The issue of violation of rates of return set for facilities by some banks and credit institutions was reviewed at the 29th session of the Sharia Council.
The report of the Sharia Council of the Central Bank on 21 Apr. 2020, on the investigation of issues and problems raised by banks and non-bank credit institutions in relation to return in excess of the resolutions notified to the banking network is as follows:
1- Violation of the rate of return of the facilities approved by the Monetary and Credit Council does not invalidate the contract and only observes the violation of the country's banking network, but is subject to the disciplinary measures of the Central Bank.
2- Applying profit rate ceiling in participating agreements is not recommended from the sharia point of view.
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