in the Banking System of Islamic Republic of Iran Root Cause Analysis of Challenges of Musharakah Contracts

Document Type : Paper

Authors
Mohammad Talebi 1
Hsaan Kiaee 2
1 Assistant Professor at Department of Finance, Faculty of Islamic Education and Management, Imam Sadiq University, Tehran, Iran.
2 PhD student in Economics, University of Tehran
10.30497/ifr.2012.1522
Abstract
Examining the challenges of Islamic banking is one of the subjects which have been addressed by Islamic scholars in recent years. Many researchers believe that one of the main challenges of Islamic banking system in Iran is the deviation of what banks practice in the name of Musharakah contracts from original Musharakah which have been introduced by Shariah. This paper, after pointing out the structural and operational capabilities of a bank in the economic system, examines this hypothesize that bank, as one part of economic system, could not tolerate the Shariah requirements of original Musharakah contracts. Applying the real form of Musharakah contracts causes banks to be inefficient while doing their roles in the micro and macro level of economic system. So, insisting to use Musharakah contracts, makes Islamic banks change them in a way that they could apply no matter how far the contracts are different from their original form.  
Keywords
islamic banking
challenges of musharakah contracts
musharakah
mudarabah
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  • Receive Date 17 February 2012
  • Revise Date 03 June 2012
  • Accept Date 04 July 2012