تحقیقات مالی اسلامی (پیوسته) (Feb 2023)
Identification and Ranking of Jurisprudential-Legal and Economic-Financial Challenges and Harms of Private Sector Banking in the Banking Network of the Islamic Republic of Iran
Abstract
This study tries to explain and criticize the presence of private banks in the developing money market ecosystem of a developing country such as the Islamic Republic of Iran, while explaining all aspects of private sector banking in its theoretical foundations. For this purpose, first the jurisprudential-legal challenges and economic-financial challenges and damages of private banks have been extracted by using analytical and survey methods. Then, with the aim of final approval and ranking of challenges, the three-stage Delphi method will be used. In the first and second rounds of the Delphi technique, the binomial test is used to ensure the final confirmation of the challenges and injuries identified by the experts, and in the third round of Delphi, the Friedman ranking test is used to rank the approved challenges. The findings of this study show that "the lack of attention of the regulator and legislator in the money market to the needs of the private sector in the banking industry" and “the dubious nature of regulation veracity”, “Darar & al-Tasbib”(prohibition of inflicting direct or indirect damage) in the case of private banks’ overdraft”, are considered as the most important jurisprudential-legal challenges in the view of the country's banking experts. Also, "inefficiency in resource allocation" is the most important economic-financial damage of private sector banking in the Iranian money market, which has an important role in imposing imbalance and loss on the country's banking network. Among the recommended guidelines for decreasing the above-mentioned harms are as follows: launching a comprehensive dynamic supervisory system for credit allocation, devising overdraft-related formula, revising the executive order for privatization exigencies, and adopting credit and tax policies for justifying the economic condition of any banking activity of the private sector.
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