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"Murabahah Practices in Islamic Banking of Iran: Challenges and Solutions", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.5, Issue 1, page no.1113-1121, January-2018, Available :http://www.jetir.org/papers/JETIR1801211.pdf

• Nazir Ul Islam

The revolution of Iran played a primary role in establishing Interest-free banking after 1979 in Islamic Republic of Iran. The government passed the law of Interest-free banking in 1983 and in 1984 banks started Islamic banking based on the interest-free law of 1983. The interest free banking system of Islamic Republic of Iran is perceived as an effective tool in achieving of the objectives of Islamic economics. It is difficult to accept that a bank can be run without paying or receiving interest and without the involvement of interest banks will play any role in economic development. There are various modes and principles in Islamic banking like Mudharbah, Musharka, Murabaha,Ijarah etc. Murabaha in practice is ambiguous, translucent and usurious in disguise. This paper is an attempt to study the challenges of Murabaha practices in Interest-free banking of Islamic Republic of Iran and suggesting possible solutions.

Murabahah, usury (Interest), Shari’ah (Islamic Laws),Halal (Permissible), Batil (Not-Permissible)

"Murabahah Practices in Islamic Banking of Iran: Challenges and Solutions", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.5, Issue 1, page no. pp1113-1121, January-2018, Available at : http://www.jetir.org/papers/JETIR1801211.pdf