Tehran, Kuala Lumpur Draft Banking Coop. Agreement

The Islamic Financial Services Board (IFSB) Annual Meetings and Side Events 2017 was held in Kuala Lumpur, Malaysia on April 04-06, co-hosted by the Central Bank of the Islamic Republic of Iran and Bank Negara Malaysia. Dr. Valiollah Seif, Governor of Central Bank of the Islamic Republic of Iran was the Chairperson of the IFSB for 2017.

The meetings brought together the key stakeholders of the Islamic financial services industry which include regulatory and supervisory authorities, industry and market players, multilateral organizations, academics, Islamic finance practitioners and members of the public.

In its 30th Meeting, held in Kuala Lumpur, Malaysia today, the Council of the Islamic Financial Services Board (IFSB) resolved to approve the Guiding Principles on Disclosure Requirements for Islamic Capital Market Products (Sukūk and Islamic Collective Investment Schemes) (IFSB-19).

The Council of the Islamic Financial Services Board (IFSB) has today resolved to approve the admission of one organization into the IFSB membership, an industry association as an Observer Member. The newly admitted Observer member is the Association for Development of Islamic Finance (ADIF), Kazakhstan.

IFSB also announced the retirement of its Secretary-General, Mr Jaseem Ahmed, effective 14 April 2017, after a six-year term at the helm of the international standard-setting organizations for the Islamic financial services industry.

The Council of the IFSB in its 30th meeting on 6 April 2017, held in Kuala Lumpur, launched measures for the appointment of a new Secretary-General, while appointing the Assistant Secretary-General (Technical & Research) Mr. Zahid ur Rehman Khokher as the Acting Secretary-General of the IFSB effective 15 April 2017.

Also on the sidelines of IFSB meetings, Deputy Governor of the Central Bank of Iran (CBI) Akbar Komeijani met and talked with his Malaysian counterpart Encik Shaik Abdul Rasheed. Draft of an MoU for banking cooperation between the two sides was finalized during the session and will be inked by governors of Iranian and Malaysian central banks.

Iran’s Komeijani, while appreciating satisfactory cooperation of the Central Bank of Malaysia in hosting the IFSB annual meeting and its upcoming summit to be held in December 2017, said “considerable economic and trade capacities exist for expansion of ties between the two countries though banking relations can facilitate the process.”

The official pointed to eagerness of some Iranian banks to make presence in Malaysia following removal of international sanctions against the country stating “presence of Iranian banks in the Southeast Asian country requires following up their requests.”

“Draft of a cooperation agreements for banking ties between has become finalized between Iran and Malaysia and will be signed by governors of their central banks in the near future,” he concluded.

Originally published on en.mehrnews.com