Tehran, Dec 28, IRNA

Iran says is ready to cooperate with the Islamic Development Bank (IDB) in establishing equal and similar principles of Islamic banking on the basis of Shia and Sunni jurisprudence for all the members.

Governor of the Central Bank of Iran Valiollah Seyf and President of the Islamic Development Bank (IDB) Ahmad Mohamed Ali Al-Madani on Monday stressed creating a group to establish the principals. Al-Madani is in Iran to take part in Mustafa Prize ceremony. The Mustafa Prize, the Muslim world's most prestigious award in science and technology, were awarded to 60 top Muslim scientists in a ceremony in Tehran. Seif said: "In Iran, the Islamic banking system is based on Shia jurisprudence while in other Islamic countries the system is according to Sunni jurisprudence."

"As most of these states hold common jurisprudence basics, the experts of two sides should use the commonalities as a basis for equal Islamic banking principles by cooperating with IDB", he added. Seif also thanked Al-Madani for his trip to Iran and his attendance in Mustafa Prize ceremony. said, Moreover deputy governor of Central Bank of Iran Ali Akbar Komijani expressed his contentment over IDB's cooperation in providing currency of Haj pilgrims last year and hosting the latest session of the Islamic Financial Services Board (IFSB).

Emphasizing on enhancing cooperation between the Central Bank of Iran and IDB, particularly in the field of education and research, Komijani said: "IDB financing of Iranian projects, has been slowed down in the past recent years which we hope will be solved in the future." Mohamed Ali Al-Madani welcomed the suggestion of Seif and said: "As the Islamic Development Bank (IDB) belongs to all the Muslims, a Sharia committee was established in the bank and representatives of all schools of Islamic jurisprudence were invited to take part. From Iran Ayatollah Taskhiri has an active participation." He also added that more investments should be made on Mustafa Prize and announced IDB's interest in the prize and urged more Iranian banks to invest and participate.

© IRNA 2015