CBI Keen to Expand Ties With IFSB

Iran is fully prepared to expand cooperation with all members of the Islamic Financial Services Board in various areas, including opening banks and branches, establishing correspondent relations, signing supervisory agreements, opening joint accounts, holding training courses and exchanging experiences in the post-JCPOA (Joint Comprehensive Plan of Action) era, said the governor of the Central Bank of Iran in a message to the 15th annual General Assembly of IFSB.

IFSB Annual Meetings and Side Events 2017, which opened on Tuesday in Kuala Lumpur, Malaysia, was co-hosted by the Central Bank of Iran and Bank Negara Malaysia.

Valiollah Seif also said he was “honored” that CBI assumes the IFSB chairmanship for the second term since its establishment in 2002, CBI’s website reported.

“In recent years, CBI has tried to contribute to IFSB meetings, seminars and working groups. It also attempts to implement the IFSB standards in the banking system of Iran,” he added.

CBI Vice Governor Akbar Komijani was a keynote speaker at the event.

The Central Bank of Iran is one of the founding members of the Islamic Financial Services Board.

The Kuala Lumpur-based IFSB was officially inaugurated on Nov. 3, 2002 and started operations on March 10, 2003. It serves as an international standard-setting body of regulatory and supervisory agencies that ensure the soundness and stability of the Islamic financial services industry, which is defined broadly to include banking, capital market and insurance.