The Islamic financial industry in Iraq and its role in economic development

Abstract

In recent decades, the Islamic financial industry has witnessed significant advances at the level of asset growth, as well as at the level of international spread. It has emerged as one of the areas of competition and influence on the financial market and Islamic banks, and contributions to economic development and international growth are a positive trend from financial institutions. The Islamic financial industry was hit by the slowdown in economic growth in 2019, the US-China trade wars, social relations, trade sanctions, natural disasters, the 3-3% COVD-19 pandemic and fluctuations in oil production and prices. The research aims to identify the tools of the Islamic financial industry in Iraq and their role in economic development, and to know the benefits that accrue as a result of using Islamic financing tools and their impact on economic development in Iraq. His contribution to revitalizing the sectors of the national economy.

The research was based on the use of the analytical method by analyzing the data and its development during the specified period and analyzing the economic phenomena during the research period. Especially after Iraq entered the Islamic Financial Industry Council in 2018 and the certainty and expectation of the development of the Islamic financial industry increases, especially after Iraq’s data was available internationally to the Financial Industry Council after it was suffering from distortion and lack of data and inaccuracy inside Iraq