Shariah Framework of Banking laws based on the Opinions of Jurists of the Guardian Council

Document Type : Original Article

Authors

1 MSc. Student, Faculty of law, Imam Sadiq university, Tehran, Iran

2 Ph.D. student, Faculty of theology, Imam Sadiq university, Tehran, Iran

3 Assistant Professor, Guardian council research institute, Tehran, Iran

Abstract

Studying and explaining the approach of the jurists of the Guardian Council in examining banking regulations and related legislation, in addition to theoretical benefits, can familiarize ordinary legislators with the perspective of this institution regarding the Sharia framework of banking laws. Consequently, by assisting lawmakers in drafting banking laws, it can shorten and expedite the legislative process due to reduced back-and-forth between the Parliament and the Guardian Council. The main question of this research is to examine the practices of the Guardian Council and extract instances where the jurists of this council have deemed banking regulations incompatible with Sharia principles. Based on descriptive-analytical research, the jurists of the Guardian Council have identified several issues in their Sharia review of the banking regulations of the Islamic Consultative Assembly, including: 'expedited judicial proceedings for specific lawsuits,' 'limitations on legal complaints against supervised credit institutions,' 'the inability to annul or invalidate the actions of the supervisory board,' 'enumerating the duties of the Central Bank Governor and exercising the Central Bank's powers without adherence to laws and Sharia principles,' 'using endowment properties without regard to the endowment deed,' 'the lack of Sharia and judicial competence of non-judicial authorities,' 'the absence of conditions of trustworthiness and honesty for banking officials,' 'the impossibility of judicial objection and litigation,' 'absolute surveillance and access to individuals' information,' 'contrary to public interests,' 'retroactive application of rulings,' 'usury,' and 'disproportionate crime and punishment.' Therefore, it is necessary for the legislator to pay attention to these mentioned jurisprudential objections while drafting banking laws.

Keywords

Main Subjects

References

References
Books
Holy Quran
Abu Dawood, S. (1420 AH). Sunan Abu Dawood .Cairo: Dar Al Hadith.
Cultural department of Qom seminary teachers community (1381). Riba, the historical background of Riba, Riba in the Qur'an and Sunnah, types of Riba and escaping from Riba. Qom: Islamic Propaganda Office.
Heshmati Moulai, H. (1371 sh). Islamic contracts and its expansion in Islamic banking. Tehran: Research Institute of Money and Banking.
Hoggson, N. (1926). Banking through of the ages. New York, NY: Dodd, Mead & Company.
Ibn Hanbal, A. (1416 AH). Musnad al-Imam Ahmad bin Hanbal. Beirut: Al-Rasalah Institute.
Kamijani, A. (1373). Appropriate monetary policies of Tehran, Economic Vice President of the Ministry of Economic Affairs and Finance. Tehran: Research Institute of Money and Banking.
Madani, J. (1361). Contemporary political history of Iran. Qom: Islamic Publications Office affiliated with Qom Seminary Teachers' Society.
Mishler, L., & Cole, R. (1995). Consumer and business credit management. Homewood: Irwin.
Mohammadi, and (1345). Iranian Banking Organization. Tehran: Higher Institute of Accounting.
Motamedi, M. (2019). Comprehensive textbook of commercial law. Tehran: Andishe Arshad.
Mujtahid, A. (2008). Money and banking and financial institutions. Tehran: Research Institute of Money and Banking.
Najafi, M. (1362). Jawaharal Kalam in the explanation of the laws of Islam. Beirut: Dar Ehiya al-Trath al-Arabi.
Nasiri, M. (1338). Thirty-year history of National Bank of Iran. Tehran: National Bank of Iran.
Nouri, M. (1320). Mustadrak al-wasael and mustanbat al-masael. Qom: Al El Bayt.
Ravas Qala J, M. (1384). Al-Musawat Al-Fiqhiyyah Al-Misra. Beirut: Dar al-Nafais.
Sheikh Mufid, M. (1410 AH). Al-Maqnah. Qom: Al-Nashar al-Islami Institute.
Sobhani Tabrizi. J. (1421 AH). Manshor Javid. Qom: Institute of Imam al-Sadiq (peace be upon him).
Sotoudeh Tehrani, H. (1382). Business Law. Tehran: Judge Publications.
Tabibian, M. (1365). Macroeconomics, theoretical principles and its application. Tehran: Reflection.
Tusi, M. (1387). Al-Masbut. Tehran: Al-Mortazawi Library for Revival of Al-Jaafriya Antiquities.
 
Articles
Akbari, A. (1361). "The role of Qarz al-Hasna fund in Islamic economy and its relation with Islamic bank", in the seminar on Islamic banking issues (November 19 - December 7, 1989: Tehran)
Qaim Manesh, A. (1402). Principles and rules governing stock exchange transactions. Legal civilization, volume 6, number 14, pp. 109-122
Sadr, K. (1366). Money and monetary policies at the forefront of Islam. Islamic Economy Seminar, with the cooperation of Iran, Pakistan, Türkiye, Tehran: Al-Zahra University.
Public Law Knowledge Quarterly
Volume 13, Issue 4 - Serial Number 46
December 2024
Pages 83-102

Files

History

  • Receive Date: 04 May 2024
  • Revise Date: 29 May 2024
  • Accept Date: 07 September 2024

Share

How to cite

Statistics