$ 2 billion total capital of Islamic banks
المصارف الحكومية تستحوذ على 94 من المئة من إجمالي الودائع
State banks acquires 94% of deposits.
Baghdad: new morning:

Iraqi bankers, experts said that the total capital of Islamic banks which numbered 10 banks operating in Iraq over two billion dollars, at the time that the State banks acquires 94 percent of total deposits.

Experts say the problem is «control of commercial banks on banking, especially State banks acquires 94 percent of total deposits, as well as the emergence of governance and the extent to which applied to Islamic banks which numbered 10 banks and the total capital to $ 2 billion, and the application of the principle and implementation of reclamation and consider that criticism is a medium of Exchange and not deal with interest.

Promise of the experts who participated in a workshop organized by the Central Bank of Iraq with Islamic banks, establishment of Nur Islamic Iraq Bank «» bold move to challenge the financial difficulties and shrinkage of the Iraqi economy.

Others felt that Islamic banking spread rapidly after beneficiaries with audience interaction services commensurate with the social and religious orientation, suggesting that the new Islamic Bank indicator of the success of this type of banks and rising demand for their products.

And the Director General of Islamic Banking Department in the Central Bank during the workshop, the need to establish a special pool for Islamic banks to take on missions to follow up the implementation of the instructions and develop Islamic products cash and carry out extensive public information campaign to promote public awareness of this type of banking.

Workshop discussion focused on financial and banking liberalization and globalization and its challenges, Islamic banking products that have spread in most cities in the world.

Turning to the biggest challenge in ways treated Islamic banks with decisions «Basel», the large expansion in the world's banks for their chime products and requirements of beneficiaries of companies or citizens and serve the development work.

Said the Iraqi Islamic Banking Association» international banking expert Sadik Kaur in the word «focus workshop headed his way in Exchange and payment ways murabahat Fund granted».

He said: «no payment may be in the same currency, IE if the Iraqi dinar murabaha grants, payment in another currency in circulation, or buying a product according to the customer request cost is calculated with the addition of specific expenditure and profit agreed, pointing to stand upon the application of governance that determine relations between the directors and the Board of Directors and others interested in the Bank.

He added that the relationship between the public and the banks a mutually beneficial relationship, so all parties bear the risks and share profits, Islamic banks should be subject to the same control mechanisms employed by the Central Bank for traditional banks (commercial), especially when granting credit or when accepting deposits».

He pointed out that «the workshop focused on the sources of funds banks and ways, and successful formulas to invest according to Islamic formulae, most notably speculation and profit value and sell peace as well as Istisna'a and sales leasing and then posts the farmer an irrigation contract, to develop the country's economy and its development.

Islamic banking expert noted Abdul Hussein Al-monzeri, that «this expansion joint is important in banking worldwide led to growing local interest, pointing out that «the workshop accounting and regulatory aspects in the work of Islamic banking, as well as the Islamic funds and instruments.

He explained that «the workshop recommended that specialized seminars in all Islamic banks with a view to raising the qualifications of workers in this field, and increase the media effort to inform the public, businessmen and politicians on the role and importance of Islamic conversion in attracting local and international capital in investment projects, as recommended by the increasing number of special courses in Islamic banking.

The members of the boards of Commissioners and directors and account managers in Islamic banks, that «Islamic banking faces many obstacles, most notably the lack of qualified banking personnel capable of creating products or work in Islamic banking products, besides the lack of jurisprudence in banking environment working in banks, especially with regard to improving the oversight and development of financial departments».

The Executive Director of the Association of Iraqi private banks» on Gibraltar that «the Islamic banking sector helps to block transfer of new cash into the banking sector, especially under the law regulates these banks».

He pointed out that «Islamic banking operates in accordance with the instructions of the Central Bank, and that harmony between the parties leading to the creation of a suitable environment for its success in Iraq, which began to give more attention to banking».