The parliament approved the amendment of the law of Islamic banks and the new law microfinance banks.
Chaired by parliament speaker Mr . Yahya Ali alraai , the parliament approved in his session today numbers of amendments regarding the law of Islamic banks and approved the new law of microfinance banks .
Regarding the Islamic banking law , the amendment confirm that Islamic banks have the right to establish companies in various areas as a complementary to the core of its activities and also could establish subsidaries or sharing in an existing companies or new companies provided that their activities should be in compliance with Islamic rules and regulation .
With regards to the microfinance law , it authorize microfinance banks to provide banking service to families, small businesses and smaller projects in the urban and rural sectors in the republic . the law assures the role of the microfinance banks in achieving more economic growth and more social stability since it allow an equal opportunities especially to the targeted categories in the society . in addition to that , microfinance banks will contribute in reducing unemployment and poverty by focusing on the poor segments of society and toward self-reliance .