Majlis Starts Debate on Contentious Banking Bill 

The Majlis on Sunday began debating a controversial banking bill amid mounting concern by experts about the potential flaws that could undermine the central bank.
Backed by parliament, the bill is inclusive, dubbed the “Comprehensive Islamic Republic Banking Bill” and seeks to incorporate four key banking rules, namely Monetary and Banking Act, Law for Usury Free Banking, Management of Banking Affairs Act and the Law for Establishing Nongovernment Banks.
Lawmakers started the discussions despite persistent calls by economists and monetary experts to wait and first let a CBI-initiated bill be presented for deliberation. The latter argue that the legislature did not seek the government’s opinion in drafting the key legislation.