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Iran to enjoy chairmanship of Islamic finance body IFSB in 2017
a move that could help align practices in the country’s banking system with peers across Asia and the Middle East.
Shut out of the global system by sanctions, Iranian banks are eager to resume business with foreign lenders with deals ranging from funding infrastructure to ensuring foreign trade.
Years of isolation have led the country to develop practices that can contrast with those in other Islamic financial centres, but a prominent role within the Kuala Lumpur-based IFSB could help narrow those differences.
The IFSB Council said late on Wednesday it had appointed Iran’s central bank governor Valiollah Seif as chairman effective from Jan. 1, with Bangladesh Bank governor Fazle Kabir as deputy chairman.
The IFSB is one of the main standard-setting bodies for Islamic finance, setting prudential guidelines covering areas including governance, capital adequacy and liquidity risk management.
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