Article
Islamic Banks In Iraq: Establishment Procedures, Legal Framework, Central Bank Instructions, And AAOIFI And IFSB Standards
Islamic banks in Iraq operate under a comprehensive legal framework established by Islamic Banking Law No. 43 of 2015, requiring Central Bank licensing, minimum capital of IQD 250 billion, and mandatory Sharia Supervisory Board oversight. The regulatory environment incorporates AAOIFI and IFSB standards while prohibiting interest-based transactions and requiring strict compliance with Islamic Sharia principles across all banking operations and financial products.
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