Islamic Banking Blueprint Devised

A blueprint of Islamic banking has been devised by the Monetary and Banking Research Institute at the request of the Central Bank of Iran Governor Valiollah Seif. The blueprint has been drafted “with the aim of extending the banking system’s compliance with Sharia [Islamic law]”, Ali Divandari, the institute’s head, who announced the news at a meeting with the chief executive of Qarzol-Hasaneh Mehr Iran Bank, MBRI’s official news portal reported. The bank signed three agreements with the research institute for boosting Islamic banking efforts. The qarzol-hasaneh bank was founded 10 years ago with the aim of becoming the first Iranian bank specializing in interest-free, Sharia-compliant micro-banking, capital management and lending.