We have far to go for having Islamic banking system

Chairman & CEO of Bank Melli Iran, Abdolnaser Hemmati in an in an interview with Taqrib News Agency (TNA) on the sideline of the 20th Exhibition of Press and News Agencies stressed the existing loopholes in forcing the rules related to Islamic Banking system, both in the management area and rules.

“We believe that our banking system is interest-free, while there are some problems in the statute of formed rules in this realm, all of which were approved in 1362,” said Hemmati.

“Some rule refinements are about to come into force, and each year officials talk over the case;” pointed out Chairman & CEO of Bank Melli Iran, stating all the same, unfortunately no practical steps was taken thus far.

“Our banking system is interest-free but we still have far to go to have an Islamic system,” Hemmati underscored.

Elsewhere in his remarks, the economic face stressed, “The better we implement the rules, the better results we get in having an Islamic banking system.”

Iran banks make investment in economic area and for offering and forwarding plans and according to Abdolnaser Hemmati this is what we call banking system without lucre and interest.
/SR