Monetary stability and interest-free banking: the case of Iran

Mahmood Yousefi, Sohrab Abizadeh and Ken McCormick

Applied Economics, 1997, vol. 29, issue 7, 869-876

Abstract: Previous research has suggested that Islamic banking systems may be more stable than Western systems. However, this contention has only been tested empirically for the case of Tunisia, a country with no significant history of Islamic banking. This paper replicates the study done on Tunisia for the case of Iran, a country with some history of Islamic banking. The results are mixed, with some evidence both for and against the hypothesis of greater stability for Islamic banking. It is suggested that a good deal more work must be done to prove claims about the relative stability of Islamic banking.

Date: 1997
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DOI: 10.1080/000368497326525

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