Central Bank Of Yemen
His Excellency Field Marshal Mahdi Al-Mashat, Chairman of the Supreme Political Council, held a meeting with the banking sector

His Excellency Field Marshal Mahdi Al-Mashat, Chairman of the Supreme Political Council, held today a meeting with the banking sector at the headquarter of the Central Bank in Sana'a.

During the meeting, President Al-Mashat thanked the leaders of the banking sector for their efforts during the last period of the aggression, which had a prominent role in the stability of the banking sector and its continuity in providing various services despite the challenges it faced, and the war that tried to undermine it and push it towards collapse.

He stressed that his meeting with the banking sector is an affirmation of the keen interest in its activity and its important role during the last period. He pointed out that the safety of the banking sector and its proper growth is an essential and important matter, and one of the duties of the state and the government which serves the interest of the national economy and the requirements of development.

He said, "The issuance of a law of  preventing riba-based transactions is good for all of us," noting that "until the laws related to the banking sector are amended, the Central Bank will issue instructions that include procedures for this stage, including formulas that guarantee to merchants and depositors a percentage of the investment profits of the returns of their money that you will invest in Real areas and these formulas will be compatible with Islamic law.

He added: "Balances of commercial banks and depositors in treasury bills until the date of issuance of the law are indisputable rights, and I will personally work with the governor to follow up on their treatment."

His Excellency President Al-Mashat indicated that the Central Bank will circulate to commercial banks allowing them to exercise financing and investment functions that Islamic banks are permitted to exercise in a manner that does not contradict the law banning riba-based transactions.

President Al-Mashat stressed that the establishment of the stock market will open the way for banks and others to invest in real production and industrial fields.

He explained that the Supreme Judicial Council and the Public Prosecution will be instructed to give bank cases in courts and prosecutions the status of judicial urgency, whether when deciding on those cases or when implementing their rulings.

And President Al-Mashat indicated that a committee will be formed by a presidential decision, with the membership of the judicial authority and the Central Bank, to follow up on the treatment of the problems of banks in the courts and prosecution offices.

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