Central: issuance of Islamic bonds next June

3/15/2017 0:00

Adopted by the world 's biggest banks to finance projects

BAGHDAD / Hussein Tgb
Providing funding through Islamic financial instruments is soon after the central bank cut a long way in the journey that is in harmony with the wishes of the Islamic banks and enable them to transfer money supply storehouse of homes to the field of investment through Islamic instruments secured and away from Risks.

Diversifying tools
General manager of financial operations at the central bank d. Mahmoud Mohammed announced the possibility of issuing Islamic instruments in June after the completion of the technical aspects of issuance, pointing out that the central part of the Islamic Strutijeth diversify tools and the most important instruments in accordance with the Islamic law , which chime and wishes of a large segment of the the society.

He noted in an interview for the "morning" This is a certified orientation in various countries around the world and adoption by major banks in Britain, Malaysia and other important economic blocs, noting that in Malaysia up the value of Islamic instruments to 3 trillion dollars and is working to finance major projects in that country, explaining that Sukuk are issued in accordance with the law and combine arrow And Sindh.

Support the economy
Islamic banks looking to issue new financial instruments to do their activities inside Iraq and support the national economy , which are issued for periods of time Mokhtlvh.wachar that the central completed some sort of Islamic instruments "Islamic certificates of deposit" will be issued over the next June, pointing out that they are guaranteed and the degree of risk in which zero percent and is working to attract large cluster of cash into the banking sector and investment in order to achieve the feasibility Economic.

Secretariats and security
The specialist on Islamic banking Ali Zaidi pointed out that the degree of safety and guarantees provided by the instruments to which the Islamic and progress of the yield socially acceptable make them attract much capital employed in building the national economy through the implementation of major projects, Iraq desperately in need in all production and service sectors and in Different the cities. Zaidi between the importance of benefiting from the British and Malaysian experiences in this aspect, which proved a great success, was able to attract capital and using them to serve their economies and the owners of the money themselves heads there and become mutually beneficial and this is what we need in Iraq for the next period.

New Product
He talked about the new steps adopted by some of the specialized banks, including the south Islamic Bank, will begin to offer a new product under the supervision of the Central Bank is to sell gold to the amount of kilogram to all citizens and currency Iraqi. According to the needs of citizens km wants to buy and set aside money for it and be the repayment period on a monthly basis to ensure the access cycle of capital to ensure the inclusion of the largest number of citizens, also working on the financing of housing projects and others in an attempt to multiplicity of revenues and incomes in the banking field Real. He stressed that the safe banking products that run on the currency bloc chunky in homes transferred to the banking system will be transferred to the national economy if Best.