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Prime Minster mourns al-Shatri's death
[19 February 2018]
Occupiers’ attempts to clone military institutions are futile: President
[18 February 2018]
15 Passengers Killed, 3 Injured In Traffic Accident In Sanaa
[18 February 2018]
Training course organizes for administrative leaders in Jawf
[18 February 2018]
PM inspects Youth ministry
[18 February 2018]
 
  Saudi Aggression War against Yemen
9 aggression airstrikes hit Marib
[20 February 2018]
12 mercenaries sniped in Marib
[20 February 2018]
Army shells mercenaries’ vehicles gatherings in Bayda
[20 February 2018]
Army wages offensive on mercenaries in Taiz
[20 February 2018]
Army destroys mercenaries’ bulldozer in Medi
[20 February 2018]
 
  Reports
Report: Yemeni army, committees achieve great victories in battlefronts over Sunday
[19 February 2018]
Report: Over 5 civilians killed in 6 Saudi aggression airstrikes on Yemen
[19 February 2018]
Report: Army, committees attack Saudi enemy forces in battlefronts over 24 hour
[18 February 2018]
Report: 20 civilians killed in over 32 Saudi airstrikes on Saturday
[18 February 2018]
Report: Army wages offensives on Saudi enemy's sites, gatherings on Friday
[17 February 2018]
 
  International
Yemen condemns Saudi Shura council member inciting to violence
[18 February 2018]
Yemen welcomes new UN envoy
[17 February 2018]
FM meets UN official
[14 February 2018]
FM congratulates his Iranian counterpart
[14 February 2018]
Yemen calls for pressure on Security Council to stop aggression
[13 February 2018]
  Local
CBY, IMF discuss issuing Islamic instruments in Yemen
[27/July/2009]

SANA'A, July 27 (Saba) - Governor of Central Bank of Yemen (CBY) Ahmad al-Samawi discussed here on Monday with the International Monetary Fund (IMF)'s mission led by Ghiath Shabsigh the final results the mission has reached in its study on issuing the Islamic instruments in Yemen .

In the meeting al-Samawi valued efforts exerted by the mission in preparing for the study which would be reviewed by the government to make notes over its recommendations.

He indicated the successes achieved by the Islamic banks in Yemen, noting that they have become possessing more than 30 percent of the banking sector in Yemen, 27 percent of the deposits and 40 percent of the total financial facilities.

Approving the Islamic banking amended law recently by the parliament, allowing possession of big shares in the current banks by investors and opening branches for the traditional banks with Islamic principles would lead to growing these banks' role in the future, al-Samawi made it clear.

For his part, the IMF's official reviewed the distinct results of the study which affirmed that Yemen is a good environment for issuing the Islamic instruments and recommended starting the planning for issuing them in order to absorb the surpluses at the Yemeni Islamic banks and to use the instruments for financing the economic and social plans' projects.

The study was based on the general objectives that the Yemeni government seeks to achieve through issuing the instruments weather by expanding its financial base or by creating investment opportunities with Islamic finance tools, Shabsigh pointed out.

He indicated that issuing the instruments requires a programmed budget from the state for the projects and procurements funded from the Islamic instruments, confirming the importance of raising the budget's competency weather in the programming or executing phases in regards to financing the coming instruments.

BA/AM

Saba
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UPDATED ON : Tue, 20 Feb 2018 01:47:36 +0300