Comparison and Analysis of the Experience of Sharia Supervision for Islamic Banking in other Countries: Lessons for Iran

By comparing the experience of Sharia supervision in different countries، this paper tries to analyze their similarities and dissimilarities. In addition، after reexamining the interest-free banking system in Iran، it tries to provide a short-run، middle-run and long-run plan for the application of the Sharia supervision in Iranian Islamic banking system. Finally، the merits and demerits of the establishment of the Sharia supervision in Iranian banks are highlighted and solutions for probable challenges are provided. The results show that the Sharia supervision is possible and can help the Iranian Islamic banks and financial institutions to strengthen the accordance of their activity with Islamic rules and principals. In addition، the establishment of Sharia supervision in banks can be considered as part of the banking system evolution plan which is to be put in action in near future.