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Seif Commends Islamic Banking in Malaysia

CBI chief says Malaysia has made tangible progress in devising new instruments in line with Islamic values.CBI chief says Malaysia has made tangible progress in devising new instruments in line with Islamic values.

In the wake of new opportunities and positive developments between Iran and Malaysia, the governor of the Central Bank of Iran has called for expansion of joint banking measures by the two Muslim states.

"Malaysia is one of the leading countries in Islamic banking and its banks have made tangible progress in devising new instruments in line with Islamic values," Valiollah Seif was quoted as saying by the official website of the CBI.

"We hope collaboration between the two countries can expand by drawing on mutual experience," he added, saying that positive opportunities have arisen to improve economic ties between the two sides.

Seif, who is accompanying President Hassan Rouhani on his tour of South East Asia, said Iran and Malaysia have had cordial ties in the past and the level of economic interaction was higher than what it is today.

"Regrettably due to the conditions that emerged after the sanctions, relations were halted for years. We hope that with President Rouhani's visit and his talks with Malaysian leaders, a new chapter will open and a turning point will emerge in ties between the two nations."

Stressing the role and importance of the banking industry, the CBI chief called the establishment of two-way banking relations one of the most fundamental factors in developing economic ties. He also said progress has been made regarding the development of economic relations.

Matters pertaining to the collaboration of commercial banks, "including connecting by way of a joint bank account to ease the process of handling trade" were among other subjects discussed between Seif and his Malaysian hosts.

Furthermore, as a result of the high number of Iranian and Malaysian tourists who visit each other's countries, both sides discussed the issue of bank cards. If an agreement is reached, residents and tourists of both countries will be able to use their cards to make payments in the host country.

Another issue during the talks was the formation of a joint committee that will "identify and alleviate banking hurdles."

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