Usury in Iranian and Egyptian banks from the perspective of jurisprudence and law

Abstract

Over the past years, one of the most important topics in society today has been the issue of usury. Despite the religious emphasis on its prohibition, it is unfortunately increasing in our current society and people often refer to similar actions of banks in justifying their actions. Knowing how banks act in order to adopt the necessary policy to control it is important. The issue of usury is has been denounced based on religious practice, and since Muslim countries, including Egypt, like Iran, are trying to carry out religious orders, it is important to know how their banks deal with usury and how it complies with the measures taken. Iranian banks in this field can be an effective step towards the realization of Islamic economics, so in this article, using a comparative and analytical method, we have tried to study usury in Iranian and Egyptian banks so that we can determine its presence or absence in banks. It seems that there is no usury in Iran legally, but in practice, it is done in banks in a way that is not free from religious forms, and in Egypt, due to the way it is criminalized, usury is legal from what is seen in jurisprudence. Known as usury has taken a toll.

Keywords

• legal system
• banking contract
• crime
• usury
• inflation