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In the Name of God بسم الله
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Bro_Straight_Path

Islamic Banking

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Islamic Banking: Theory and Practice in Iran

Comparitive Economic Studies

- By Hamid Zangeneh

http://www.financeinislam.com/article/1_35/1/96

I have a question with regards the islamic finance in Iran: Since taking interest from non-muslims is permissible according to shia madhab, do Iranian government and iranian banks invest in bonds and other debt instruments of western governments and corporations? It would be interesting to know if Iran trades in foreign exchange market and derivatives markets as well. As far as i know, all of this is permissible according to shia mujtahids?

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Since taking interest from non-muslims is permissible according to shia madhab,

Taking interest from Muslims as well as Non-Muslims is haraam. The principle itself needs to understood (INTEREST TAKING) and not the one who it is taken from - Muslim / Non-Muslim.

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Taking interest from Muslims as well as Non-Muslims is haraam. The principle itself needs to understood (INTEREST TAKING) and not the one who it is taken from - Muslim / Non-Muslim.

(bismillah)

(salam)

In a majlis, the preacher was saying that taking interest is haram (prohibited), however, taking interest from a Kafar-e-harabi is allowed; (an unbeliever who is at war with muslims - rough translation) It is better to consult a Mujathid regarding the matter of Interest, as there seems to be certain conditions or exceptional cases in which it may be allowed.

Wallah Alim

ali

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