CBI Fiqh Council Approved

Lawmakers on Wednesday approved the formation of a fiqh council at the Central Bank of Iran to supervise banking operations’ compliance with Islamic law and usury-free banking law. The council will consist of five experts in fiqh (Islamic jurisprudence) who are also familiar with banking and financial issues, the governor of CBI, a lawyer and an economist—both familiar with banking issues, a lawmaker well-versed in Islamic banking regulations, and the chief executive of a public-sector bank, Tasnim News Agency reported. The Guardians Council is set to qualify the experts proposed by the CBI governor. The central bank is also required to oversee the implementation of the fiqh council’s measures.