The Sharia council of the Central Bank of Iran at 34^th and 35^th sessions on 13 Jan. and 17 Feb. 2021 reviewed the sharia aspects of guaranteeing on account-profit of investment deposits in interest-free banking in order to design new instruments in the country's banking network (in addition to the existing mechanisms for opening long-term investment deposits), announcing it is no incompatible with the sharia principles based on the following two ways:

A: Opening term investment deposit accounts by banks and non-bank credit institutions and allocating the resources of the mentioned accounts to grant facilities in the form of exchange contracts with a fixed rate of return (with emphasis on Murabaha contract) is allowed with the following mechanism:

1- The rate of return of the mentioned deposits is determined by the Central Bank, taking into account the risks of the bank or non-bank credit institution in allocating resources (such as the default risk of the recipient facility) in a certain period with a certain floor and ceiling.

2- Definite return will be paid on the mentioned deposits in the time periods determined by the Central Bank.

B: Opening term investment deposit accounts by banks and non-bank credit institutions and allocating the resources of the mentioned accounts and granting facilities only in the form of partnership agreements (with emphasis on civil partnership) with uncertain rate of return is allowed with the following mechanism:

1- In the mentioned deposits, return is not based on the on account and the definite return is calculated periodically and paid to the depositors in proportion to the duration and amount of the deposit.

2- The use of this type of deposit for granting facilities in the form of a civil partnership agreement is allowed only for plans that the possibility of independent auditing and calculation of profit and loss of the plan is possible with the approval of the Central Bank.

3- In these deposits, the guarantee of the principal deposit is the sole responsibility of banks and non-bank credit institutions and no guarantee is provided to depositors regarding the minimum rate of return.

4- The profit on these deposits is determined based on the return on the plans.