Comprehensive Islamic banking bill should be modified: former CBI governor

January 20, 2020 - 17:26

TEHRAN- A former governor of the Central Bank of Iran (CBI) says that the country’s comprehensive Islamic banking bill requires some modifications, IRNA reported.

Making the remarks during a financial and monetary policy making session on Monday, Ebrahim Sheibani said, “While the bill includes some positive points, there are also some sections to be modified specially those related to the CBI.”

If those sections are not modified, the banking operations will face problems, Sheibani cautioned.

The CBI’s former governor further citied those sections of the bill that give strength to the authorities of the central bank, for example giving the CBI’s full authority over the performance of banks and credit institutes through setting up some data bases.

On December 12, 2019, Iranian parliament (Majlis) approved the outlines of the country’s banking rules under the name of the “Comprehensive Islamic Banking Bill”.

The bill comprises a scheme for revising the country’s decades-old banking laws.

Lawmakers passed the blueprint of the bill amid concerns that it will undermine the independence of Central Bank of Iran.

In late August 2019, CBI Governor Abdolnasser Hemmati said the bank has been working hard to reform the banking system long grappling with mismanagement and financial indiscipline.

MA/MA

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