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• W2620593442 abstract "In Iraq, like other countries, the Islamic banking industry plays an important role in developing the country’s economic system. The Islamic banking industry of Iraq is regulated by the Islamic Banking Law, 2015. However, Iraq’s Islamic Banking Law of 2015 consists of an incomplete set of rules and regulations. The law does not contain certain fundamental elements such as the licensing requirements. In addition the law does not determine the highest Sharia body in case of Islamic banking problems. Thus, the Islamic banking industry in Iraq is also regulated by the Banking Law 2004 and the Central Bank Law 2004 but they do not make specific reference to Islamic banking. Therefore, the Islamic banking industry in Iraq faces challenges which are both legal and Sharia in character. In this context, the lack of a comprehensive Islamic banking legal framework and unclear relationship between the CBI and Islamic banks are the two main legal problems. Accordingly, the Islamic banking industry of Iraq is regulated by conventional laws and this may result ultimately in legal problems for the Islamic banking system.The Sharia challenge faced by the Islamic banking industry in Iraq is the lack of a proper Sharia framework. In effect, the Sharia supervision of the Iraqi Islamic banking system is not as robust as it should be. Thus, a central Sharia board does not exist and the individual Sharia supervisory boards of Islamic banks are not sufficiently strong because there is a shortage of qualified Sharia scholars to act as members of the Sharia supervisory boards of Islamic banks. In addition, the shortage of qualified Islamic banking experts is another important problem for the Islamic banking system of Iraq. The lack of Sharia scholars for the Sharia supervisory boards of Islamic banks and the lack of qualified staff to run the Islamic banking industry are the main human resource challenges faced by the Iraqi Islamic banking system.Thus, this thesis attempts to find solutions for these problems affecting the Iraqi Islamic banking industry. In this regard, the thesis considers the Islamic banking systems of both Malaysia and Bahrain. Both of these countries are developed and successful and each has a proper regulatory framework for its Islamic banking industry. In Malaysia, the Islamic Financial Services Act 3013 (IFSA) is a special law for the regulation of the Islamic financial sector including Islamic banks. Similarly in Bahrain, Volume 2-Islamic Bank is a set of regulations which govern Islamic banks. In addition, both countries have a proper Sharia regulatory and supervisory system because they have a sufficient number of Sharia scholars to supervise their Islamic banking business. Furthermore, many qualified Islamic banking experts can be found in Malaysia and Bahrain as those countries house universities and centres that offer Islamic banking degrees or courses.By drawing inspiration from the Malaysian and Bahraini Islamic banking industries, Iraq can develop and improve its own Islamic banking industry. This can be done by amending the Islamic Banking Law, 2015 and establishing a central Sharia board, similar to Malaysia’s Sharia Advisory Council. In addition, the Banking Law 2004 and the Iraqi Central Bank Law 2004 should be amended so as to cater more to the Islamic banking industry. It is the responsibility of the Central Bank of Iraq to resolve all problems that are faced by Islamic banks in the country. By drawing judiciously on the Bahraini and Malaysian experiences, CBI regulators will be able to reform the Iraqi Islamic banking industry and find solutions for both legal and Sharia challenges" @default.
• W2620593442 created "2017-06-09" @default.
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• W2620593442 date "2017-01-01" @default.
• W2620593442 modified "2023-09-22" @default.
• W2620593442 title "A critical evaluation of the legal and Sharia aspects of the Iraqi Islamic banking system, using the case studies of Malaysia and Bahrain" @default.
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