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President receives religious scholars
[22 February 2017]
Minister of State meets WFP director
[22 February 2017]
President meets COCA Chairman
[21 February 2017]
President meets Mahweet Governor
[21 February 2017]
President meets a number of notables, Sheikhs of Amran
[21 February 2017]
 
  Saudi Aggression War against Yemen
Army shoots dead 3 Saudi soldiers, hits military sites in Aisr, Najran, Jizan
[25 February 2017]
Army foils mercenaries' infiltration in Taiz
[25 February 2017]
Saudi fighter jets launch 3 strikes on Mareb
[25 February 2017]
Ballistic missile hits Saudi soldiers groups in Najran
[25 February 2017]
Army shells mercenaries in Taiz
[25 February 2017]
 
  Reports
Report: Yemen army announces restoring balance of missile deterrence
[20 February 2017]
Roundup: 309 airstrikes hit Yemen in five days
[15 February 2017]
Saudi aggression launches around 73 airstrikes on Yemen over 48 hours
[05 February 2017]
Saudi aggression warplanes launch 328 airstrikes on Yemeni provinces
[31 January 2017]
45 Saudi aggression airstrikes hit Yemen provinces over past 24 hours
[22 January 2017]
 
  International
Yemeni Parliament Speaker congratulates his Kuwaiti counterpart
[25 February 2017]
PM congratulates his Kuwaiti counterpart
[24 February 2017]
President al-sammad congratulates Emir of Kuwait on National Day
[24 February 2017]
President al-Sammad congratulates Sultan of Brunei on National Day
[22 February 2017]
President congratulates Kenyan President on National Day
[22 February 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 : Sun, 26 Feb 2017 00:16:13 +0300