Article: Interview with Republic of Iran Brodcasting
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Interviewed by Islamic Republic of Iran Broadcasting in commemoration of the 47th Anniversary of the 1979 Iranian Revolution
Assalamualaikum,
Was interviewed again by Islamic Republic of Iran Broadcasting in commemoration of the 47th Anniversary of the 1979 Iranian Revolution.
Whilst extending our congratulations to the Nation of Iran and its people on their 47th anniversary of their Revolution and, expressing how the Muslim world admire their progress in Science and Technology, I reminded them that while they have Islamised many systems they have missed out one important aspect of their Islamic Revolution, and that is to still not practice the Model of Madinah in their Islamic Banking System.
While Iran’s Islamic Banking when it was launched, is acknowledged as the most comprehensive amongst all Muslim countries, it is still Debt Based and not Equity Based as was the Madinah Model.
In their Revolution, Islamic Republic of Iran Islamised all systems from 1979 but when it came to banking they left it to their Economists to do, who were all Western trained at the time.
Therefore these Economists of the early Revolution days Islamised Iran’s banking system then to an Islamic banking system but a fully debt based banking system albeit Islamic.
As did Malaysia and other Muslim nations to follow later.
An Islamic Debt Based Banking System still upholds the spiel that risk must be avoided at all cost in a banking system.
How do we then reconcile that with the Qaiddah Fiqhiyyah of Alghunm bi AlGhurm- Rewards only with Risk. A Muslim is not entitled to a Reward unless he is willing to face the Risk.
This was the Hallmark of the Economic Model of Madinah which thrives on Mudarabah and Musyarakah.
Because we were trained under a Western Education System we also uphold the spiel that risk is a plague that must be avoided at all costs.
The reality that risk is demonized in the western banking system is because the Riba masters wants the world to think only of debt based banking and to avoid any thoughts of Equity based banking system at all cost.
The Riba Masters is at the top of the food chain in Debt Based Banking System and wants to maintain a Debt System at all cost.
Unthinking Muslims trained by the West continue to uphold this spiel.
Iran has nuclear capability which scares the Master and his Dog.
However it also has a debt based banking system, albeit Islamic which is fertile ground to create unhappiness with the people of Iran.
Youth and graduates unemployment is high in Iran . 9% of Iran’s working population is unemployed. That is probably about 8 million people.
Its inflation is about 40%-50% pa, although much of this is aggravated by heavy sanctions on the nation.
When we know the SME sector creates 70%-80% of jobs in a nation, where SMEs are companies with RM50m turnover and below, Iran extends only 8% of their banks total loans to this sector.
This result in massive unemployment, and for those employed with low salaries. Coupled with 40%-50% pa inflation aggravated by sanctions it is little wonder its people are unhappy, leading to Wolves entering the country to aggravate the people.
Iran as prime mover for Islamic revolutions must now migrate from Debt Based Islamic Banking System to an Equity Based Islamic Banking System.
Then it will in sya Allah weather all attempts by the Master and his Dog to instigate chaos in Iran.
The same can be said of our own country but here, we first have to wait for the Authorities to actually first understand the problem, before we can begin to talk of solutions.
Muhammad Zahid bin Abdul Aziz
Chairman, Movement for Monetary Justice, Malaysia.
31st January 2026.
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