The latest research publication on the Islamic banking model from the publishing arm of the Research Institute for Islamic Culture and Thought, entitled “Banking Operations: The Ideal Model and its Corresponding Legislation,” authored by Ahmad-Ali Yousefi, has recently been released. This scientific monograph, compiled in 408 pages, adopts an analytical-critical approach to explore the theoretical foundations, institutional mechanisms, and legal requirements for transitioning to an optimal Islamic banking model within the coordinates of the contemporary economy.
The central concern of this research is the pathology of the conventional banking system’s structure and the design of a coherent framework for the re-engineering of monetary and financial operations. By employing a systematic approach, the author endeavors to elucidate the functional challenges of conventional banking while articulating an alternative model that, in addition to ensuring economic efficiency, achieves maximum compliance with the jurisprudential and economic principles of Islam.
In terms of its theoretical framework, this study focuses on fundamental components such as the negation of usurious (riba-based) mechanisms, the foundation of institutional relations on legitimate Islamic contracts, and the prevention of reproducing structural inequalities (such as economic exploitation, unproductive wealth accumulation, and the deepening of class divides).
Furthermore, in elucidating the strategic necessity of this research, the importance of establishing a comprehensive Islamic banking system is emphasized by referencing the country’s macro-economic policymaking discourse and authoritative jurisprudential perspectives. In this macro-level approach, reforming the banking system is evaluated not merely as a change in administrative procedures, but rather as a profound structural transformation (akin to a “strategic conquest”) in the architecture of resource allocation and the equitable circulation of wealth.
Overall, the present book can be considered a methodological endeavor in the trajectory of developing the literature on Islamic economics. It is a work that strives to establish a practical link between the jurisprudence of transactions (Fiqh al-Mu’amalat) and modern monetary institutions by providing policy and legislative recommendations, thereby proposing legal texts commensurate with this optimal model to policymakers and researchers in the field.
