The Central Bank launches a program of pooled Islamic financing
Economy News – The Central Bank of Iraq announced, on Tuesday, the launch of a program of combined Islamic finance (SIFP) to create opportunities for partnership in financing between Islamic and traditional banks.
The Central Bank said in a statement received by “Al-Iqtisad News”, that it had “presented a monetary approach that combines the methodology of specific monetary policy and the basic conditions for establishing market economies by designing a program for Islamic syndicated finance (SIFP)”.
He added that this is “in an effort to reduce the unemployment rate and reduce the import gap by supporting projects that have a positive impact in raising the rate of growth of GDP.”
The statement stressed that the program “provides opportunities for partnership in financing between Islamic banks and traditional banks by targeting projects of strategic importance.”
He continued that the program “comes at a time when the current economic stage is witnessing a number of challenges in the production and consumption markets.”
The Central has allocated the following link (https://cbi.iq/static/uploads/up/file-158383413570107.pdf) to view the executive controls and basic principles of the consolidated Islamic finance program.