Sep 1, 2014, 9:46 AM
News Code: 2736029
0 Persons
25th Islamic banking confab opens in Tehran

Tehran, Sept 1, IRNA - The 25th Conference on Islamic Banking opened in Tehran in the presence of Minister of Economy and Finance Ali Tayyebnia, Governor of the Central Bank of Iran (CBI) Valiollah Seyf and several high-ranking officials.

The two-day conference will mainly focus on the "Critical Review of Three-Decades of Usury-Free Banking in the Islamic Republic of Iran and Worldwide".

Several topics such as deficiencies, solutions and plans for future improvements based on Islamic principles will also be discussed during the event.

Islam’s strong prohibition of usury or Riba in particular is seen as a new foundation for a healthy banking system and consequently a sustainable economy.

In recent years Islamic Banking for example, has been tried with some success in some of Muslim and non-Muslim countries. International Financial Services Authority estimates the assets controlled by Islamic banks at the global level to be around $500 billion which is growing at a pace of 10%-15% per year.