Sandy Ingram – Dinar Guru Islamic banking and Western world banking…is really really different…Western banking systems are built on interest, debt, and guaranteed returns. While Iraq’s banking structure is largely based on Islamic finance which prohibits interest and instead relies on risk sharing, asset backed transactions and real economic activity...The IMF, BIS and global correspondent banks assume interest based lending, predictable loan structures and standardized repayment models. Islamic banking does not naturally fit into these assumptions…Because of this mismatch the Central Bank of Iraq cannot simply adopt Western banking rules without risking serious instability…Instead the CBI must carefully redesign its banking framework to operate within international systems while preserving Islamic banking principles…This is why banking reform in Iraq is proceeding more slowly than usual.