Indeed, and practical applications in the Islamic banking industry

6/15/2016 0:00

BAGHDAD - morning
A book titled Islamic banking industry reality and the practical applications of the financial and banking expert Dr. Sadeq al-Shammari.
The book, which is the number of pages 480 pages of medium size, which included eight chapters interpreted and explained the mechanisms of the Islamic banking in all its citation that helps the reader or researcher on the work of Islamic banking details to achieve its desired goal.

And adopted the author to the verses of the fence (cow, women, Al-Imran, rum) in the examples market and likened some private Islamic banks and the mechanisms of action that describe their appearance and spread its business around the world as a modern industry entered activity again within the banking and financial market, where its presence and spread All over the world came through the voices of many economists to take out Islamic finance after the traditional banking began to ebb.

This in turn has provided an important and vital role through the many financing instruments provided by Islamic banks and formats for innovative service and broad sectors of the countries, especially economic and social sector as well as through the distribution of investments among various sectors, on the grounds that the function of money in the Islamic economy has made these banks be banks with goals achieve social solidarity and achieve educational values ​​and the benefit of the individual and society as well as make a profit muslim, through the distribution of revenues and reducing the disparity between the incomes of individuals as well as through the material yield, which dates back to the classes of the society in the form of Zakat and donations and loans offered by Islamic banks to those in need.

The author points out in his book that it is necessary to have a regulatory framework and oversight to ensure the achievement of the unification of fatwas and interpretations of sharia law relating to contracts and transactions executed compliant with the principles of Islamic law that is in the strengthening of stakeholders and different groups trust industry of Islamic finance and the need for full coordination and synergy between the regulators box and legislative roles and the need to coordinate with each other to create infrastructure and financial system compatible with Islamic principles that are measuring the solvency of the Islamic financial institutions to process enough attention to reflect the extent of their exposure to various risks.

Also it illustrates the importance of having an appropriate framework includes governance practices comply with Islamic law, and that there is a framework for financial supervision includes financial reporting and accounting systems and audit financial solvency and insolvency cases and management transparency, disclosure and corporate governance risks.

The author sees the need for coordination between the regulatory and educational institutions in the field of Islamic finance to reach a formula and framework for the organization of professional certification in the field of Islamic finance and adoption of individuals who want to work in this field, and requires activating the role of Islamic banking in the national economy and support the establishment of research centers for the development of special financial products to hedge against risks operational and market risk and other regular and irregular risks compatible with Islamic law.

His book stressed that the Islamic banks managed to achieve clear successes at the regional and global levels, as evidenced by increasing the number of these banks and geographical spread, growth in the volume of its activities, where a total of 590 banks in 57 countries spread is equivalent to one-third of Earth's nations.