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The central bank launches a program of Islamic financing

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The central bank launches a program of Islamic financing Empty The central bank launches a program of Islamic financing

Post by claud39 on Tue Mar 10, 2020 1:04 pm

The central bank launches a program of Islamic financing 8550





Economy News - Baghdad


The Central Bank of Iraq announced, on Tuesday, the launch of a program of combined Islamic finance (SIFP) to create opportunities for partnership in financing between Islamic and traditional banks.

The Central Bank said in a statement received by "Al-Iqtisad News", that it had "presented a monetary approach that combines the methodology of specific monetary policy and the basic conditions for establishing market economies by designing a program for Islamic syndicated finance (SIFP)".

He added that this "in an effort to reduce the unemployment rate and reduce the import gap by supporting projects that have a positive impact in raising the rate of growth of gross domestic product."

The statement stressed that the program "provides opportunities for partnership in financing between Islamic banks and traditional banks by targeting projects of strategic importance."

He continued that the program "comes at a time when the current economic stage is witnessing a number of challenges in the production and consumption markets."

The Central has allocated the following link (https://cbi.iq/static/uploads/up/file-158383413570107.pdf) to view the executive controls and basic principles of the consolidated Islamic finance program.





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The central bank launches a program of Islamic financing Empty Central Bank Designs Syndicated Islamic Finance (SIFP) Program

Post by claud39 on Tue Mar 10, 2020 1:07 pm

Central Bank Designs Syndicated Islamic Finance (SIFP) Program


March 10, 2020





The central bank launches a program of Islamic financing Article-158383422518501








In an effort to reduce the unemployment rate and reduce the import gap by supporting projects that have a positive impact in raising the rate of GDP growth, the Central Bank of Iraq has provided a monetary approach that combines the methodology of specific monetary policy and the basic conditions for establishing market economies by designing a program for consolidated Islamic finance (SIFP) ) , Which provides opportunities for partnership in financing between Islamic and conventional banks by targeting projects of strategic importance .
 
This comes at a time when the current economic stage is witnessing a number of challenges in the production and consumption markets .
 
The Central Bank of Iraq
information Office
March 10, 2020

» For the “ Executive Controls and Fundamental Principles of the Consolidated Islamic Finance Program ( SIFP ) ” ... click here







https://cbi.iq/static/uploads/up/file-158383413570107.pdf





https://cbi.iq/news/view/1456
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The central bank launches a program of Islamic financing Empty Central Bank Designs Syndicated Islamic Finance (SIFP) Program

Post by claud39 on Tue Mar 10, 2020 1:27 pm

Central Bank Designs Syndicated Islamic Finance (SIFP) Program




March 10, 2020





The central bank launches a program of Islamic financing Article-158383422518501






The Central Bank of Iraq
Banking Department
Islamic Banking Control Section
Instructions and Controls Division
Executive controls and basic principles
With
 � 
Free Islamic Finance Program
With extension controls
(SIFP ACCOUNT) &
(ESCROW ACCOUNT)

Table of contents

Title page number

1 Table of Contents a

1 introduction 2

3 Executive Controls of the Consolidated Islamic Finance Program 7-2

4 The basic principles of the consolidated Islamic finance program 10 - 8

5 Controls for maintaining the total Islamic Finance Program account 11-12

6 Controls to maintain the Real Estate Development Guarantee Account 13-1

Introduction

The Central Bank of Iraq is adopting a new strategy for bank financing through which it aims to achieve
Partnership between conventional and Islamic banks to finance joint projects where the Banking Law provides
Islamic No. (43) for the year 2015 the latter's access to investment in the real sector.
International Islamic standards were provided within Standard No. (24) issued by the Accounting and Auditing Organization

For Islamic financial institutions (AAOIFI), traditional banks participate with Islamic banks in
Financing projects that comply with Islamic Sharia principles and principles.
This strategy is based on a combination of the fundamentals of a specific monetary policy compatible with economics

The market (the new approach adopted by the Banking Supervision Department) and methods of collective Islamic financing
To accomplish productive projects that contribute to creating features for local economic development through bank financing
Directed through the Consolidated Islamic Finance Program (SIFP) to achieve the goal of growth as one of the objectives of monetary policy
To the article
Based (3) of the Central Bank of Iraq Law No. (56) of 2004.

To ensure the success of this strategy and supports the achievement of disclosure, the Central Bank of Iraq provides
Supervised flew
Accounting for projects by the banking sector, and it is his responsibility to follow the commitment of the banks participating in
There is also a set of incentives aimed at the success and continuity of those financing the proposed projects
Projects.

In the context of implementing this strategy, these controls were prepared to achieve an ongoing partnership between banks
International Islamic standards and the requirements of the current situation of the local economy in the traditional and Islamic framework in accordance with
The monetary policy approach is compatible with market economies, and these controls consist of four axes
An integral part is one integral part of this document: -

The first axis: the executive controls of the consolidated Islamic finance program.

The second axis: the basic principles of the consolidated Islamic finance program.

The third axis: the controls of maintaining the account of the consolidated Islamic finance program.

The fourth axis: controls the maintenance of the real estate development guarantee account.


The first axis: executive controls
With
 � 
Free Islamic Finance Program
 (SIFP)

The first axis: the executive controls of the syndicated Islamic finance program (SIFP)

First: definitions and terms

1 - The concept of consolidated Islamic finance

The participation of a group of conventional and Islamic banks in joint financing under any of the formulas
Sharia-compliant investment, and this investment has separate accounts from institutional accounts
Participation during the period of the investment process.

2- Consolidated Islamic Finance Program (account-S) account
 It is an investment account by sharing profits according to the agreement and incurring the loss according to the participation rate
With capital, it is managed by the bank custodian, through which he organizes special payments
The joint banks with financing, payments and receipts that pertain to the project and are financed from capital
Before it, including investment accounts, as well as banks and future deposits held from for advance payments from
Before the donor institutions.

3- Bank Depositary: It is the bank that carries out the functions of maintaining and managing the financing program account
In addition, the group responsible Islamic group (account-S) is responsible for other tasks incumbent on it.
In front of the bank and other regulatory authorities.

4- The executing agency: - The entity that is chosen by the financing banks to undertake the project implementation.

5- The supervisory authority for the consolidated Islamic finance program: the Central Bank of Iraq.

6- Platform: An online platform for Islamic finance program bundled on the official website of the bank
Iraqi Central.

7-SIFP: Consolidated Islamic Finance Program.

8- The Committee: The Committee of the Consolidated Islamic Finance Program, which is chaired by the Governor of the Central Bank and a member
Director General of the Banking Control Department, the representative of the National Investment Commission and representatives of the relevant authorities
It includes representatives of the banking and financial sector.

9 - Sharia official: A person who is legally qualified and responsible for the project commitment
The principles and provisions of Islamic Sharia.

10 - The Bank: The Central Bank of Iraq.



Second: The procedural requirements for the pooled Islamic financing program

1- Submitting an application from the banks wishing to finance a project via (SIFP) to the committee in this bank, provided that
The application shall include, as a minimum, the following:

A- The names of the banks involved in financing the project and the amount of the contribution for each bank.
B- The economic feasibility study of the project submitted by the participating banks.

When stated in paragraph (Third)

C- Contracting method: which will be approved in financing and implementing the project accordingly
Taking into consideration the provisions of the Companies Law No. 21 of 1997 as amended.
Or an entirely new project.

W - the nature of the project: that is, is the project currently in place

C- Project financing sources: mentioned in Paragraph (Fourth).

H - the expected period of implementation of the project.

G- Determining the bank deposit trustee by the banks that finance the project, and whose tasks are mentioned in the paragraph
(IX).

2 - Inform the applicants within (30) days of the committee’s decision about including the project within (SIFP) of
Lack thereof.

Third: The technical requirements for the consolidated Islamic finance program
1- Conclude a partnership contract between the parties financing the project.
For the following formulas:

2 - Concluding contracts for the implementation of the project in accordance
A- Agency by investment.

B- Speculation.

T - participation and participation contracts ending in ownership.

W - Istisna'a and parallel Istisna'a.

C- Leasing and lease-to-own.

H- Murabaha.

G- Concession contracts.


3- The Sharia’s official approves the contract formulas concluded with all parties.

4- Cash flow schedules for the account of the Consolidated Islamic Finance Program (account-S) with a trustee
Bank deposit.

5- Tables of the participation shares and the percentage of achievement, profits and evaluation of the project.

Fourth: The funded parties

Projects can be funded via (SIFP) by the following parties: -

1- Governmental Banks.

2- Private banks (Islamic and conventional).

3- Foreign bank branches.

4- Ministries, affiliations, and entities not affiliated with a ministry.

5- International and local donor institutions and bodies.

6- Regarding Paragraphs 4 and 5) Financing is done through SIFP joint banks.


Fifth: Project financing sources
 Project financing by participating banks is limited to the following sources: -

A- The capital of the bank.

B- Investment accounts in Islamic banks.

C- Forward deposits and fixed-term deposits in traditional banks.

D- Advances made by donor institutions.

Sixth: Contractual arrangements and establishment of companies

1- The parties involved in financing the project are free to resort to the contractual arrangements that suit them
In light of the SIFP controls or the creation of entities with legal personality to implement the project.

2- The contracting office should be contracted with a specialized consultant office for each project and, according to its nature, if possible.

Seventh: Guarantees

1 - The parties involved in financing a project based on the participation contracts can obtain guarantees from
The executing agency for the project, provided that these guarantees are compatible with the provisions of Islamic Sharia
And its principles to ensure that there is no infringement and default by the executing agency of the project and not to ensure safety
capital.

2 - Guarantees may not be taken among the parties involved in financing a specific project, except in a case
By investment, guarantees may be taken in this case
Or an agent
The desire of a bank to be speculative
In order to ensure non-infringement and default, and not to ensure capital safety.

3- Participating parties may not take guarantees related to their protection from the risks of currency fluctuations
If the currencies differ from the financing currency agreed upon in the project.

Eighth: the independence of the projects

1- Prepare separate financial accounts and lists for each project that are independent of the parties ’accounts
Funded.

2- Appointment of an external auditor by the bank depositary (provided that he is not an observer)
Limit accounts The banks that finance the project (and each project separately, preferably foreign)
Classified) in order to benefit from the classification of projects and thus the possibility of financing them by the authorities
International).

3- Periodically disclosing all stages of the project’s implementation in order to publish it through the platform
SIFP.

4- View and certify the Sharia official on the financial statements and dividend reports and calculate
Losses.

5 - Existing projects are according to (SIFP) not subject to the decisions of judicial seizure in effect
Funding parties for a specific project.


6- The selection process of the executive is not subject to the voting method by the funding parties, but rather
Adopting the differentiation method in selecting the executing agency according to the internationally approved efficiency and classification method
To evaluate companies in a way that does not conflict with the instructions in force in this regard.

7 - The banks involved in financing a specific project must adhere to the formal disclosure to
This bank and the parties involved in financing the project are within (SIFP) for the mutual interests with
The implementing agencies with respect to) Contributing to the capital, authorized directors and councilors
Administrations, voting rights and control over the decisions of the implementing authority). Decision-making shall be made
For those
By agreeing to refer the project by the financed parties to the implementing agency in accordance
Disclosures.

Ninth: Bank Depositary

It is agreed between the parties involved in financing a specific project via (SIFP) to appoint one
Islamic or conventional banks as a depository, which takes into account what is mentioned in the paragraph
(Eighth of the following: -) of these controls in addition to the tasks
1 - Maintaining the project account according to the rules of keeping the Islamic Finance Program account
Collector (account-S.)

2- Preparing all supplies for preparing the financial statements of the project and providing information, statements or
The reports required by this bank, the committee, and related parties.

3- Preparing separate final accounts for the project, to be approved by the legal official.

4 - Inform this bank and the relevant authorities in the event of a violation or suspicion of a violation in relation to it
Concerning the tasks mentioned above.

Tenth: the legal official

He has a responsibility to follow up on the commitment of the implementing agency
 Each project has a legal responsibility
The project and the parties funded by the principles and provisions of Islamic Sharia, including reviewing all contracts
Related to the project in light of the controls and decisions issued by this bank and the decisions issued
For the legal official.

Eleven: Benefits and Incentives for SIFP Projects

1- Tax exemption in accordance with the provisions of the Islamic Banking Law and the effective investment law.

2 - Excluding the pooled Islamic financing program account (account-S) from the statutory reserve.

3- Excluding the participating banks from setting aside for projects funded according to Islamic financing
The complex.

4- This bank calculates a preferential exchange rate for the imported project projects according to (SIFP).

5- Calculating a weighting weight for the assets of banks funded through (SIFP) upon evaluation
For)
Banks according to CAMEL.)

6- Launching an amount of the capital deposited with this bank according to the percentage of contribution to the SIFP
With regard to the Islamic banks that are subject to this procedure.

7- Participating banks shall have priority in the frameworks and policies proposed by this bank to support its policy
Cash.

8- The banks participating in the (SIFP) at the discretion of the Central Bank of Iraq, obtain an evaluation degree
When that degree is part of an international classification process.

9 - The projects included in the (SIFP) enjoy prior approval in the event that the concentration percentage exceeds 10%
It does not exceed (15)% of the capital and the proper reserves of the bank.

10 - If one of the banks participating in the (SIFP) reaches (20)% of the capital
Its sound reserves as a foreign investment, or a close proportion, are allowed to invest outside
Iraq for one time, at 15% of the contribution rate in financing (SIFP).

Twelfth: Powers of the Committee of the Consolidated Islamic Finance Program (SIFP)

1- Study the projects proposed by the funded parties.

2- Propose funding and implementation of projects and publish them via the platform.

3- Coordination with the concerned parties to support the projects funded via (SIFP.)

4- Propose regulations to facilitate the implementation of the SIFP.

5- Development and strengthening of SIFP mechanisms.

6- Preparing its own internal system.

Thirteenth: The online platform
 An electronic platform (SIFP) is created on the official website of the Central Bank of Iraq for
Do the following:

1- Display the nature of the listed projects in order to inform the public opinion and attract investment accounts
Term deposits and fixed-term deposits are banks participating in financing these projects.

2- Display the completion percentages for the funded projects.

3- Display the names of the funded parties for each project within (SIFP.)

4- Display the final accounts of the projects.

5 - Take advantage of the advantages of the platform in informing the local and international opinion of the shift in monetary policies
Towards targeting and promoting development.

6- Displaying the profits and losses accrued from the projects.

Fourteenth: Exchange rates

1- A specific currency for the project financing process must be specified according to (SIFP) and the participating parties can
Its contributions shall be presented in currencies other than the financing process, provided that it evaluates them by converting them into currency
Funding based on the exchange rate prevailing on the day the contribution is delivered.

2- The parties involved in financing the project may receive all their profits and rights in a different currency
Of the finance currency based on the exchange rate prevailing on the day the profits and rights are received

Fifteenth: Investment Risks Reserve

Funds are deducted from the project's profits in order to maintain a certain level of return on investment, which is
For their stakes in the project h
For funded parties
Ownership of liquidating the project or its completion, whichever is earlier.



Sixteenth: The minimum level of financing according to the specific monetary policies that are compatible with market economies
 The bank shall have the obligation to banks to participate in strategic projects that achieve its objectives for purposes
The economic development, which is presented by the committee according to (SIFP), and the committee determines the minimum participation rate for each
bank.

Seventeenth: oversight

1 - The banks that finance the project are subject to the supervision of the Central Bank of Iraq.

2- The committee shall have the right to supervise the projects implemented in accordance with the (SIFP) alongside the other supervisory authorities.

Eighteenth: Exit

The financing process in (SIFP) is closed, i.e. no exit is allowed until the liquidation date, and it is possible to limit
The financing banks for the graduation project, provided that an alternative is provided to replace it.

Nineteenth: Banking Confidentiality

Projects implemented within (SIFP) are subject to the principle of bank secrecy as far as it is concerned.

Twentieth: Conflict Resolution

 All disputes that occur between all the parties involved in the project shall be referred to the committee, in case
Exhaustion of friendly means, the matter is referred to the supreme Shariah Advisory Committee in this bank for dismissal
For example. Subject matter raised, and its decision will be the decision of this bank
Twenty-first: Penal penalties


1 - The bank that fails to finance the project or breaches the contractual terms is exposed after exhaustion
Friendly means to financial penalties determined by this bank.

2- The bank may take deterrent measures in relation to the bank deposit trustee in the event of a bank failure
Keep an account of the consolidated Islamic finance program (account-S), prepare financial statements and tasks
Assigned to him by virtue of his position as custodian.

3 - In the event that the depository trustee does not commit to release the amount of the payments from an account
(account-S) According to the specified schedule, a delay fine of (5) million dinars is calculated for
Every day delay.

4 - In addition to what was mentioned in paragraph (3) above and in the event of a delay in the depository banker
Payment of payments made according to the specified schedule is to be replaced by another custodian.

Twenty-second: the projects are in conformity with the provisions and principles of Islamic Sharia.

 Projects listed under (SIFP) must be in compliance with Islamic Sharia principles and principles.

Twenty-third: the implementing agency

 The executing party must possess certified accounts for the last three years, and fixed assets
It is real and has a headquarters in the country, and it has the approval of the Companies Registration Department, and it is preferred that it possess an approved classification
For her business.

-is over-


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The central bank launches a program of Islamic financing Empty Central Bank Designs Syndicated Islamic Finance (SIFP) Program

Post by claud39 on Tue Mar 10, 2020 1:37 pm

THE CONTINUITY OF THE OTHER PAGE FOR TRANSLATION ...
Central Bank Designs Syndicated Islamic Finance (SIFP) Program


March 10, 2020





The central bank launches a program of Islamic financing Article-158383422518501






The second axis: the basic principles
With
 � 
Free Islamic Finance Program
 (SIFP)


The second axis: the basic principles of the Islamic Finance Program combined with (SIFP)

The first principle:

 - Documentation and follow-up
 The parties involved in financing projects, including the implementing parties, provide the committee with reinforcements
Agree to include the proposed projects on the list of targeted projects by (SIFP)
These boosters are subject to legal requirements and fundamental approvals and are based on principle
Urgent detail (to support the SIFP database), all supported by presence
Legitimate supervision of preparing the project file, ensuring that it complies with the requirements of Sharia and fulfills its contracts
The standard conditions for each contract, foremost of which is Standard 24 (issued by the Accounting Authority)
And auditing of Islamic financial institutions (AAOIFI) and its updates.

The second principle:

 widening the funding base
(SIFP) depends on increasing the flexibility of options in terms of the type of financing parties
It mainly focuses on convergence of Islamic and conventional financing under an umbrella that is compatible with
Sharia law is geared towards attracting participating capital from commercial and financial entities within the country
And beyond, as well as his ambition to engage ministries to enter as funding for projects and Fatah
The door is wide open to the donating entities in a way that achieves a station to collect meaningful legal funding
Given that this flexibility in the multiplicity of financing destinations would lead to payment
For development is taking
These projects are towards obtaining foreign direct financing as well as leading to fragmentation
Investment risk centers.

The third principle: 

allocating funding
SIFP connects long-and medium-term banks' compliance sources with investment fields
Medium and long-term through allocating part of the capital of these banks and accounts
Investment and savings deposits of a future nature to participate in the financing of investment assets
Revenue-generating, therefore excluding current deposits as a source of financing as they relate to business operations
Short-term.

Fourth Principle:

 Flexibility of establishing financial entities
SIFP mainly relies on the option of contractual arrangements as a cost-effective strategic alternative
The time and effort it takes to create the Entity (corporate) Entity with
It left the field for the creation of these entities as an alternative that has its own characteristics that are compatible with nature
The project concerned with all its dimensions.


Fifth principle: 

guarantees

It is understood that the Islamic financing contracts based on the partnership do not support the collection of guarantees
It depends on the method of sharing risk tolerance on all parties except those risks
Where one of the parties is effective through infringement and default, and this is based on it
Sharia officer
The program is to have all guarantees based on participatory contracts (participation, speculation,
Aquaculture, ascites) and other partnership contracts obtain guarantees only
Infringement and default.

With each sale contract separately, according to the sales-based contracts, there will be no
Warranties are not permitted
For legal controls governing these contracts.

In addition, the program prohibited funding from one of the participating parties
Another financing party within the project itself, except in the event that one of the banks addresses that
By investing from other funded banks, in this case what applies to
Speculator or agent
Participatory contracts guarantee non-infringement and default and not guarantee capital safety.

Sixth Principle: 

Independence and Disclosures
To follow
The financial independence of the project and its financial statements are a crucial and appropriate guarantee
For the success of the project, the project management through the bank depository is obligated to install
Appropriately implement the appropriate disclosure rules and view them via the online platform to enhance transparency
And to ensure that there are institutional governance elements surrounding the projects
The seventh principle: the representative and the responsible
One of the preferences (SIFP) is the presence of a bank from both the participating and non-participating parties
For what it provides
He was responsible for keeping the project account and managing that account accordingly
The framework of the program through the controls related to keeping the Islamic Finance Program account compiled with.

In front of all regulatory bodies
This bank is the first responsibility level that is accountable
And subject to the follow-up to the Committee.

The eighth principle:

 compatibility with the principles and provisions of Sharia
To maintain suitability
technically
Compliance with the principles and provisions of Islamic Sharia is a control path
Sharia and Legal Projects (SIFP), as these projects are subject to the requirements of the Banking Law
Islamic Law No. (43) for the year 2015, and the related regulations and international Islamic standards that are prepared
A mainstay of achieving legal and financial integrity for the entire program.




The ninth principle:

 monetary policies that are compatible with market economies
Critically advanced as it adopts methods
The monetary framework that surrounds this program is a framework
Specific monetary policies according to a proposed method, which is (directing the creation of opportunities), which is represented by establishing
This bank offers economically feasible projects that have a strong and clear impact on the production level
And operating with the availability of mechanisms for the implementation of these projects and entry as a support and sponsor for it with a channel
To receive the projects' priorities, study them and approve their approval within SIFP.

It is distinguished by the central bank
As this method of directing monetary policy is an Iraqi method
To make the economic approach between the financial and real sectors.

Principle 10:

 Determining levels of intervention to target growth
National need should not be separated from the requirements for implementing monetary policies, especially at times
There are high levels of unemployment, low levels of investment and the consequent effects on it
To contribute
All social and political actors. On this basis, finding a financial limit
Banks are obligated to finance joint projects in an obligatory manner in case the banks fail to participate
Financing these projects (despite the benefits they are linked to) is an effective trigger
Parts (SIFP). Otherwise, the possibility of weakness appears in the mobilization of financial resources in financing
Projects are highly expected to happen, and this is a lower level of intervention in directing
Bank financing to achieve the desired cash effects.


 -is over-




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The central bank launches a program of Islamic financing Empty Central Bank Designs Syndicated Islamic Finance (SIFP) Program

Post by claud39 on Tue Mar 10, 2020 1:42 pm

THE CONTINUITY OF THE OTHER PAGE FOR TRANSLATION ...


Central Bank Designs Syndicated Islamic Finance (SIFP) Program


March 10, 2020


The central bank launches a program of Islamic financing Article-158383422518501


The third pivot: accounting controls
With
 � 
Free Islamic Finance Program
 (S-ACCOUNT)

The third axis: Controls for maintaining the account of the Islamic syndicated finance program (account-S)

1 - An account for the financed banks must be opened with the bank depository in its main branch and it is done
Approval of the contract by the legitimate official of the project and it is required that the account be
In the name of the project, and the bank custodian is obligated to maintain good account management and provide a letter
A guarantee or any guarantee consistent with the principles and provisions of Islamic Sharia.
For the agreed payments schedule between

2- The project financing amounts are deposited into an account-S account according to the account
The financing banks, and a copy of which is provided to this bank and to the National Investment Commission if it is
The project holds an investment license.
For specific dates) payments made to the entity

3- The payment amounts must be stipulated in the contract according to the terms
Executed) to ensure that the deposit wallet is not pressed against the deposit trust, as well
To ensure an indication of achievement rates.

4- The names of the project financiers (the participating banks in financing the project account) must be mentioned
Assigned within SIFP) indicating their financial position and all necessary information about them.
Considering what is stated in paragraphs (3 and 4) of Article (twenty-one) of the controls

5- Taken
The implementation of the (SIFP) program, the bank may deduct the amount of the payments directly, above that
This is the presence of authorization by the custodian and participating banks of this bank for the purpose of making the registration
The accountant.

6- The bank custodian should send an official notification to the banks involved in the financing
(14) days before the date of the next payment, and send a detailed quarterly statement of movements and balances
The account is to the Central Bank of Iraq and to all related parties.

7 - Account (S) is subject to the following: -

The principle of bank secrecy. The depositors (the banks participating in the project) and the executing party may
The bank and the National Investment Commission have access to the account details.
Periodic inspection by this bank and the relevant regulatory authorities.
- Withdrawal from the account may only be made by the managing director of the executing agency or whoever authorizes him.

8 - The depository trustee may not open a broker bank account branched from the project account
If there is more than one project, a separate account will be opened for each of them.

9 - The bank deposit keeper may only approve the withdrawal from the account-S account
Obtaining the approval of the funded banks, supported by a report from a classified consultant, if any.

10. The executing agency may not make external transfers from the account unless after obtaining approval
The Board of Directors of the Bank Depository.

11- The account is not subject to the decisions of other contracts that are foreign in relation to a financing contract
The project.

12- In case of delay, failure to complete the project, or delay in completing its stages, the custodian must
The banker and through the schedule of payments (not withdrawing within two months of the date of the payment) this notification
The bank and related parties, including the National Investment Commission, if the project holds
Investment license.

13-The account-S account may not be transferred from one bank to another except for legal reasons, subject to consideration
Paragraph No. (1) above.

14- The paragraphs mentioned in the rules for maintaining the real estate development guarantee account are taken into consideration
account-E if projects are included under SIFP.

15-The (account-S) account is not subject to the decisions of guardianship, liquidation, and rehabilitation
Issued by the bank to the bank custodian.

16-The (account-S) account is not subject to the statutory reserve ratio.

 -is over-



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The central bank launches a program of Islamic financing Empty Central Bank Designs Syndicated Islamic Finance (SIFP) Program

Post by claud39 on Tue Mar 10, 2020 1:49 pm

The central bank launches a program of Islamic financing Article-158383422518501



The fourth pivot: accounting controls
Real estate development guarantee

(E-account)


The fourth axis: Controls for maintaining the Real Estate Development Guarantee Account (account-E)

1) Definitions

A- The Authority
National Investment Commission.

B- Investment bodies

The investment boards of the governorate councils

C- The bank

 The Central Bank of Iraq
 W- Real Estate Development Guarantee Account (account-E)
 The bank account of the real estate project in which the amounts paid by the buyers are deposited into units
On the map or from the funders of the project.

C - Account Trustee

 It is the bank responsible for managing the real estate development guarantee account, which is chosen by the authority
And investment agencies in coordination with the bank.

H- Real estate developer (or investor)
The legal person licensed to practice the activity of buying and selling real estate by the authority or from bodies
Investing.

X- Real estate development
Construction projects of multi-storey buildings or complexes for residential or commercial purposes.

D- The financier

It is any party that contributes to the financing of real estate development projects, whether it is the real estate developer or who
Share it in financing, whether natural or legal person.

(2) Conditions and procedures for the real estate development guarantee account

A- The (account-E) account must be in the name of the project and should be opened in the branches
The main account trustees (banks).

B- The real estate developer or investor must be a legal entity that owns final accounts

A certified auditor or a natural person (after taking professional care) and must own
The developer, whether a natural or juristic person, has real fixed assets and has a fixed headquarters in
The country has the approval of the Company Registration Department.

C- The names of the other financiers of the project must be mentioned, along with stating their financial position and all information
Needed about them.

D - Withdrawal from the account-E account is not permitted except by the company’s authorized manager
(The juristic person), or from the natural person himself or his legal representative.

E- The names of the current and potential suppliers who will be the suppliers for the project must be mentioned
They must have a moral personality.

F- The real estate developer may not make external transfers from the account-E account except
After obtaining the approval of the bank’s board of directors (the account keeper), the authority and bodies
Investing.

G- The account trustee may not open an intermediary bank account (account-E)
In the event that there is more than one project, a separate account will be opened for each of them.

H- An (account-E) account must be opened with an amount equivalent to (5)% of the project’s value to be paid
By the real estate developer and it is not withdrawn until one year after the date of distribution of the units
For the instructions of the authority and investment agencies.
Residential or commercial project according to

I- The account-E contract must stipulate the payment amounts related to the progress table
For specific dates (payments to the developer) to ensure
Practical and according
The deposit portfolio for the account keeper as well as to ensure an indication of achievement ratios.

J - The account trustee must prepare independent, final accounts for the project
By its board of directors, but if the real estate project is funded according to (SIFP), then it is also completed
The project’s Sharia official approves the final prepared accounts
Account Secretary.

K - In the event that the account trustee does not commit to launching the amount of payments from the escrow account,
Calculating a delay fine of (5) million dinars for each day of delay.

Taking into consideration what is mentioned in paragraph (k) above and in the event of delaying the trustworthy person

L-Takeed
The bank account in the payment of payments according to the specified schedule is replaced by an account trustee
else.

M- The account trustee may only approve withdrawals from the (account-E) account
After obtaining the approval of the Commission and the investment agencies, supported by the report of a classified advisory body.

N- The (account-E) account is not subject to any other obligations arising from other contracts
Entered into by the developer or investor before, during, or after opening the account.

For judicial attachment in the event of a claim from

Q-The account-E is not considered a subject account
Before creditors, except those registered with real estate units, in case the project is delayed.

P- In case of delay, failure to complete the project, or delay in completing its stages (failure to withdraw during
Two months from the date of the payment (the account trustee must, through the payment schedule, notify
The Commission, investment bodies and the bank that takes the actions it deems appropriate
And in coordination with the concerned authorities.

P- The Authority and the investment authorities must conclude an agreement with the account trustee that includes the good
Managing the account and can obtain a letter of guarantee or any other guarantee in return.

P- The date of withdrawal from the account-E account begins after presenting evidence of the completion percentage
The project has achieved (25)% of the estimated value of the project except the land.

S- Accounts are subject to periodic inspection by the supervisory authorities, and the account trustee performs
By sending a detailed quarterly statement of the movements and balances of the accounts to the bank, the authority and bodies
Investing.

The account-E may not be transferred from an account trustee to another account trustee, except for reasons

(A) Legal. Considering the paragraph
U-The account-E will not be subject to any of the requirements of guardianship and liquidation decisions
And the rehabilitation issued by the bank on the account trustee.

C- In case the projects are included within (SIFP) and obtained the investment license, they will be subject
To all of the account-E's account controls and account controls
Islamic financing included with (account-S.)

D- The (account-E) account is not subject to the statutory reserve ratio.

-is over



https://cbi.iq/static/uploads/up/file-158383413570107.pdf
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The central bank launches a program of Islamic financing Empty The bank decided to issue the Islamic Financial Protection Network regulations and the Islamic liquidity list

Post by claud39 on Mon Mar 16, 2020 9:26 am

The bank decided to issue the Islamic Financial Protection Network regulations and the Islamic liquidity list




 March 16, 2020



The central bank launches a program of Islamic financing News-158435331315101



To / All Approved Islamic Banks ( Islamic Financial Protection Network Controls ) and ( Liquidity List of Islamic Banks )

The number: 9/3 121, and the  number: 9/3 122
Date: 3/15/2020
 
Based on the decision of the board of directors of this bank, numbered (41) for the year 2020, we enclose for you (the Islamic Financial Protection Network regulations  and the liquidity list for Islamic banks)
 
»To view ( Islamic Financial Protection Network Regulations ) ... click here
»To view ( Liquidity List for Islamic Banks ) ... click here

https://cbi.iq/news/view/1466
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