Islamic Economics

Islamic Economics

Sharia requirement of deposit guarantee in Iran free usury banking based on Imamiah jurisprudence

Document Type : Original Article

Authors
mohammad amin salavatian 1
mohammad talebi 2
hosein hasanzadeh 2
1 Phd Student
2 faculty
Abstract
One of the methods to achievement to financial stability is using the deposit guarantee mechanism in financial system. Deposit guarantee fund in failing of member, repayment to depositors for compensation of loss. Based on 5th development act, the fund was stablish and running now. By considering the Sharia requirement, this research by using the multi-stage Ijtihad focus on Sharia aspect of deposit guarantee. According to this method, researcher submit his opinion to Fiqhi – financial scientist and then send to Marja’a for Istifta’a. Conclusion of research process will be in below:
1. Deposit guarantee mechanism can be categories in independence contract or insurance.
2. Guaranteeing of deposits that based on Qardh contract is correct.
3. Principal Guarantee of deposits that based on Mosharakah contract is correct but expected return is incorrect.
4. Flat and differentiate premium that members pay to the Fund is correct in the jurisprudence view.
Keywords
Deposit guarantee
Sharia Requirement
Conventional Banking
Free usury banking
Multi-Stage Ijtihad
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