The article states that under the banking law of the Islamic Republic of Iran, the Central bank of this country in its interrelations with other credit organizations may not conduct banking transactions related to "usury in any form". There are the same rules for other banks conducting interbank transactions. Therefore, banks transform such transactions into a certain contract, which is eligible in terms of the Sharia principles as applied to the banking activities. The authors provide the specifics of rendering banking services based on the Sharia principles; compare them with the services of traditional banks; describe the structure of the existing banking institutions in the country; analyze the performance of banks and credit institutions. The paper justifies the use of various bank products, describes the features disclosing "Islamic contracts", and presents a schematic description of such services. Based on the studies of the specifics of the banking system development over a certain period, the authors justify the increase in the number of banking services offered in Iran on Islamic principles.
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