Islamic Banking Conference Opens in Tehran
The two-day event, which is underway at the IRIB International Conferences Center in Tehran, aims to discuss three decades of interest-free banking in Iran and the future of Islamic banking, IRIB News reported.
Iran's Economic Affairs and Finance Minister, Governor of Iran's Central Bank, a number of parliament members and financial and banking experts from Iran and several other countries will deliver speeches at the conference.
Islamic Banking is a form of modern banking based on Islamic legal concepts and principles. It is a rapidly growing phenomenon in the global financial markets.
Islam’s strong prohibition of usury or Riba is seen as a new foundation for a healthy banking system and consequently a sustainable economy.
Other Islamic principles like zakat and waqf or endowments have potential economical functions.
International Financial Services Authority estimates the assets controlled by Islamic banks at the global level to be around 500bn dollars which is growing at a pace of 10-15% per year.
Experts believe with about 1.5 billion Muslims worldwide Islamic financial and economic model seems to be a feasible solution for the future.
