“Islamic banking, part of macroeconomics, exchange system”
Member of Iran’s Assembly of Experts attended the 31st Islamic banking conference held on “statement on the second phase of the Islamic revolution” stressing the duties of the banking system in regard to the people’s assets.
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Ayatollah Mohsen Araki, senior cleric and member of Iran’s Assembly of Experts in this conference said,” Banking system is an institution in charge of safeguarding people’s wealth in line with providing economic services”, reported Taqrib News Agency (TNA).
He noted that to exchange crypto currency in exchange is not admitted since the person does not earn a real good.
The cleric added,” Crypto currency is merely a credit ready to be changed to another credit currency which cannot produce wealth.”
“In a deal, an economic activity or a service some money is exchanged and such an activity can bring benefit and increase of wealth” he noted.
Ayatollah Araki criticized the economic exchanges in Iran saying,” The methods for economic deals in our country bring neither the benefits of the capitalist system nor Islamic banking system.”
According to the cleric the Islamic banking system is part of the Islamic exchange system which is part of the macroeconomic system all of them liked like rings of the same chain.
Islamic banking conference is the greatest event in the field of Islamic banking annually held during the Islamic banking Week.