A critique on the Unification of Bank Contracts by the Central Bank: Theoretical Foundations and Practical Dimensions

Articles in Press

Document Type : Research Paper

Authors

1 Department of Private Law, Faculty of Law and Political Science, University of Tehran

2 Department of Private and Islamic Law, Faculty of Law and Political Science, University of Tehran, Iran

Abstract

Unification of Central Bank Contracts in Islamic Republic of Iran has been prescribed by the Act of Continuous Improvement of Business Environment in March 2012 of the Islamic Parliament. According to its article (23) The Central Bank of 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 both 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.

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Comparative Law Review

Articles in Press, Accepted Manuscript
Available Online from 26 November 2024

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