The Postgraduate Institute for Accounting and Financial Studies at the University of Baghdad held an online symposium on (Islamic cheques and their impact on development) via Zoom platform in cooperation with the financial and accounting training center at the ministry of finance chaired by Assist. Prof. Dr. Ali Mohammed Thijeel and the session’s rapporteur the lecturer Muayyad Hameed Majdi. Dr. Ahmed Jawad al-Dahlki, director of financial and accounting training center, Prof. Abdul Hussein al-Manthiri, and the banking expert, Dr. Haitham Abdul Khaliq Ismail, have all participated in this event to discuss the legal concept of Islamic cheques and their importance and characteristics, and the philosophy and principles of Islamic banking and factors that contributed to the development of the basic activities of banks in general.
At the end of the symposium, they reached at a set of recommendations, the most important of which is to provide an appropriate legislative environment that will help in the issuance of instruments, including positive results, the establishment of regulatory and supervisory bodies within the scope of the functions of central banks to oversee the issuance, circulation and compatibility of instruments in accordance with Islamic law, the enactment of complementary laws and legislation that may be required to apply the method of financing using Islamic instruments, and to conduct media awareness to spread the culture of instruments within and outside the State to attract funds invested abroad.
