By Alireza Hojjatnia Iran has been among the first nations to implement Islamic finance schemes, specifically on its banking sector by applying the usury-free legislation in 1983. Considering the standard framework adopted such as employing Sharia-compliant instruments both in Islamic and global markets, however, Iran falls behind in comparison with the international Islamic banking and […]

The Central Bank of Iran announced on Wednesday that foreign exchange resources and expenditures are under full control and the banking system is prepared to meet all the hard currency needs of the country. CBI issued the statement in the wake of the much-criticized unilateral decision by US President Donald Trump on Wednesday to exit […]

Market News – Finally, after rounds of pointless speculations, last night the US president announced his country’s withdrawal from JCPoA. Agah Group analysts broke down its aftermaths on Iran Capital Market. Short term vision is range bounced sessions with no targeted ups and downs waiting for EU response. Meantime, the administration shall devaluate IRR gradually in order […]

Officials from Iran, China and the Philippines agreed to develop economic ties after the historic 2015 nuclear deal that put an end to a decade of international sanctions on Iran’s economy. “Iran’s economy is now ready to welcome foreign investments,” ISNA on Tuesday quoted the vice governor of Central Bank of Iran, Akbar Komijani, as […]

Market News –In its attempts to reintegrate into the global economy by re-engaging the FATF and getting off its so-called blacklist after implementing the JCPoA, the Iranian parliament members voted “Ay” to a general reform plan for counter-terrorism financing standards with regards to FATF standards, details to be discussed on the session tomorrow or next Sunday. – The head of […]

Four special committees are pursuing the liquidation of the last remaining illegal credit institutions and their main task is to identify the assets of these entities for auction, a deputy Majlis speaker said. Masoud Pezeshkian also told ICANA, the parliamentary news website, that the four committees include representatives of the government, judiciary, credit institutions and […]

Bangladesh Bank Governor Fazle Kabir has been elected the rotating president of Islamic Financial Services Board, the international body setting standards and offering guidance for Islamic banking, for 2019. The decision was made on May 3 during the IFSB Annual Meetings and Side Events 2018, hosted by the Central Bank of Kuwait, the Central Bank […]

Croatian Minister of Economy Martina Dalic called for closer cooperation to facilitate banking ties with Iran, describing them as critical to the expansion of bilateral trade. “Banking and financial problems pose a major barrier to the promotion of economic relations and we should figure out a solution quickly,” Dalic told the Central Bank of Iran’s […]

Market News – The Central Bank of Iran announced the halting of Gold coin presales with different maturities, stressing that there is no limitation with regards to the nation’s gold reserves; this body is determined to continue its oversight over the market and in case needed, it will intervene either through auctions or presales. Over the last […]

The Central Bank of Iran has delayed until September the implementation of a new scheme to streamline its check-processing system to give banks more time to adapt, a central bank official said. Dubbed “Sayyad”, the new system is aimed at improving the security features of checks and add a two-dimensional barcode containing much of the […]