A Critique on the Unification of Bank Contracts by the Central Bank: ‎Theoretical Foundations and Practical Dimensions with a Comparative ‎Perspective ‎

Document Type : Research Paper

Authors

1 Faculty of Law and Political Sciences, University of Tehran, Tehran, Iran

2 Department of International Trade and Economic Law, University of Tehran, Tehran, Iran.‎

Abstract

Unification of Central Bank Contracts in the Islamic Republic of Iran has been prescribed by the Act of Continuous Improvement of the Business Environment in March 2012 of the Islamic Parliament. According to its Article (23), the Central Bank of the Islamic Republic of Iran was charged with the obligation of unification of bank contracts. In this paper, we are about to assess the project of unification in order to figure out its strengths and weaknesses. According to our study, the project of unification has not proved an enduring success, since it is not working in favor of the weaker side of the contracts, i.e., bank customers; hence, there is no balance between the two sides. Nevertheless, from our standpoint, this is not the only attributable defect to the mentioned project. An assessment in detail is rendered, and a couple of solutions to overcome the weaknesses are proposed in this paper in order to reach an acceptable survey.

Keywords

Main Subjects

References

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  1. C) Interviews
  2. Interview with Mr. Dimitri Bianco, Head of Risk Management at Santander Bank, Dallas, United States of America.
  3. Interview with Mr. Ibrahim Saad Abdelaziz, Executive Director and Head of Sharia Audit Unit at Al-Ezz Islamic Bank, Oman.
  4. Interview with Mr. Mohamed Omar Mohamed Elamin, Senior Islamic Banking Researcher and Financial Analyst at the Central Bank of Sudan.
  5. Interview with Mr. Muhamad Syarafi Azmi, Assistant Legal Manager for Islamic Banking at RHB Banking Group, Malaysia.
  6. Interview with Mr. Rizwan Ahmed, Islamic Banking and Sharia Compliance Specialist in the Islamic Republic of Pakistan.
  7. Interview with Mr. Shabeer Qadri, Senior Analyst at Bank of America, Varanasi, India.
  8. Interview with Ms. Zhanna Aylanjyan, Customer Affairs Manager at Ameria Bank.
Comparative Law Review
Volume 16, Issue 1 - Serial Number 31
Spring & Summer 2025
June 2025
Pages 263-281

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