Criticism of Law and Plan of Interest-Free Banking Operation

Document Type : Research Paper

Author

Department of Energy Law and International Trade, Department of Law, College of Farabi, University of Tehran, Qom, Iran

Abstract

The economy section of the constitution of Islamic Republic of Iran requires that the system of banking, as the heart of economy of the country, be changed.  Therefore, the law of "interest-free banking operation" was passed in 1983 and as for the law it gained a new form by mobilizing and allocating resources. It is hoped that establishment of a correct banking and monetary system can cause proper economy growth, removal of poverty and unemployment, curbing inflation, booming capital market, and decreasing money market. And it can show a successful pattern of interest-free economy measures in the modern world. A less complicated evaluation of the performance of the banking system indicates that unfortunately it could not practically achieve the expected aims stipulated in the law. What is the problem? Whether the executive regulations are not in harmony with the law, or the sample contracts based on regulations are not in agreement with the law or other laws are not in harmony with this law. After good studies and researches, a complementary plan is proposed by the honorable representatives of the tenth Islamic Parliament to replace it. Can this plan remove its possible shortcomings and complete its advantages? The considered supervisory authority can resolve problems. The Present article discusses the above-mentioned matters. In addition, this issue has been delayed for a while. Now that the plan is to be passed, it sounds that a number of shortcomings are removed and by the prevision of the supervisory authority and the new capabilities, the problem is removed which will be discussed in another time.

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References

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Religious Researches
Volume 19, Issue 3
October 2023
Pages 219-235

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History

  • Receive Date: 29 May 2023
  • Revise Date: 23 July 2023
  • Accept Date: 06 August 2023

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