Deputy Governor's Speech on opening day of IFSB/CBI Banking Workshop

Tehran (CBI PR dept.) – CBI Deputy Governor, Dr. Komijani addressed the guests and representatives of IFSB in the training workshop held in the Central Bank of the Islamic Republic of Iran. CBI is the periodic Chair of Islamic Financial Services Board in 2017.

In the name of Allah

At the very outset, I would like to express my sincere greetings and gratitude to all esteemed instructors of this workshop who are representatives of the Islamic Financial Services Board (IFSB). In addition, I do appreciate the efforts made by the dean and staff of Iran Banking Institute as well as my colleagues from the public relations department of the Central Bank of Iran (CBI) to hold this event.
As you may know, the IFSB is a standard-setting agency with nearly 190 members whose functions are much like those of Basel Supervision Committee, International Organization of Securities Commissions (IOSCO) and International Association of Insurance Supervisors (IAIS). IFSB is involved in Islamic banking, capital market and insurance with an ultimate goal of promoting soundness and the stability of Islamic finance industry.
The Central Bank of the Islamic Republic of Iran is one of the founders of IFSB and based on its article of association has been a permenant member of its pillars since 2002. CBI is also chairing IFSB for the current year on periodic terms.
CBI has attempted to demonstrate more effective interactions with IFSB in recent years and actively participates in its General Assembly and Council meetings. It has also sought the training capabilities of IFSB so as to promote the knowledge and expertise of its staff. At the time being, three people from CBI are among the members of IFSB standard setting team. Another expert from our supervision department will be nominated to join a new IFSB team soon.
Moreover, CBI is actively involved in the plan for collection of Prudential and Structural Financial Indices (PSFIs) and provides IFSB with a continuous flow of releasable general data and information about the Iranian banking system. The data are intended to be published and utilized in the IFSB reports and documents.
CBI feels committed to observe IFSB guidelines and standards in its supervisory regulations. For instance, the guideline for calculation of base capital and capital adequacy in credit institutions which was introduced recently is based on IFSB Document No. 15. The regulations for minimum requirements of liquidity risk management (to be introduced shortly) have been devised in accordance with IFSB Document No. 12. Other IFSB documents have also been translated and presented to the Iranian banking network.
These workshops aim to facilitate the implementation of IFSB standards in member countries. We hope that this workshop will act as a turning point and a preliminary step towards more similar events in Iran.
I expect my own colleagues to take the best advantage of this opportunity and turn the workshop into an environment for exchanging ideas and making professional and specialized discussions.
Once again, I do appreciate all the organizers for their sincere efforts and wish a nice stay for our esteemed guests in Iran.
Akbar Komijani
CBI Deputy Governor
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