A Glance at Rastin Banking

Abstract

To design an operational Islamic banking system, we tried to mix theoretical and experimental knowledge to develop Rastin Banking. Rastin Banking is a completely new solution to banking based on Islamic and ethical teachings with the scientific and technological approach. Some parts and modules of Rastin Banking have been implemented in Bank Melli Iran. The installed parts of the system had well-functioning and attracted depositors and investors, and since the procedures and instructions are well defined, the bank's staff executed its procedures easily. The results of the test system were very satisfactory and more than expectation. Rastin Banking is a nationwide project with lots of subtle technical points. This system is an open-source banking model, and all banks around the globe can easily install and use it. We wish Rastin Banking could put important steps to remove Riba and establish Islamic banking throughout the globe.