Abstract
Islamic finance is an old concept but a very young discipline in the academic sense. It lacks the required extent and level of theories and models needed for expansion and implementation of the framework provided by Islam. In these circumstances, unawareness and confusion exist as to the form of the Islamic financial system and instruments. The main difference between the present economic system and the Islamic economic system is that the later is based on keeping in view certain social objectives for the benefit of human beings and society. Islam, through its various principles, guides human life and ensures free enterprise and trade. That is the reason why the conventional banker does not have to be concerned with the moral implications of the business venture for which money is lent.
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Notes
Free interest banking in convergence with international banking; 19 congress of Islamic banking articles; Iranian high educational complex of banking, Tehran, 2004.
Ibid, pp. 123–127.
Ibid, pp. 34–39.
Articles presented to 18 congress of Islamic banking, Central Bank of Islamic republic of Iran publisher, Tehran, 2007, p. 134.
First Iranian financial institution (After Islamic revolution) established in 1994.
Ibid, p. 46.
Ibid, p. 79.
Ibid, p. 64.
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Zarrokh, E. Iranian Islamic banking. Eur J Law Econ 29, 177–193 (2010). https://doi.org/10.1007/s10657-009-9116-8
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DOI: https://doi.org/10.1007/s10657-009-9116-8