The Journal of Economic Studies and Policies

The Journal of Economic Studies and Policies

The Ways of Using the Current Account Credit In Islamic Banking

Document Type : Original Article

Author
Seyyed Abbas Moosavian
Assistant Professor of the Institute of Islamic Culture and Thought - Qom
Abstract
Economic units meet two kinds of their financial needs through bank. First, their conventional and programmable needs which are ordinarily met through general facilities of bank, and second the unconventional and emergency financial needs which are not programmable such as deficit in workers/contractor payment, urgent purchase of raw materials and machinery. Such needs could not be met through usual bank facilities.
In conventional banking the credit in current account facility is utilized to answer such demands. By determining a credit ceiling for his especial clients, bank permits his client to make use of it, if he needs, and repay principal plus interest up to at most three months. Before passing the law of Riba-free banking, this facility was a current operation in Iranian banking system and was assigning to itself more than 14 percent of banking facilities. After implementing the aforementioned law, due to its non-Islamic nature, credit in current account was eliminated from the banking system. But definitely it did not mean the disappearance of such a need for economic units; and the need to credit in current account persisted.
Islamic banking experts have set forth methods to solve the problem and fill the void by utilizing religious contracts like non-interest loan, general and current Mudarabah, Musharakah (profit sharing), delegation sale and purchase, and debt sale and purchase (discount). This paper tries to examine these methods with economic and jurisprudential criteria
Keywords
Credit in Current Account
Interest Loan
Non-interest Loan
General Mudarabah
Current Mudarabah
Floating Capital
Profit Sharing
Delegation Sale and Purchase
Debt Sale and Purchase (discount)

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