Iran contributing to Islamic banking system

Governor of the Central Bank of Iran (CBI) Valiollah Seif underlined that Iran has greatly helped to the development of the Islamic banking system by basing its financial activities on Sharia law model.

"Iran has provided the Islamic bank with assets worth $1.5billion," Seif said , addressing the opening ceremony of the 27th Conference on Islamic Banking in Tehran.

The CBI governor underlined that a global potential market comprising 2 billion people are enjoying the services of the Islamic bank.

The event mainly focused on compiling the bills of 'Iran Banking' and 'Central Bank of Iran' aimed at describing the challenges and opportunities of the country banking system and interaction of usury-free banking with international monetary institutes, Farsnews reports.