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After the Islamic Revolution in Iran, the interest-based banking system was supposed to be replaced with an Islamic one. Just as Iran's education, health, military and administration have entirely remained westernized, so has its economic system. The rulings of the Shia clergy have been swept under the rug by introduction of the idea of Absolute Guardianship of the Islamic Jurist (Arabic: وِلاَيَةُ المطلقه الفَقِيْه‎, romanized: Wilāyat al-mutlaqah al-Faqīh) which gives the leader the power to go against the religious rulings if he finds them in conflict with the interest of the holy System. However, since Quran (2:275-280) is very clear on the issue of interest-based banking, all of the major Shia Marja's of Iran have asked the establishment to ban interest based banking.

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  • Iranian clergy protests against interest-based banking
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  • After the Islamic Revolution in Iran, the interest-based banking system was supposed to be replaced with an Islamic one. Just as Iran's education, health, military and administration have entirely remained westernized, so has its economic system. The rulings of the Shia clergy have been swept under the rug by introduction of the idea of Absolute Guardianship of the Islamic Jurist (Arabic: وِلاَيَةُ المطلقه الفَقِيْه‎, romanized: Wilāyat al-mutlaqah al-Faqīh) which gives the leader the power to go against the religious rulings if he finds them in conflict with the interest of the holy System. However, since Quran (2:275-280) is very clear on the issue of interest-based banking, all of the major Shia Marja's of Iran have asked the establishment to ban interest based banking.
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  • After the Islamic Revolution in Iran, the interest-based banking system was supposed to be replaced with an Islamic one. Just as Iran's education, health, military and administration have entirely remained westernized, so has its economic system. The rulings of the Shia clergy have been swept under the rug by introduction of the idea of Absolute Guardianship of the Islamic Jurist (Arabic: وِلاَيَةُ المطلقه الفَقِيْه‎, romanized: Wilāyat al-mutlaqah al-Faqīh) which gives the leader the power to go against the religious rulings if he finds them in conflict with the interest of the holy System. However, since Quran (2:275-280) is very clear on the issue of interest-based banking, all of the major Shia Marja's of Iran have asked the establishment to ban interest based banking.
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