The Prime Minister’s Economic Affairs Advisor, Abdul Hussein Al-Anbaki, announced the introduction of 70 new Islamic banking products aimed at transforming the banking sector.
Al-Anbaki explained that the Sharia Standards Committee for Islamic Banks is continuously reviewing additional standards to ensure alignment with national regulations, working in cooperation with the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). He noted that the Sharia standards set by the organization are adopted by 37 regulatory bodies across 26 countries, serving as a framework for local regulations, though they are not mandatory.
The new banking products are expected to bring a significant shift in the sector by attracting savings, supporting development financing, and addressing the issue of hoarding, with 73% of the money supply currently remaining outside the banking system. Al-Anbaki emphasized that these products provide solutions compliant with Sharia principles, which will boost customer confidence in Islamic banks, promote financial inclusion, and improve the credit rating of Iraqi Islamic banks.
Furthermore, these new offerings are designed to bring previously excluded segments of society back into the banking system by providing financial products aligned with Islamic law. Al-Anbaki urged the Central Bank to support these products and incorporate them into monetary policies to enhance financial stability, stimulate the money supply, and promote credit growth. This step, he added, will allow Iraq to benefit from global Islamic banking experiences and contribute to comprehensive economic development.