"Islamic Finance Researches" (IFR)

Distributive Justice in Banking: A Systematic Review of the Literature and Its Approaches for the Iranian Banking System

Document Type : Science - Research (Islamic Banking)

Authors

1 PhD Student, Department of Financial Management and Accounting, Faculty of Management and Accounting, Farabi College, University of Tehran, Qom, Iran

2 Associate Professor, Department of Financial Management and Accounting, Faculty of Management and Accounting, Farabi College, University of Tehran, Qom, Iran

3 Assistant Professor, Department of Business Management and Entrepreneurship, Faculty of Management and Accounting, Farabi College, University of Tehran, Qom, Iran

Abstract

1. Introduction and Objective
The operations of the banking system are intrinsically linked to money creation and credit supply, processes that directly influence the distribution and redistribution of wealth in society. Without ethical and social considerations, these mechanisms often lead to economic imbalances and inequalities in access to financial resources. This makes the role of banks and monetary authorities, particularly their social responsibility and accountability toward the general public, a central issue for both researchers and policymakers. In the case of Iran, where banking activities are conducted under chronic inflation and negative real interest rates, the allocation of credit has increasingly generated rent-seeking behavior and widened distributive injustices. Against this background, the main objective of this study is to systematically review existing literature on distributive justice in conventional banking systems and to provide a comparative framework for applying these insights to Iran’s banking sector within the context of Islamic financial principles and national legal frameworks.
2. Methods and Materials
This research adopts a systematic literature review and comparative analysis approach. A total of 44 peer-reviewed articles published between 1990 and 2023 were identified and analyzed. The study process involved three main stages:

Collecting and screening relevant international research on distributive justice in conventional banking.
Extracting and classifying key components, concepts, and policy recommendations.
Comparing the extracted components with Islamic finance principles, higher-order legal frameworks in Iran, and the current status of the Iranian banking system.

    This multi-stage approach ensured both breadth and depth in evaluating global scholarship while tailoring findings to Iran’s socio-economic and legal context.
3. Research Findings
The review highlighted that distributive justice issues in conventional banking are strongly associated with credit allocation policies, wealth redistribution mechanisms, and the socio-economic impacts of money creation. Commonly identified adverse effects include the intensification of inequality, increased rent-seeking in credit markets, and the concentration of financial resources among specific social groups. However, the international literature also provided practical strategies to mitigate these issues, such as strengthening banking regulations, enhancing financial inclusion, and enforcing ethical standards in credit allocation.
     In the Iranian context, the analysis showed that chronic inflation, negative real interest rates, and limited oversight of credit markets have amplified distributive injustices. Furthermore, while Islamic financial principles offer a strong ethical foundation, gaps remain in their practical application within the current banking framework.
4. Discussion and Conclusion
The findings of this study emphasize that Iran’s banking system faces significant challenges in achieving distributive justice due to structural economic conditions and weak policy enforcement. Nevertheless, global experiences in conventional banking provide valuable lessons. When adapted to Iran’s socio-legal framework, these strategies can contribute to mitigating inequalities, curbing rent-seeking behaviors, and promoting fairer wealth distribution.
     This research underscores the importance of aligning Iran’s banking reforms with both Islamic finance principles and international best practices. By integrating distributive justice as a central policy goal, the Iranian banking system could not only reduce social and economic disparities but also strengthen its legitimacy and resilience in the face of ongoing financial challenges.

Keywords

Main Subjects

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Volume 14, Issue 1 - Serial Number 31
August 2024
Pages 29-74
  • Receive Date: 21 July 2024
  • Revise Date: 10 December 2024
  • Accept Date: 07 April 2025