Parliamentary Committee on Economy and Investment approved a number of articles of a draft law amending the Deposit Guarantee Corporation Law 2018.
Its chairman, Dr. Kheir Abu Saeleik, said during the committee’s meeting on Sunday that the committee approved the articles after taking into account the opinions of those concerned.
He noted the presence of Deputy Governor of the Central Bank Adel Circasses and the Mufti of the Kingdom of Saudi Arabia, Dr. Mohammed Al-Khalayleh, Director of the Deposit Guarantee Fund, Moataz Barbour, and a number of concerned, that the Committee will continue to hold more meetings to study the remaining materials with the concerned and approval.
In response to the questions of the Chairman of the Committee on the reasons for granting the government the urgency of the draft law, the Circassians said that the draft law is a necessity for the inclusion of Islamic banks under the umbrella of the Deposit Corporation.
The Circassians said that there is no bank in the kingdom is faltering, pointing out that the draft law addresses the idea of troubled banks if they exist.
In turn, Khalayleh said that the Islamic banks participated in the draft law after the amendment of its articles to comply with the provisions of Islamic law.
He added that there is a chapter in the law of the Central Bank to deal with Islamic banks, noting that the participation of Islamic banks in the Deposit Guarantee Corporation came after the agreement on the establishment of a special fund separate from the commercial banks in the institution dealing with guarantee deposits in Islamic banks.
a role in contributing to dealing with the situation of troubled banks in line with the amendments to the law Banks and to enhance confidence in the banking system by paying the amount of security owed to the applicant without the requirement to file a claim.