Transformation of the jurisprudential department of the Central Bank from an advisory council to a supervisory council / We do not yet have an Islamic banking law

According to the Fars News Agency Economic Group, Amir Yousefi Moghaddam announced in a press conference today that the 7th Islamic Financial Conference will be held by the Islamic Financial Association on Monday, January 18 at the Central Bank: The Islamic Financial Association since 1994 Hemmat Salehabadi, the late Mousaviyan, Mesbahi Moghadam, Rahnama Rudposhti, Aghanazari and Ali Saghafi were launched and so far 6 Islamic financial conferences have been held, the seventh Islamic financial conference will be held on Monday next week at the Central Bank.

Yousefi Moghaddam also said: “Holding master’s and doctoral courses in business management called MBA and DBA in agreement with Imam Sadegh (AS) University, as well as the Exchange Organization, Islamic Financial Center and Islamic Financial Institute of Malaysia will be held. Training courses have been held that give participants a Persian and English degree in business management.

He also said: The website of the Islamic Financial Association has introduced 300 books and 600 Persian scientific articles to introduce books on Islamic finance and English Shalam articles.

He said: “Also, the approvals of the jurisprudential committee of the stock exchange and the jurisprudential council of the Central Bank will be posted on the website of the Islamic Financial Association. Will be placed on this site.

According to him, 10 jurisprudential and non-jurisprudential courses have been held by the Islamic Financial Association so far.

The Secretary of the Islamic Financial Association described the focus of the Seventh Islamic Financial Conference as the Mysteries of Global Experience and the Islamic Approach. 23 articles were sent to the Secretariat, 16 articles were accepted and published in scientific and research journals. Islamic is published.

Yousefi Moghaddam, in response to the question why, despite the jurisprudential committee of the stock exchange and the jurisprudential council of the Central Bank, people still do not feel that a fundamental change has taken place in the stock exchange or the bank, said: He did not have the duty to supervise and the managers of the Central Bank did not try to evaluate the jurisprudential issues in the Central Bank. For about three years now, the jurisprudential department of the Central Bank has been transformed from an advisory council to a supervisory council.

He also said: “At the beginning of the revolution, the law on interest-free banking was drafted and the Islamic banking law has not been prepared yet, and the jurisprudential council has only gained supervisory power for two years, and the meetings of this council are being held more seriously.” Since Mr. Salehabadi has been at the Central Bank, meetings of this council have been held every week.

The secretary of the Islamic Financial Association also said: “In the field of banking contracts, sometimes people’s lack of knowledge causes them not to study or understand banking contracts and confuse attorney contracts with loan contracts, while these types of contracts are different from each other.” Therefore, the country’s banking should move in the direction of reforming banking practices.

He also said: “According to the theological jurists of Qom, the jurisprudential committee of the Exchange Organization is used, as well as the opinions of economists, lawyers and financial experts are used in this committee to clarify the issue for the members of the jurisprudential committee.”

According to him, the role of the Guardian Council in the approvals of the parliament, the jurisprudential council of the Central Bank and the jurisprudential committee of the Exchange Organization are also responsible for these two financial groups.

The secretary of the Islamic Financial Association also said about the use of endowment property and funds in financial instruments: endowment was used as an Islamic financial instrument in the market and the first endowment bonds were issued in the Iranian capital market, but still about the use of sharia funds such as khums Zakat has not been taken effectively in the Islamic financial market.

According to Yousefi, the only country whose entire financial system is based on Islamic instruments is Sudan, but other countries, such as Bahrain or Malaysia, have two types of Islamic financial systems and the conventional financial system.

He said: “Although Islamic instruments are stronger and more in Iran’s financial system, but financial instruments are better known in Malaysia because firstly English is the second language of Malaysia and that country is not under sanctions, so it has been able to introduce itself to the world and we We have not yet been able to introduce our financial instruments to the world.

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