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islamic finance

Subject :

Iranian banking system - case study of an interest free banking experience (1983-2008), part 2

keyword :

iranian banking, islamic finance, part 2

Description :

In the last issue Dr. Julien Pélissier presented in an article the legal definition of the prohibition by the Islamic jurisprudence as well as a study of regulatory environment of the prohibition of usury in Iran. In this issue Dr. Julien Pélissier discusses Sharia- compliance assessment of the post- revolution Iranian banking system and problems arising from state- ownership of the banks. No attention is paid to the general banking architecture, nor to freemarket constraints for its functioning. The legal relationship between the bank and its customers is one of power of attorney given by the depositor to the bank in order for it to have business with the entrepreneur. On the resource collection side, for current, savings and investment deposits, the bank becomes debtor of the depositor whereas it is its agent on the resource allocation side. On the resource lifting side, deposit accounts (excluding qarz al-hasana deposits) are promised profit "ala al-hissab" but with a quasi certainty of payment and a very little variation from the percentage announced by the banks.


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