Thread by @fresh_sadegh

A 🧵

1- For the first time in years, seminary scholars and students will hold a protesting gathering Sep 4 in the holy city of #Qom. It is against “the Islamic Republic Comprehensive Baking Plan”, the legislation that is currently under examination at the Iranian parliament.

2- The general outlines of #Iran’s new Banking Plan were passed at the Economic Committee of the Majlis. But it has become very controversial in recent months, given that former CBI’s governors, the CEOs of private and state-owned banks and even economic agents oppose it.

3- The Majlis and CBI argue the new banking plan is part of #Iran’s economic reforms and designed to ensure the independence of the CBI. Former officials say the drafted bill would tie the CBI’s monetary policies to the government’s economic decisions.

4- Q: Why the Qom seminary opposes the new banking plan?

A: based on the draft law, a new council of religious scholars will be empowered to asses and adjust banking regulations with the Sharia Law.
The seminary thinks the creation of this council is to sideline the Maraji.

5- The Qom Seminary argues -if passed- the Fuqaha Council (religious scholars) would nod to & justify usury in the banking system.

Officially, usury is banned in #Iran’s banking system, but Maraji believe high interest rates (20%+) currently paid to depositors is already usury.