[Mon, 27 Mar 2023 22:08:54 +0300]

SANA'A March 27. 2023 (Saba)- His Excellency Field Marshal Mahdi Al-Mashat, Head of the Supreme Political Council, held today, Monday, a meeting with the banking sector at the headquarters 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 a war that tried to undermine it and push it towards collapse.

He stressed that his meeting with the banking sector is an affirmation of his continued keenness on his activity and his important role, for which he is thankful during the last period.

President Al-Mashat pointed out that the safety of the banking sector and its proper growth is an essential and important matter, and it is one of the duties of the state and the government in the interest of the national economy and the requirements of development.

He said, "The issuance of a law to prevent usurious 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, which you will invest in areas real and these formulas will be compatible with Islamic Sharia.

He added: "The deposits 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 conservative brother to follow up on dealing with them."

He indicated that the Central Bank will circulate by allowing commercial banks to exercise financing and investment functions that Islamic banks are permitted to exercise in a manner that does not contradict the law banning usurious transactions.

President Al-Mashat stressed that the establishment of a 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.

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 dealing with the problems of banks in the courts and prosecution offices.

J.A