Critique of a non-usurious banking system


Scientific Advisory Board on the Review of the Crisis of the Rabba Banking System, on Saturday, March 4, 1397, was organized by the Islamic Economics Department of the Islamic Systems Research Institute and the Permanent Secretariat of the International Islamic Humanitarian Congress at the Institute’s Information Hall. 
In the following, the content of this scientific service is presented to you:

Dr. Hossein Eivazlou: 
I have presented a lot of articles in this regard so far, and my approach in this article is that I do not fully understand the emphasis on the phrase “without usury,” and I emphasize more on the Islamic economic system, and on that basis I have written an article. .

The article has a strong point and it is the result of a large research project. In my opinion, bank robbery can not even be systematized, since the system has a framework in which there is no such a system in a bankruptcy-free banking system.

Although we try to eradicate usury in banking, but that there is no emphasis on the lack of usury, this title has not made any progress over the years between 63 and 97, and it remains to be seen that it remains in the same paradigm.

The Islamic economic system replaces the
unbanked banking system in a non-fluctuating banking system, many of which are formally traded, and we have shown in our paper that the problem is that there is a potential for formalizing the nature of the law, and therefore the most important approach we follow in this article. We are going to raise this banking theory within the framework of the economic system.

The economic system is a combination of the foundations, mechanisms, relationships between variables based on the objectives of a system that includes the central and banking system, the banking system, legal entities, controls, registers, registers, government, software infrastructure, etc. in the system. While bankruptcy no longer emphasizes the elimination of usury, it does not recognize the institutions.

Some of the challenges of the unbanked banking system. The
most important discussion of our article is that the unbanked banking system only seeks for legal relationships between customers and the bank, the bank, the facility and the bank, and participation in contracts that are not within the framework of a comprehensive system of research and development. .

Also, the discussion of the unbanked banking system is not expressed in the framework of intellectual theory. On this basis, it is argued that the framework of the non-risk banking system has accepted conventional banking mechanisms, but it creates a change in the requirements for legal relations, which in this regard also has a theoretical critique It arrives.

The lack of clarification of the right and justice in the
unbanked banking system. The first discussion in our article is that the banking system without fluctuations, on the first level, seeks to establish a system of monetary and credit systems based on right and wrong in the first place, but the two institutions But in other ideas we have presented, we have shown that justice and justice can be expanded, and on the basis of these two institutions, the banking system can be extracted from the monetary system and credit, but it has not been paid much attention to the banking system without a rude.

The need for a lawless banking system to
correct the fact that we need to make corrections for the implementation of the lawless banking system, which is in progress with the plans we are proposing and we need to move towards an integrated and coherent law. In my opinion, we can connect the flow of provision and deposit with the basis of Islamic criteria, and create a structure that can be operationalized.

The need to determine the rate of interest based on the criteria of the Islamic economic system
One serious drawback is that accounts have been viewed in a single way and we have not seen the breakdown of accounts. In these 33 years we could go to the breakdown of accounts, but because they assumed that there was no problem, we did not go toward this separation.

Unfortunately, because our work in the banking system was not program-based, bank interest rates were determined in an orderly manner, while the mechanism for determining the interest rate should be based on the right and fairness as explained above, and we explained in detail in our article that the Succock’s determination of the rate of profit What is based on the Islamic economic system, while there is no such mechanism in the non-risk banking system and therefore the determination of the rate of profit with the right standard in this system is in conflict.

The weakness of the banknote-free banking system in the supervision of
the bankruptcy banking system has not affected the nominal economy and has not set the relationship between the real and nominal sectors, which, if done, would be a good contribution. Another part of the monitoring is the part that was not seen in the banking system without flood. And if that were the case, the economic structures would have been specially developed, and a problem with this structure would be the incompleteness of the problem.

Failure to interfere with the risk-free banking system in the behavior of the central bank.
Another problem with the banknote-free banking system is that it does not apply to the behavior of the central bank and is attributed to the behavior of the bank. Without a rude banking system, if it were involved in the money-creating mechanism, which is one of the central functions of the central bank, it would have been very helpful in reaching the Islamic economic system that this has not happened in the rules of the banking system without any flood.

The lack of attention to the bankruptcy banking system to the mechanisms of execution There is
another problem in the free banking system that is legal not to see this. The contradictions that exist in the mechanisms of the free banking system have created problems in the courts. Another problem that exists is that there is no attention to the structure and mechanisms of the banking system without usury.

The more complete point is that we are not solving our economic problems within the framework of the banking system without our money, and we should use the Islamic banking system instead of a zero risk banking system. If we went ahead with the Islamic banking system, we could solve all the above problems.

Jurisprudential criticisms of the non-usurious banking system
in the three sections are more detailed than the aforementioned. A section of the jurisprudential debate, the other part of the discussion of legal critique and the final part, is the theoretical critique.

In the discussion of jurisprudential jurisprudence, we have focused on the issue of equipping and allocation, which we said in equipping, the bank consumes current deposits as borrowing money, neither banks nor depositors pursuing charitable goals, and have demanded that they take deposits in a borrowed form. This has led to inefficiencies in the bank, and we have to use the term interest-free borrowing instead of borrowing money.

The next point is the savings accounts of the savings that are true. These accounts are considered as borrowing, but they have also used these profitable facilities and, for example, have awarded prizes such as lottery tickets that are inspired by the spirit of Islamic Banking in Contradiction.

The lack of separation between long-term investment deposits in the non-fluctuating banking system 
in long-term investment deposits has not been very operational and could have taken many different periods and the separation between these types of deposits has not taken place and the bank is also required to act as a depositary attorney And it is also necessary for the partner to provide resources that are inconsistent, and the main problem is the lack of separation between fixed-rate and fixed-rate investment deposits that set the rates definitively and, if these separations were made, could be guided.

In the allocation of resources, there is a problem that there are three criteria of legitimacy, comprehensiveness and efficiency in the field, which unfortunately does not exist in the bankruptcy law. These are criticisms that are not seriously criticized and can be resolved and are gradually being addressed.

Eliminating the shortcomings of the unbanked banking system by moving towards the Islamic economic system is
my main argument and my main criticism is that if we were to achieve a comprehensive economic system, the overall system could have had the necessary effectiveness in the economic system. The above issues can be solved in the general unpredictable banking paradigm, but the general problem we are considering is that we have not seen the system in the unbanked banking system, and this problem makes the bank structure not visible, We introduce the system, their structure and their position in the system is not clear.

When this disadvantage exists, the efficiency of a system is eliminated, and therefore, we see that in a bankruptcy-free banking system, virtually no contract for the participation in the transaction is stable and the contract is not followed.

My main argument is that an unbanked banking system is effective when it comes to a systematic framework that the system is the same as the Islamic economic system. In this system, banks are distinguished individually, for example, commercial banks focus on contracts that have a short-term effectiveness, as well as development banks focus on a segment that has long-term effectiveness. The formal execution of contracts is another disadvantage of the unbanked banking system, which has not had a good prospect for unsustainable banking.

The Pathology of the Risky Banking System with the Legal and Legal
Approach to Pathology The jurisprudential approach, like oppression, gambling and … aspects that are not seen in the banking system without usury, as well as structural and legal aspects are not seen in accordance with the rules, as well as the jurisprudence that affects the banking system without the U.S. Observer has been a subjectivist jurisprudence.

There are also legal problems in the free banking system that lawyers are really having trouble with. For example, it was not necessary to use a variety of contracts in a non-market-based banking system, but it could also be legalized and solve a lot of problems. Made

Paying attention to the civil law and not using the rights of
other damage rights to the bankruptcy banking system is based on the mere reliance on the civil law, while at the time the monetary system was established, there was no civil law at all, and there was no bank. There is no entry into the nominal part of the economy, and therefore relying on civil law and not utilizing the capacity of law is another problem of the free banking system.

For example, in defaults on bank contracts, they set limits on mortgages, and they should not find religion, but they should have the same dimensions, and this is a legal problem for the banking system without usury, and because these legal aspects have a lot of problems for the monetary and banking system of the country. Has been created.

The basis of the Islamic Bank’s institution for the existence of the Islamic economic system
is theoretically also need to know that banking is an entity defined in an economic system. So when we define an institution, we must first define its economic system, so that the martyr Head of the School of Economics.

If the issue of Islamic banking arises, then the economic system in which this bank institution is supposed to operate is to be identified and given a definition, and this is not the case unless there is a theory of Islamic economics and so if in the banking system It is not a word of the Central Bank without the rumbling that is because the central bank comes to the fore when the theoretical debates of the Islamic economic system are completed.

We can not sum up Islam in value matters only, but Islam also has active presence in knowledge issues. And if we are to discuss Islamic economics, it is really rage to deal with jurisprudential issues and we should not rule out macroeconomic issues; We have outlined all these shortcomings in the form of an article titled Fundamentals within the framework of Islamic Economics and showed that justice and justice can be present in the Islamic economic system as a basis.

We have also argued that Qavam is a reflection of legitimacy, and these orientations are responsive to all decisions, such as organizational decision making and payroll. I am not saying that what happened in the unbanked banking system is incorrect; the main point is that what has come down to the unbanked banking system must be subjected to the Islamic macroeconomic system, and in this context, the deficiencies of the banking system without usury It will be resolved.

The backwardness of the Islamic Republic in the unprofitable banking system of
Hojatoleslam, Dr. Mousavian: Because the Shari’a has an interest in justice, it has placed justice on economic and economic issues.

I have witnessed Mr Eyvazlou working for this important economic issue for many years and we hope that we will witness the operationalization of these topics by presenting the executive models in the area of ​​justice. One of the axes that Mr. Eyvazlou has started is the implementation of Islamic teachings in the monetary and financial field, one of which is the unbanked banking system, and this is one of the same tasks.

One of your discussions was that you were considering the Islamic economic system instead of the unbanked banking system, which is very valuable, and it is true that Martyr Sadr poses two approaches and discusses the Islamic economic system there, and believes that the system Rustless banking should be seen in the Islamic economic system, although dealing with a zero-bank banking system is also valuable on the basis of Islamic values.

In the system of the Islamic Republic of Iran, we expected that Islamic banking would not have been seen in the context of an unbanked banking system but also a macroeconomic macroeconomic system. Today we not only do not see this happening, but we see that the same banking system without fluctuations has not come to the end, and countries like England and Malaysia today are working on a rude bankruptcy system.

Reviewing the position of the central bank in a bankruptcy banking system
Another point we need to point out is that the paper clearly shows that the gaps and drawbacks of a bankruptcy banking system are highlighted in the paper, such as the Central Bank discussions Have pointed out that it is the same, and dealing with banks alone is not enough in a system, and the central bank institution must also be dealt with. Other important topics, such as the creation of money, commitment, etc., are rightly discussed in this article and referred to as deficiencies.

The other axis I need to know is to thank it. The controversy with the laws of the central bank is different from the other laws that are discussed in this article. Also, the debate on structural reform is another important debate that Mr Eyvazlou has been addressing in his article.

The lack of citation of the article on the religious
grounds of Mr. Eyvazlou in the first page of their paper suggests that this article is intended to extract the components and relationships of their issues based on the Islamic documents, while I will use this component in some cases which is very sensitive too. , I did not see. For example, on page 35, when it comes to summing up and concluding, it shows itself more.

In the last paragraph of the discussion, they raise interest rates and say that the opportunity cost of money is inevitable in assessing bank plans and contracts, but this can not be consistent with Islamic economic analysis. The speaker is that no verse or narration has been used here. Or in the discussion of the value of money time, you have concluded that this is overwhelming, while no document has been provided for this.

Investigating the license of my company and partnership
I initially favored a partnership, but as I entered the Islamic economics debate, I saw that after the boycott of riba at the dawn of Islam, the partnership agreement was not addressed and even to such an extent that the great jurists, such as Mr. Khoyy, disagreed. Agreed and believe that the contract of the company as a contract is not religious, but should be made firmly by the company.

Of course, we reviewed a few narratives, and it was seen that it was not licensed to enter into a contract, but only to the same extent, and that this contract was a common practice. So I also agree with you, but you have not provided any legal documentation for this matter.

The problem with the method of research by Dr. Eivzlou is
another point in the discussion of your research method; in Islamic economics, if we are to extract a piece of the Qur’an and the Sunnah, jurisprudence provides a specific research method and we must proceed according to that method. We can not go without that method. Let us quote from a jurisprudent as the representative of Islam’s fatwa, while there is another fatwa, is contrary to the jurisprudential approach.

You must act in the article or in the way of ijtihad, or at the beginning of the article, tell me that I am going to work in this article based on the fatwa of Imam (ra). Your research method is not clear where you refer to Islamic topics.

The lack of a suitable alternative to the bankruptcy system of the
third point is that I also have the right to state that the Islamic economic system of Iran should not abandon the rhetoric of the banking system without usury, but the reality is that, after 40 years, a standard theory by the field or university of compilation We have to abandon the unbanked banking system and go to it? The main question is, what is the alternative to the unbanked banking system? Such a model is not visible in the article.

To my mind, this requires a short, medium and long term program. In the short term, it is necessary to amend the banking operations law, in the medium term, we need to introduce other Islamic teachings in Western banking, and in the long run, we should go to the design of a system of accepted Islamic economics and bank design within the framework of that system, and maybe In that system, we conclude that in the Islamic economy, the bank has no place.

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