Islamic banks and development

The pace of rapid development in the banking sector in general and in Islamic banking in particular is increasing.
The reason for this development is the high response to the directives of the Central Bank of Iraq, the sectoral body supervising the banking sector in the application of international accounting standards and the acquisition of advanced technology as an effective means to develop the performance of banks and compliance with the terms of combating money laundering and terrorism financing, which prevent banks from sliding into the abyss. This cooperation between the banks and the central bank has been reflected in the performance of the banking sector, forcing the banks to compete in the legitimate offering of banking products to ensure the sustainability of their activities.
In the same context, the training courses received by banking cadres at the hands of international trainers have played a positive role in enhancing their ability to deal with modern technology and electronic programs and systems successfully.
The most important question here in light of this development is what role should Islamic banks play in the implementation of development programs? Within my specialization in Islamic banking, I can say that it has been able to compete with commercial banks despite the recent composition. The reason may be due to the size of the public's trust in Islamic banks, commercial.
Partly because of purely artistic or ideological psychology, the first relates to weakness or lack of risk, and second to the public's belief in non-interest products and acceptance of profit and loss.
Now, in light of the Central Bank's efforts to attract funds from houses to banks, in order to invest them in the implementation of development programs and protect them from the risks of theft and damage and diminishing their value as frozen funds being searched by all means.
A deposit insurance company has been set up for this purpose, but the reality is that the volume of trust in Islamic banks exceeds commercial banks.
Therefore, it can be said that Islamic banks have a high readiness to contribute to the implementation of development programs through the implementation of strategic and service projects through public contributions and thus encourage them to invest their money Almknzza in homes with banks Islamic.
But the biggest challenge facing Islamic banks is the intersection of laws with the Islamic Banking Law, which allows them to invest in the sum of the shaken public and the opportunity is now available to launch Islamic sukuk as an effective way to attract money. The Islamic banks are experiencing a successful test of the Central Bank's ability to attract money, But they need direct support by unraveling the intersection with the laws that some use only for disability. Thus playing a prominent role in achieving development programs.

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