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Reform of Banking Laws and Regulations in Iran
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Since the 1979 Islamic Revolution, Iran has implemented Sharia-compliant banking and finance which makes it one of the few countries that has adopted Islamic banking. The post-war liberalization and privatization of the economy and subsequent deregulation had paved the ground for emergence of private banks and financial institutions which had been subject to strict government control and ownership of banks. Further reform of the banking sector included authorization for the establishment and operations of foreign-owned banks in Iran and ratification of international treaties for the reciprocal protection and promotion of capital investments. The most recent government reform plan concerning adoption of a comprehensive banking law aims to create a single regulator for the prudential regulation and supervision of banks and financial institutions. The implementation of the aforesaid banking reform will be instrumental for achieving a sound and safe banking system and restoring investor confidence in the Iranian banking and money markets.
Ardeshir Atai, Ph.D. (2011), University of London’s Institute of Advanced Legal Studies (IALS), is a lecturer in LLM International Economic Law at ATU. He is partner at Atai & Associates Law Firm. He has published articles on international investment and arbitration including Bilateral Investment Treaties: Substantive Principles and Standards (Journal of World Trade and Investment, 2013).
Reform of Banking Laws and Regulations in Iran
Ardeshir Atai
Abstract
Keywords
Introduction
1 Reforming Legal Systems for Economic Development
2 A Rule-Based Legal System for Banking and Money Markets
3 Banking and Monetary Policy in Post-revolution Iran – the Constitution
4 Law of Usury (interest) Free Banking Operations 1983 – Islamic Banking
5 Monetary and Banking Law of Iran 1972 – the Central Bank
6 Refinement of the Statutory Regime
7 Admission and Establishment of Private and Foreign Banks in Free Trade Zones
8 Authorization for Establishment of Non-government Bank
9 Establishment and Operation of Foreign Banks
10 Reform of Banking Regulations
Conclusion
Ardeshir Atai
Abstract
Keywords
Introduction
1 Reforming Legal Systems for Economic Development
2 A Rule-Based Legal System for Banking and Money Markets
3 Banking and Monetary Policy in Post-revolution Iran – the Constitution
4 Law of Usury (interest) Free Banking Operations 1983 – Islamic Banking
5 Monetary and Banking Law of Iran 1972 – the Central Bank
6 Refinement of the Statutory Regime
7 Admission and Establishment of Private and Foreign Banks in Free Trade Zones
8 Authorization for Establishment of Non-government Bank
9 Establishment and Operation of Foreign Banks
10 Reform of Banking Regulations
Conclusion
This title can be of interest to: university and academic researchers, lawyers, bankers, policy-makers, legislative drafters, law reform programmed at the international development banks, investors in the money markets, and students and researchers interested in Middle East studies and Islamic banking and money finance developing countries involved in negotiating bilateral investment treaties (BITs) for attracting foreign capital.