RNA - The next concern is on the interest of the loans. A couple of causes contribute to this problem: our economy is inflammatory, all the governments come up with the slogan of lowering the inflation rate to a one-digit level, they do their best to reduce the inflation rate in their first years of office, yet after a while, the inflation takes quick upward trend; therefore, the defects contributing to the acute problem of inflation lie in our economy and not in the banking system.
When the inflation rate is on 15 percent, why shouldn’t banks pay interests to the depositors? Its lowest level should be 15 percent so that the depositor is esteemed and if the bank is going to pay the real interest, it should pay 16-18 percent interest, and on this topic, we can’t compare our country with a country of 0 percent inflation rate.
The interest rates in Iranian banks are generally is the outcome of the state’s major economy, and the high interest rates impact the inflation rate, and though the esteemed concern of the sources of emulation is right here, the existing conditions and causes should also be considered.; the high interest rate is not favourable to no central bank or bank, yet in the current economic conditions of Iran, if the Central bank and banks are pressured to lower the interest rate, some of the banking deposits will be taken out and it has some negative economic consequences.
Consideration [fee] or late payment penalty?
The jurisprudential views belonging to the proponents or opponents of the late payment penalty should be viewed. In 1982, the sources of emulation objected to the late payment penalty, and it was announced illicit and removed from the state laws; in the meantime, banks faced with an abundance of late payments, as they didn’t received the penalty of late payment, and as a result, a consideration [fee] substituted the late payment penalty.
Some sources of emulation announced that the consideration is the same as the late payment penalty and illicit; yet another approach regarded them different from each other. If the consideration is a condition voiced in the contract, it should be observed; however, according to Ayatollah Makarem and Sistant, the consideration fee can’t be mentioned as a condition of the main contract, and a separate binding contract should be drawn up on this issue, and in accordance with some others, facilities should precede the contract, and according to the latest view, the agreement over the consideration fee is different.
The practical solutions to this problem are twofold: in accordance with the first fundamental method, the Central Bank should hold scientific discussions on this issue and reach a religious lawful solution preventing from violations; and the second, a short-term solution, requires the customers to meet the deadline/s for paying the instalments so that they won’t be made to pay the consideration.
The fourth concern is over the employment by the banks; it should be noted that, the religion of Islam provides some general disciplines for employment. According to Islam, if the job is not religiously unlawful, its salary/wage will be also lawful, and that how the employer acquires the salary of his/her employees doesn’t pertain to the employee.
Translated and edited by Rasa News Agency English section