New contracts in the financial markets of the Kurdistan Region of Iraq, with the financial markets in Sulaymaniyah Governorate as a case an analytical study

Abstract

Due to its geographical location and commercial importance, Sulaymaniyah Governorate has become a hub for many modern transactions. It is a center for dealings in various currencies, including those of neighboring countries such as Iran, Turkey, and Syria, as well as other European, Arab, and Asian countries. In recent years, transactions have increased, and new types of transactions have emerged that were not present in other governorates' financial markets. It would be accurate to say that these transactions originated in Sulaymaniyah, and then spread to other financial markets in the Kurdistan Region and Iraq. This study examines the newly introduced contracts in the financial markets of the Kurdistan Region of Iraq, particularly in Sulaymaniyah Governorate. This research, conducted in Iraqi Kurdistan through a field study of the financial markets in Sulaymaniyah Governorate, aims to identify the governorate's reliance on active trade and a thriving private sector as driving forces for its economy. The research seeks to determine the most important types of contracts, analyze financial transactions and their legal implications, and provide a legal framework for their permissibility under Islamic law. The study's central problem lies in the lack of a comprehensive legal framework, the reliance on general and outdated laws, the weak structure of the financial markets, and the absence of legal or technical mechanisms within the market to mitigate risks. The study employs an analytical methodology to identify the most prominent newly introduced contracts in Sulaymaniyah Governorate and determine their legal framework. The research is structured with an introduction, two main sections, and a conclusion. The introduction addresses the importance of the topic and the reasons for its selection. The main topic dealt with the newly introduced contracts in the financial markets of the Kurdistan Region of Iraq, especially in the Sulaymaniyah Governorate in the Kurdistan Region of Iraq, defining their types and adapting them in two sections. Finally, the conclusion reviewed the most prominent results and recommendations, and the research concluded with a list of references and an index of contents.