Economy, Business And Markets

Unified Islamic Banking Rules

Unified Islamic Banking Rules Unified Islamic Banking Rules

The Central Bank of Iran and Islamic Development Bank have agreed to launch a joint project for developing a unified set of regulations for Islamic banking. Valiollah Seif, the CBI governor, said Islamic banking regulations are mostly based on Sunni fiqh; “However, Shia and Sunni principles have common grounds in 90% of the cases making it possible for  Islamic countries  to use a unique set of regulations for banking operations,” the CBI website quoted him as saying on Monday. Ahmed Mohamed Ali Al-Madani, head of IDB, welcomed Seif’s proposal and said that IDB’s Sharia council, including representatives from all Islamic schools of thought, would study the plan.