Seyed Abbas Mousavian, a member and spokesman for the Central Bank's Sharia Council, said the deposit bond is a document that shows the central bank has received a certain amount from the depositor as a deposit and is committed to keep that amount until maturity. Moreover, the central bank maintains the purchasing power at maturity and returns the document to the holder.

Regarding the mechanism of deposit bonds, Mousavian stated the method of working in the mentioned bonds is that the Central Bank issues the deposit bonds and offers the mentioned bonds to the applicants through the operating banks. Banks collect the applicants' funds as a deposit and transfer them to the Central Bank by handing over the deposit bonds. The central bank is committed to block those funds within the framework of monetary policy and return them to bondholders at maturity while maintaining purchasing power.

Regarding the deposit bonds, the spokesman for the Central Bank's Sharia Council said the council did not find the issuance of deposit bonds by the Central Bank with the aim of attracting funds from the public in the form of deposits and repaying them at maturity while maintaining purchasing power at a maximum rate equivalent to the annual inflation rate in implementing monetary policy and controlling liquidity growth incompatible with sharia.

Mousaviyan mentioned there are three jurisprudential considerations for deposit papers:

1. The legal relationship of bondholders with the Central Bank is a deposit relationship (not a loan) and the proceeds do not become the property of the Central Bank. Therefore, it is necessary to design the relevant instructions in such a way that all the funds resulting from the transfer of these bonds are blocked with the Central Bank and kept for its owners, and the Central Bank does not have the right to use these funds.

2. The Central Bank in order to encourage the people to pursue the objectives of the monetary policy may declare that the bank is obliged to return the deposited funds to the people at the due dates, while preserving the purchasing power.

3. To compensate for the devaluation of the deposited funds, the Central Bank may announce a certain percentage or in general announce that it will repay the deposited funds at maturity in terms of inflation. In any case, the rate of compensation for the devaluation of the deposited funds shall not be higher than the annual inflation rate calculated by the central bank.

Regarding the sharia analysis of deposit bonds, Mousavian mentioned since the contract between the bank and the bondholders is a deposit (not a loan) and the funds resulting from the transfer of the bonds do not become the property of the Central Bank, the issue of usury such as loan or exchange usury is not in these bonds. It is paid to bondholders to make up for the devaluation.