Iranian bank governor calls for input into Islamic Banking roadmap

18/12/2015

CBI Governor Valiollah SeifIslamic banking roadmap: The Government of Iran’s Central Bank (CBI) Valiollah Seif this week called on the appropriate experts, researchers and analyst to help the bank draw up a roadmap for the development of the country’s Islamic banking structure. The challenges facing the country’s overall banking sector made a planned approach necessary, he said, adding that it could also help boost the country’s role in Islamic banking and financing in the international arena. It was going to be crucial to revise Iran’s banking laws to make them Sharia-compliant and usury-free.
Central Bank of IranSpeaking at a banking industry awards ceremony, Seif stressed the importance of effective and up-to-date policies based on research in resolving the problems plaguing the banking sector and commended the CBI’s research arm, the Money and Banking Research Institute (MBRI), for its work.
“The MBRI is instrumental when it comes to policymaking. It is now working on several research projects [including the roadmap].” It was also looking at ways of reducing inefficiencies and modernizing the banking sector, he said.