Iraq Economic News and Points to Ponder Friday AM 1-5-24

Tlm724 Administrator Bondlady’s Corner

 Al-Sudani: We Are Facing A New Evaluation Of The Ministers And What They Have Accomplished During The Past Period

 Economy| 01/02/2024  Mawazine News – Baghdad  Prime Minister Muhammad Shiaa Al-Sudani confirmed today, Tuesday, his intention to conduct a new evaluation of the ministers and what they have accomplished during the past period.

Al-Sudani said during the first regular cabinet session of this year:

“We are facing a new assessment of the ministers and what they have accomplished during the past period,” pointing out that  “the government is preparing to launch the second semi-annual report this month.”  He added,  "The five priorities will be the most important criteria for evaluating government work," noting that  "the government process chose to build confidence and fulfill promises to the people."    https://www.mawazin.net/Details.aspx?jimare=239815

Digital Transformation In Islamic Banks

Economical 01/04/2024   Ihsan Al-Shammari said that adopting a digital transformation strategy by Islamic banks is an acceptable trend, and comes in harmony with government trends in this direction, and it is desirable in the Islamic economy, but this acceptance is conditional on several controls, so that it does not deviate from its goal, and the situation does not lead to Access to spoilers.

One of the necessary controls when purchasing or employing financial technology is to ensure its suitability for the Islamic finance system.

It is best to develop an internal technology that suits the needs and specificity of Islamic banks.

Therefore, financial sums should be allocated to establish a subsidiary of Islamic banks, with the aim of innovating products internally, and not relying on financial technology. Foreign companies that do not take into account the privacy of Islamic banks and the required legal sequence when carrying out operations.

Here, digital transformation should not be a trick or an excuse to reach illegal transactions.

If digital transformation is intended for anything forbidden, such as installing a device to calculate interest, then it is forbidden, and the applications of digital transformation and digital Islamic finance should not result in violating a text of Sharia.

Reality requires that the digital transformation be disciplined in terms of establishing contracts with financial technology companies and the three parties, so as not to lead to contracts with forbidden companies that are not permissible to deal with.

Likewise, the installation of modern systems and technologies must be accompanied by a careful review that includes all their aspects, and not be satisfied with what they promote.

Companies have the strength of their systems and their advantages, as they must be controlled from the Sharia aspects, and the Sharia burden falls on the Sharia bodies, represented by their Sharia management in the bank, to ensure the integrity of those systems before installing them in the specific bank.

A major role must be created for the Sharia Board in supervising and following up on the digital transformation strategy, due to its absence having negative effects and Sharia risks on the performance of digital banking operations on the grounds that it is a technical issue.

We conclude that what is required is that all digital finance transactions and digital transformation contracts are subject to continuous Sharia auditing, in the form of an independent Sharia audit mission specialized in digital finance, in order to follow up on the discipline of digital finance products and services, to prevent the entry of illicit profits into the bank, and to control the product in the event of any technical or technical failure. Legal, legal or accounting.  https://alsabaah.iq/89881-.html

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 Provoking Points To Ponder on Adversity:

 The keenest sorrow is to recognize ourselves as the sole cause of all our adversities.- Sophocles

No untroubled day has ever dawned for me.- Seneca

You can't have more bugs than a blanketful.

- Spanish proverbEven in the deepest sinking there is the hidden purpose of an ultimate rising. Thus it is for all men, from none is the source of light withheld unless he himself withdraws from it. Therefore the most important thing is not to despair.- Hasidic saying

Trouble will rain on those who are already wet.- Anonymous

They say a reasonable amount o' fleas is good for a dog - it keeps him from broodin' over bein' a dog mebbe.- Edward Noyes Westcott

There is nothing the body suffers which the soul may not profit by.- George Meredith

The burden is equal to the horse's strength.- The Talmud

Nothing befalls a man except what is in his nature to endure.- Marcus Aurelius

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 Famous Quotes and Authors, Famous Quotations for all Occasions-