A New Paradigmatic Model for an Efficient and Effective Regulatory Governance in Iranian Banking Network

With regard to the need for improving international relations, exchanges and cooperation in the Iranian banking system after lifting the sanctions, banking supervision is expected to enhance and implement the latest banking standards and requirements so as to facilitate the engagement of foreign banks and investors in the country, which in turn would pave the way for Iranian involvement in the international arenas. This will not be realized unless legal, institutional and regulatory measures are taken within the banking system aimed at building a proper business environment. This study attempted to develop a conceptual model for regulatory governance over Central Bank of Iran in line with enforcement of the 20-Year Vision and the general policies of Resilience Economy. The methodology is based on a qualitative approach as well as Grounded Theory. The statistical population consists of 21 experts and specialists familiar with the banking and regulation literature selected through a judgemental sampling approach. In this study, data were collected using semi-structured interviews. Then, the data were analyzed through a coding technique derived from Grounded Theory using Atlasti. Finally, the dimensions of the new model were explained. The reliability and validity of the data were obtained through participant review and non-participant expert review, which were highly reliable. The core theme of this study was resilient regulatory governance, the dimensions of which were explained with regard to the causal and mediator conditions. Then, the strategies were developed and final model was presented. At the end, it was suggested that a resilient regulatory governance should be implemented through revising the laws and regulations, establishing the banking codes and regulation, designing an integrated financial policy system, institutionalizing an integrated financial policy system, reforming the banking sector, strengthening the banking supervision and expanding an appropriate banking conduct based on prescriptions of the Central Bank.