Identifying and analysing the challenges and obstacles of implementing Usury free banking in the Islamic Republic of Iran

In the Islamic Republic of Iran, the usury free banking law was approved by the Islamic Consultative Assembly in 1362 and became effective in 1363, but after about 40 years have passed since the implementation of the usury free banking law, many problems and shortcomings in the realization of usury free banking have been identified in practice, and many experts and economists have spoken about this. Therefore, the main issue of this research is identifying and prioritizing the challenges and obstacles to the implementation of usury free banking in the Islamic Republic of Iran. The current research is qualitative. In this research, by studying books, articles and documents, the most important challenges of realizing usury free banking have been extracted, then with the help of banking and usury free banking experts, the main challenges have been selected, and in addition, the closeness and distance of the experts' opinions in different challenges were also examined. The final results obtained in the field of challenges showed that despite the prominence of some challenges, including the need to reform the banking structure and concepts such as usury and interest in Islamic banking, there is still no proper consensus among technical experts and professors of the field and university in the field of usury free banking concepts, for this reason, and from this point of view, deep theoretical and practical work based on jurisprudential and economic foundations is necessary to consolidate the existing laws. This research seems necessary to cover the economic demands of the modern world and to improve the quality of Islamic banking, especially in the face of emerging economic phenomena such as electronic currencies.