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The Central Bank launches the Islamic Finance Program

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The Central Bank launches the Islamic Finance Program Empty The Central Bank launches the Islamic Finance Program

Post by claud39 on Mon May 20, 2019 4:36 pm

The Central Bank launches the Islamic Finance Program




20/05/2019





The Central Bank launches the Islamic Finance Program 5a4d49978fe6b







The central bank announced on Monday the launch of the Islamic finance program.
"The Islamic Finance Program (SIFP), which aims to create a regular partnership in the financing and investment process between traditional and Islamic banks on the one hand and the public and private sectors on the other hand, Of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).
He pointed out that "the program drives conventional and Islamic banks to participate in the financing of projects of national importance in accordance with contracts in accordance with Islamic law, such as participation contracts ended Bittmleek and Istisnaa and Istisnaa parallel contracts and Ijarah Muntahia Bittamleek contracts.
He pointed to "the formation of a committee headed by the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Ismail and the membership of the National Investment Commission as a strategic partner in the program (SIFP) and government banks and the Association of private banks and ministries and stakeholders.
"The committee recommended the implementation of three projects to start the implementation of the program and projects are (the project of rehabilitation, construction and development of chemical fertilizer plants in Baiji and Abi Khasib, and the rehabilitation and development of glass plants in Ramadi, and the project of rehabilitation and operation of the white cement plant in the district of Fallujah, "This program comes as a step complementary to the success achieved by the Central Bank in achieving monetary stability during the war economy and its transition to the Iraqi economy to the runways of the economy of peace, making the process of targeting growth is a very urgent step.
It is worth mentioning that the complex Islamic finance program is the fastest and most advanced means of dealing with the problem of economic development where the financial sector works with the real sector directly without the need for a mediator.




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The Central Bank launches the Islamic Finance Program Empty ICS Financial Systems to Participate at AAOIFI’s Shari’ah Conference, 17th Edition

Post by claud39 on Tue May 21, 2019 10:06 am

ICS Financial Systems to Participate at AAOIFI’s Shari’ah Conference, 17th Edition
May, 2019





The Central Bank launches the Islamic Finance Program AHD_0515_CRM
 
Manama, Kingdom of Bahrain: ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions, has participated in the 17th Annual Shari'ah Conference of The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the leading  international not-for-profit organisation primarily responsible for development and issuance of standards for the global Islamic finance industry.

The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) held the AAOIFI 17th annual Shari’ah conference on Sunday and Monday 02-03 Sha’ban 1440H, 07-08 April 2019 at the Gulf Hotel in the Kingdom of Bahrain. This influential event discussed an array of key and latest developments and issues across the Islamic financial industry with the participation of heads and members of Shari’ah boards, leaders of Islamic financial institutions and stakeholders from around the world as well as academicians, scholars and decision makers. ICS Financial Systems (ICSFS) Islamic team, who are certified Islamic bankers (CIB) and certified Islamic specialists in accounting (CISA), attended the conference which was one of the largest attended events for AAOIFI in the recent times.

ICS Financial Systems (ICSFS) has been a supporting member of AAOIFI for almost 10 years, with its ICS BANKS ISLAMIC software suite, which is a modular fully integrated solution designed and developed following the principles of Shari’ah in compliance with the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). ICS BANKS ISLAMIC consists of an Islamic core system, which provides all common operations between various banking activities, and a series of Islamic modules which cover the various different operational and business requirements of our specialised segments. ICS BANKS ISLAMIC can be offered as a complete stand-alone suite of Islamic Banking applications or as an Islamic Banking window, within the core system depending on the customer’s needs.
 
ICSFS invests in its software suites by utilising modern technology in launching new products, constructing a secured and agile integration, and keeping pace with new standards and regulations worldwide. ICS BANKS ISLAMIC software suites future-proof banking activities by providing a broad range of features and capabilities with more agility and flexibility, to enrich customers journey experience, hence improving the trust and confidentiality between the customer and the bank. ICS BANKS ISLAMIC has always been a pioneer in utilising the latest technology to serve financial institutions. In addition to its embedded Service-Oriented-Architecture (SOA), the system can be deployed on premises or in the cloud.
 
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About the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI)

Established in 1991 and based in Bahrain, is the leading international not-for-profit organisation primarily responsible for development and issuance of standards for the global Islamic finance industry. It has issued a total of 100 standards in the areas of Shari’ah, accounting, auditing, ethics and governance for international Islamic finance. www.aaoifi.com
 
About ICS Financial Systems Ltd. - ICSFS
A leading provider of modular, universal banking systems with offices in United Kingdom, Jordan, United Arab Emirates, Iraq, Saudi Arabia, Palestine, Sudan, Nigeria and Lebanon. ICSFS is a leading provider of a universal modular, core banking systems, whose success can be attributed to its turnkey offerings; ICS BANKS and ICS BANKS ISLAMIC, which serves and supports customers across the globe. ICSFS provides fully integrated universal banking applications that deploy solutions and a range of professional services to automate and streamline banking services on premises or in the cloud. www.icsfs.com
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http://www.icsfs.com/en/news/ics-financial-systems-participate-aaoifi%E2%80%99s-shari%E2%80%99ah-conference-17th-edition
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