Iran Cleric Calls for ‘Theory on Islamic Banking’

On July 22, 2008 · In Islam, Islamic Economics, Shariah Banking, Shariah Finance, Shariah Law

By: iStockAnalyst Tuesday, July 22, 2008 10:53 AM

Text of unattributed news report headlined: Mohsen Rezayi: We need Islamic theories with regard to Islamic banking published by Iranian newspaper Hemayat on 19 JulyThe secretary of the Expediency Council stated that differences and division make the enemy happy and added: Islam and the Revolution have never been built on the basis of contradiction and division.

According to ISNA [Iranian Students News Agency], in a gathering of religious scholars and clerics from the Imam Reza religious academy in Qom, Mohsen Rezayi pointed out the country’s situation after the Revolution and added: After the Revolution, we entered the scene of politics very well but in the next stage which was making the economy, science and life Islamic, we stepped on to a dirt road.

By stating that the reason for inflation and unemployment not having been brought under control by those who have felt economic problems, is being questioned, he said: Rent seeking and economic blockade are not our problems on their own; thinking about how to deal with rent seeking and planning for not being influenced by the enemy’s economic blockade, are.

The secretary of the Expediency Council pointed out Imam Khomeyni’s zeal and the fact that he proved the steadfastness of the Revolution and Islam and said: Today, we need Islamic theories in the field of Islamic banking and the cultural and economic system and under these circumstances Islam’s great ulema [Islamic academics and thinkers] must enter the scene.

Rezayi went on to state the connection between justice and growth and added: Justice is the cause of growth and poverty elimination, whereas until now, justice has been regarded as an obstacle against growth.

He called the belief of a confrontation between justice and growth as being a Marxist and Capitalist belief and added: If an idea emerges out of the religious academy which states that growth does not stand against justice, we will not face any problems.

Originally published by Hemayat, Tehran, in Persian 19 Jul 08.