Date: Monday, 29-08-11 10: 10 am
Baghdad (newsletter).The Economist called for a mock Majed special law regulating the work of Islamic banks because they differ from commercial they don’t give interest on sums deposited therein, emphasizing that commercial banks operate with the usurious and this is contrary to Islam.
Mock said in an interview with a reporter (News Agency news) Monday: there must be a special law regulating the work of Islamic banks, which have proliferated dramatically in Iraq, as is the case in some other Arab and Islamic countries because they differ from commercial banks operating through given by the usurious interest on deposits, while Islamic banks did not work for the purpose of obtaining the benefits but through Islamic action which provider participation and investment.
He pointed out that Islamic banks, investment banks do not accept deposits from the public but you investment process to different areas of productive real sector such as trade walghakarat and others.
El Baky ruled out that there be a significant impact on other banks, stressing that this is due to Commission
work at banks if there is competition in the investment process and attract funds for investment.
Economic expert said: the growth of Islamic banks around the world, even some European countries have begun to open to the nature of the Islamic community, which would prefer to deal with such banks as a result of familiarity with the Islamic cause and which calls for combat action
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