CBI ready to prepare more Islamic contracts

The Central Bank of Iran can prepare new banking contracts to address religious concerns of all five branches of Sunni Islam, an official with the bank said on Sunday.

“There is no difference between Islamic religions (Sunni and Shiite) in terms of usury and transaction-related issues, but we are ready to prepare contracts more compatible with theoretical concepts respected by Sunni Muslims,” said Abbas Mousavian, juridical council manager of the CBI.

The official said he believes new banking regulations are required to be well-matched with both the Islamic banking system and the modern economy, adding that usury has always been disastrous for the economy of both Islamic and non-Islamic societies.

“The new regulations ultimately aim to eradicate poverty, distribute wealth equitably and create employment through elimination of usury in the Islamic banking system,” IRNA quoted him as saying in a banking conference held on Sunday in Sistan and Baluchestan Province.

By Financial Tribune