The Iranian Model of Islamic Banking: Present State and Criticism
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Until 1979 the Iranian banking system was dominated by Western banking system, and many international joint-venture banks prospered. After the Islamic revolution, all the private banks were nationalized and a 4 to 8 percent minimum profit rate replaced interest on the deposits, but no fundamental change was brought into the banking system. Almost two decades after the revolution, the usury-free banking was introduced to Iranian financial system. The new system operates on a method that employs the concept of participation in the enterprise and utilizing the funds at risk on a profit-and-loss-sharing basis and an alternative to interest-based conventional banking. This paper attempts to explain how Iranian model of Islamic banking works,and discuss some controversial issues surrounding its compatibility with Islamic legal principles.
Abstract
Until 1979 the Iranian banking system was dominated by Western banking system, and many international joint-venture banks prospered. After the Islamic revolution, all the private banks were nationalized and a 4 to 8 percent minimum profit rate replaced interest on the deposits, but no fundamental change was brought into the banking system. Almost two decades after the revolution, the usury-free banking was introduced to Iranian financial system. The new system operates on a method that employs the concept of participation in the enterprise and utilizing the funds at risk on a profit-and-loss-sharing basis and an alternative to interest-based conventional banking. This paper attempts to explain how Iranian model of Islamic banking works,and discuss some controversial issues surrounding its compatibility with Islamic legal principles.
참고문헌 (10)
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