Islamic Banking Act Will Restore The Banking System in The Country: Saleh, 6 OCT
On Sunday, the Iraqi Prime Minister’s Economic Advisor Muhammad Saleh issued a statement that guidelines of Islamic Banking Act would add a new life in Iraqi banking operations. He also pointed out that all these Islamic banks still operating without specific legal regulations over the past several years. Saleh further added in his press statement that Islamic banking is based on genuineness for Halaal and Hraam. It also disallows exploitation and it scrutinizes the right profit for Muslims because money-lending is prohibited in Islam. He added in his statement that current Iraqi banking Act No. 94 of 2004 only facilitating the work for loaning from commercial banking system.
Point to be noted that thirteen Islamic banks are still working without any specific law defined by the state over the past several years. He also said that the new Islamic banking Act will be passed very soon by the Iraqi Parliament containing a number of features including new law making for Islamic Banks that are doing business investment having a wide range of commercial facilitation and it would provide lawfulness for essential banking activities needed in banking to revitalize the Iraqi banking sector. He also pointed out that Islamic banking has been considered as the modern and perfect banking in the world. It is also said that in the 25th session, a large number of Iraqi Council of Representatives are agreed for the new law making of Islamic banking Act in Iraq.
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