European Journal of Law and Economics

, Volume 29, Issue 2, pp 177–193 | Cite as

Iranian Islamic banking

Article

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.

Keywords

Islamic banking Iranian law MUSHARIKA MURABIHA QARDE AL’HASANA IJAREH MUDARABA 

JEL Classification

E5 E42 E58 G21 K12 

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Copyright information

© Springer Science+Business Media, LLC 2009

Authors and Affiliations

  1. 1.Islamic Law & Attorney at LawKermanshahIran

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