Iranian bankers hold seminar on modern Islamic Banking the free loan system of Qarzolhasanah

Bankers, economists and researchers gathered in Tehran's Tarbiat-e- Modarres University to share views on different aspects of modern Islamic Banking. The seminar focused on providing finance with special emphasis on "Qarzolhasanah" which is an Islamic interest free loan. Islam considers helping other through giving such loans as the most rewarded people by God. In the Presence of Iran's minister of economy representatives of some 24 Iranian banks and financial institutions discussed the latest achievements as well as ways to globalize Islamic banking.
Gaining interest on loans is forbidden in Islam. Instead Islamic economics is based on profit sharing rather than interest according to the Holy Quran. This means that people must work for the money they earn and deals should be based on mutual profit or loss for the partners. Such loans are given to those in need according to the same law. Despite the excessive demand for such loans, Iranian banks and financial institutions have a small share in rendering such services. These institutions blame the lack of enough financial resources for their shortcoming.
Iran has a bank dedicated to interest free loans. The Mehr Qarzolhasane Bank of Iran says that it has established more than 350 branches across Iran during the past 4 years.
In 1987 an Islamic Banking system was first introduced in Iran making it mandatory for all financial institutions to abide by its articles. The law was supposed to function for five years and then be revised by the government, but ever since it has been implemented without being renewed. Experts say that new laws and regulations are required to make interest free loans widespread among banks in Iran.

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