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Cleric demands for efficient Islamic banking system

20 December 2012 22:16

Member of the economic commission at Iran Parliament said the most important issue in Iran banking is the lack of a practical system and demanded for an efficient Islamic banking system in the country.

Seyyed Jalal Yahyazadeh, Member of the economic commission at Iran Parliament in an exclusive interview with Taqrib News Agency (TNA) criticized the non-Islamic nature of Iran banking system and called providing a definition of Islamic banking system as a priority of the economic commission at Parliament.

He expressed regret that in the present system money circulation is not to the benefit of production system which might be the most important issue in the present banking system.

When asked on leading the budgets towards investments and not bank loans, he said,” Distribution of money is to a great extent through unhealthy relations of some people with the banks particularly through brokerage.

He referred to passing the bill for interest-free banking system of the country in 1983 and said,” The most important issue in performing an interest-free banking system or any Islamic banking system is lack of a proper system to perform the laws; therefore, before anything an efficient system for Islamic banking has to be defined so that it is practiced when a better law is approved.

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