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President inaugurates third exhibition of inventions, first engineering exhibition of projects at Sana'a University
[24 April 2017]
President discusses humanitarian situation in Hajja
[22 April 2017]
FM welcomes US official statements over Yemen
[19 April 2017]
Supreme Political Council, Supreme Economic Council hold meeting over state's equipment
[17 April 2017]
PM discusses with ministers promoting national capacities to achieve food security
[12 April 2017]
 
  Saudi Aggression War against Yemen
US-Saudi aggression warplanes launch eight raids on Sa'ada
[24 April 2017]
US-Saudi aggression kills four civilians in Taiz
[24 April 2017]
US-Saudi aggression wages raids on Dhamar
[24 April 2017]
US-Saudi aggression launches raids on Serwah
[24 April 2017]
Ballistic missile hit 6th military region in Jawf, killing, wounding 47 mercenaries
[24 April 2017]
 
  Reports
Report: 49 Yemeni civilians killed in 212 Saudi aggression airstrikes in six days
[05 April 2017]
Roundup: 1107 Saudi airstrikes kill 135 Yemeni civilians in March
[29 March 2017]
Roundup: Saudi kills 15 Yemeni civilians in 112 airstrikes on Yemen in 3 days
[25 March 2017]
Report: Saudi kills 68 in 301 airstrikes on Yemen in 7 days
[23 March 2017]
Roundup: Saudi kills 30 in 235 airstrikes on Yemen in 6 days
[15 March 2017]
 
  International
Parliament speaker meets director of international crisis group
[23 April 2017]
Defense Minister meets head of ICRC delegation in Yemen
[19 April 2017]
FM meets head of ICRC mission in Yemen
[18 April 2017]
FM meets MSF acting Resident Representative to Yemen
[18 April 2017]
Parliament speaker congratulates his Syrian counterpart on Evacuation Day
[17 April 2017]
  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 : Mon, 24 Apr 2017 19:37:08 +0300