‘Islamic solidarity bank promotes economy of Ummah’, cleric
More than three decades into economic sanctions against the country, senior Iranian prayer leader hailed Islamic solidarity bank as grounds for economic burgeoning of the Muslim countries.
Publish date : Saturday 21 April 2018 16:00
Mamusta Molla Seyyed Mostafa Khatami, top prayer leader of Oshnavyeh, in West Azerbaijan Province in his Friday sermon related on a recently launched Islamic unity bank stressing the beneficial aspect of expanding the system in all Iranian banks, reported Taqrib News Agency (TNA).
He referred to Islamic unity bank, as a subsidiary department of Ansar Bank in Bandar Abbas, Sistan and Baluchistan and also West Azerbaijan Province saying,” All banking interactions in these banks are performed without riba (usury) or religious misconduct.”
He added,” A group of prominent clerics are supervising the new banking system” expressing hope that the move expands to other banks in near future.
Islamic banking works in full compliance with sharia which bans usury.
Mudharabah (profit sharing and loss bearing), Wadiah (safekeeping), Musharaka (joint venture) and Ijara (leasing) are some of the key modes in this system.
History of Islamic banking dates back to early 1940s in Egypt. A meeting of foreign ministers of Muslim countries in 1970 turned to a maiden joint move by Egypt and Pakistan to support establishment of International Islamic Bank.
The idea has attracted several Muslim and non-Muslim countries across the globe to follow the system.