As we have reported multiple times over the years, Iran dominates the world of Shariah-compliant finance. In fact, according to the UK-based publication The Banker, Iran has more Shariah-compliant assets under management and in Shariah-compliant financial institutions than any other nation on earth. Furthermore, the top Shariah-compliant financial institutions in the world are Iranian state-controlled banks. Iran claims that EVERY financial institution in Iran is Shariah-compliant.
All of these facts make this recent report out of Iran very interesting indeed.
As regular readers of SFW know, the promoters of Shariah finance like to tout it as somehow ethically superior to conventional finance and banking.
Periodically we are reminded that this assertion is balderdash. The latest example comes out of Iran where President Ahmadinejad has become embroiled in a scandal over his claims that a few wealthy Iranians control most of the wealth in Iran and aren’t paying back their loans. Keep in mind, as we stated above, Iran maintains that EVERY financial institution in Iran is Shariah-compliant, so this alleged fraud is all being committed under the auspices of Shariah…
Ahmadinejad asked to provide names of people who “own 60 percent of country’s wealth”
Iran’s Judiciary Spokesman and Attorney General Gholam-Hossein Mohseni-Ejei said he sent a letter to the country’s president Mahmoud Ahmadinejad, asking to provide the names of people who have been in big debts to the local banks, Fars reported.
In mid-December, Ahmadinejad made a statement, that has led to Attorney General sending him the letter.
“There are 300 people in the country who have put 60 percent of the country’s money in their pockets and do not return it,” Ahmadinejad stated then, adding that there are certain people in the country, that only think about themselves.
Gholam-Hossein Mohseni-Ejei said in a letter addressed to Ahmadinejad, he asked him to provide the names of each of those 300 people to the judiciary for investigation.
“It is expected, that the names of these people would be submitted to the judiciary for legal proceedings,” Mohseni-Ejei noted.
He added, that previously, the Central Bank of Iran has also been contacted to provide the name of a man, who had a debt of some $8 million, and did not return it in time. The bank has not yet responded to the judiciary request.