Demanding more clearly the Islamic banking joints


Baghdad / Al-Sabah
The consensus that Islamic banks are safer than conventional banks can be traced by the economic watchdog as there is a significant expansion in the world in this economic aspect. Member of the International Federation of Arab Bankers Sadiq Al-Shammari stressed that the reasons for the trend towards Islamic banking comes from the fact that its investment portfolio is protected by real and expected assets and its operational operations have a good return to the economy by producing and providing advanced products and providing job opportunities for the unemployed.

Economic feasibility
He pointed out during an economic symposium held recently that the economic projects linked to economic feasibility and technical studies and this gave it a function of success and excellence and expansion and has grown by more than 20 percent of the banking sector, noting the importance of organizing a strong media campaign to raise social awareness of Islamic banks through these campaigns and workshops Continuous work, conferences and symposia, helping to know the customers on the nature of formulas and products offered by Islamic banks such as (speculation and participation - Ijara - Salam - Istisna ... and others).
He pointed out that it is important that the customer can determine the financing formula that meets his needs and desires, with the need to learn about the experiences of other countries that preceded us in providing such products. It is also important that the decisions of the Shari'ah bodies are binding and unifying the fatwas as well as the need to establish specialized courts for Islamic banks to guarantee their rights and rights. Through the existence of sound corporate governance frameworks to ensure fair treatment for all shareholders, preserve the rights of minority shareholders, and a greater role for boards of directors to activate sound and structured institutional mechanisms and frameworks through transparency and disclosure in data Financial provided.
He pointed out that some of the researchers in the Islamic finance operations have confirmed that the Islamic financial industry is more clear and influential when the integration of frameworks and legal and technical structures to become independent of the traditional in many aspects.
***They also divided the legal challenges facing the Islamic banking industry and Islamic finance into two main parts: the lack of clarity of legal provisions in most Islamic finance agreements and contracts, their lack of proper legal regulation, especially the legal issues governing Islamic business products,
*seriousness.


*Advisory bodies
The other challenge is the result of the legislative environment in which Islamic banks and financial institutions operate. Some of the provisions of this environment do not suit the nature of the activity of Islamic banks. The Shari'ah bodies of Islamic banks are advisory advisory bodies that provide guidance and guidance regarding Islamic financial transactions. What legalists use is to develop conventional model contracts and circulate them to Islamic finance products, where such contracts do not, of course, take into account the controls and sensitivity of Islamic transactions.


***Contractual aspects
**He recommended focusing on the importance of adapting Law No. 43 of 2015 to the law of Islamic banks to suit the political, economic and social conditions, with a continuous focus on the legal legal aspects within the framework of the Islamic Sharia that the terms of the safety of the contract should be as clear and detailed as possible of the contractual relationship between the parties to the contract Of the rights and obligations, and the globalization of Islamic financial services should be developed to develop Islamic contracts so as to be able to cope with these developments which are taking place rapidly, through the innovation and development of some of its products and financial and banking instruments, Sukuk and Sukuk Sukuk as Islamic banking instruments are an Islamic financial instrument for mobilizing savings and channeling investments in various types in terms of maturity and formulas.


administrations management
He stressed the importance of focusing on the governance of the Islamic banking business, especially after the issuance of the Guide to Corporate Governance of Banks by the Central Bank of Iraq, which is characterized by the existence of bilateral governance resulting from the existence of two different boards, namely the Board of Directors with the aim of monitoring the administrative side of the bank and secondly the Shari'a Supervisory Board to monitor the compatibility of banking operations with Islamic Shari'ah, and the guidelines for the management of institutions that are limited to the provision of Islamic financial services issued by the Islamic Financial Services Council.
Mudaraba Sukuk, Sukuk Musharaka, or Agra, Salam, Istisna'a. It is an effective tool for employing developments in the financial and banking market to serve Islamic banking objectives as it benefits from the transformation in the nature of the traditional role of banks, the emergence of negotiable financial instruments and the comprehensive banking idea to provide Islamic banking and investment services that satisfy the choices and desires of savers while highlighting the developmental role of Islamic banks Away from loans interest and gambling gambling speculation is to run the circulation of money on the nation's members and this destination is the circulation of money among the support of many of its members in the permissibility of some of the contracts to spend the needs of people is on the Guy Measurement (such as sharecropping, Almsacap, speculation) and embarked on contracts only to the interests of people and pay their business, and this rule (ie money) that Tbgaha Sharia in money trading base and keep it from being a destination for the purposes of the five law.
Takaful and trading in the secondary market for Islamic financial instruments has become one of the aims of Sharia. The speed and efficiency of channeling money into acceptable channels is Islamic but achieves the purposes of Shariah in trading and developing money. Islamic sukuk represents the ideal application for finding long, medium and short term Islamic financial instruments. Which constitutes an active Islamic stock market and provides in particular long-term investment resources without any imbalance in the relationship between the structure of resources and the structure of uses in Islamic banks by benefiting from the circulation of these securities in the financial market and thus they are aimed at achieving the interests of dealers and preventing injustice and conflict and achieving justice and equity This reflects the developmental role of Islamic banks. Diversification in Islamic sukuk reduces risk and accommodates the needs of wider categories of savers, meets the different needs of investors and provides the necessary funding for suitable opportunities and projects. Thus achieving the broad developmental role in achieving sustainable development and the well-being of society.
***In Iraq, Islamic banks were established and acquired a large part of the Iraqi market, especially after the enactment of Law No. 43 of 2015, which regulated the Islamic banking operations, but did not rise to wider areas of clarification, especially in terms of monetary policy tools. (24 banks) with (105 branches) and (14 offices) with capital (3,837 trillion dinars) and the annex to the Islamic Iraqi banks should be issued.

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