

for the sake of the advancement of the Islamic banks in Iraq, we need to look at alternative ways, including the establishment of an Islamic joint-stock companies shares are traded among partners and trading profit in line with Islamic law by participating different its methods most important of which fixed and fixed MMP and participation which vary in Mdyatea through the first fact is characterized by the contribution of the Islamic Bank to finance part of the capital of the company or

project is thus a partner in the ownership until the end of the project period and the company or duration identified under the project, which could take the form of a fixed part of

man-made laws.

As Figures other two of the partnership have the right partner, which replace the bank in the ownership of the project replaced the Islamic Bank especially in cases where individuals do not wish to continued involvement of the bank to them which is called «MMP».

Such trends in the employment of funds Islamic banks and the introduction of the money deposited in an episode of internal criticism and turn them into development projects targeted by specialized companies, would all of this to come out of Islamic banks from the collar Murabaha-profit between the price urgent and term, which targeted the consumer side limited to the needs of individuals rather than a response to requests sectors development and production of medium and long term foreign to any risk by the bank on its investments and without any need to examine the client's accounts.

which weakens its authority jurisprudence for the loss of an element participating in the risk in the event of loss and exit from one of the basic principles of the economic system of the Islamic a «sheep although» which It calls for the approval of Justice of the transactions and the inadmissibility of the financial institution to ensure Mganmha and take a loss or pays the responsibility of others. And this will make it difficult for the

business-minded Islamic obtain the required for their projects funding the fact that Islamic banks seeking to edgewise risks in order to achieve revenue almost stable and weak through orientation towards Murabaha sterile.

Stresses of modern international studies the importance of Islamic banking mechanisms in reducing the impact of financial crisis Global being the deal values

​​the real and not the nature of speculation that are highly volatile cash transactions and carries with it the risk to depositors and borrowers.

In addition to meet the needs of Muslim communities in the channels to find to employ excess of their money without getting into problematic dealing in riba and made ​​available to entrepreneurs who are serious about the use of these resources in accordance with the principles of Islamic banks Kmstkhalafan on that money for the benefit of overall human development.

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