Questioner: Muhsin Nourbakhsh (Governor of Central Bank)
[In His Most Exalted Name
His Highness Hadrat Ayatullah al-`Uzma Imam Khomeini, Great Leader of Revolution and Founder of the Islamic Republic of Iran,
with greetings,
As you know the law of banking operations without interest has taken effect as of the beginning of the year 1363 AHS in all banks across the country. Based on this law, all banks' new credit facilities have been paid in the frame of Islamic contracts and people's deposits have been distributed among banks under the following titles:
a. Interest-free loans deposits (current and saving).
b. Long-term investment deposits with the bank acting as agent to apply, using them in Islamic contracts stipulated in the law of banking operations without interest. The said deposits are of two types:
1. Short-term investment deposits kept in saving books with minimum deposit of 2000 Iranian rials that should be kept with the bank for minimum three months for the first time.
2. Long-term investment deposits that are accepted in lieu of deposit sheet such as the old fixed deposit document by the banks with minimum 50,000 Iranian rials for minimum one year as of the date of distribution.
To respond to people's noticeable welcome to the new order and for their greater encouragement towards depositing and in fact active participation of depositors in implementation of banking operations without interest and materialization of the goals provided in it, the banks' general assembly was convened in the month of Isfand 20 th AHS of the current year in presence of Prime Minister, approving that banks can grant a sum to depositors as prize in addition to the interest resulting from banking operation and dealing.
In view of the fact that the prize has not been provided in the mutual contract and the bank grants it from its resources in an attempt to respond to
the good participation of people, your eminence is requested to announce your comment from religious point of view.
Muhsin Nourbakhsh «1»]
In His Most Exalted Name
In the said case, there is no religious obstruction.
Rouhullah al-Mousawi al-Khomeini
29/12/1363 AHS