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Scope and responsibilities of the Central Bank of the Islamic Republic of Iran (CBI) have been defined in the Monetary and Banking Law of Iran.Iran’s banking system adhered to the new Islamic rules that prohibit earning or paying interest.No goods or services are exchanged as part of these contracts and banks rarely assume any Commercial Risk.
In modern banking, the British first opened the Imperial Bank of Persia in 1889, with offices in all major cities of Persia and India.
It was established in 1885 with a concession from the government of Persia to Baron Julius De Reuter, under a Royal charter from Queen Victoria.
The importation of goods, issuance of documentary credits and registration of orders for documentary bills of exchange for imports are also done in accordance with the policies of the Central Bank.
It is a member central bank of the Asian Clearing Union.
Details of these contracts and related practices are outlined in the Iranian Interest-Free banking law and its guidelines.
Examples are: According to the IMF, Islamic banking forbids pure monetary speculation and stresses that deals should be based on real economic activity and therefore poses less risk than conventional banking to the stability of financial systems.
In practice, the ability of the banking system to create money is not much constrained by the amount of scriptural money through fractional reserve banking.
Indeed most banks first extend credit and look for reserves later.
The first attempt at introducing paper currency in Iran occurred during the Mongol Ilkhanate of the 13th century CE.
The innovation, developed in Song Dynasty China, did not take hold in Iran, and paper currency did not return to Iran in any significant manner for several centuries.
CBI maintains a museum of historic and ancient jewelry owned and used by the ex-kings of Persia.