The Jurisprudential Nature of Current Accounts: Providing a Solution to Amend the Rules and Regulations

The current deposit account is very important due to some functions such as facilitating currency exchanges and eliminating the need for the account holder to carry and maintain cash, the credibility of documents in payments and receipts, and keeping money in bank. According to the law on usury-free banking in the Islamic Republic of Iran, the depositor's legal relationship with the bank in the current deposit is a loan; therefore, considering themselves the owners of funds, banks take ownership of these deposits, make money based on the deposits, and make a profit using the account balance of these free accounts. This is while according to ertekaze orfi[1], the current account depositor does not place his money in the bank with the intention of borrowing and does not intend to take ownership of the bank, but the purpose of the depositor from such an account is organizing his/her own receipts and payments through the services of the current account; that is, if someone asksed about his/her money, one would say that I put my money in the bank to take and spend it whenever I need it. As a result, a difference and contradiction between the bank’s behavior and the depositor’s intention is seen. The current study aims at examining the jurisprudential nature of the current account within the framework of certain sharia contracts. Through data collecting especially in jurisprudential issues, and employing descriptive-analytical research methods, this article attempts to provide a solution approved by the legislator so that the depositor and the bank can use the services of the current account legitimately. Accordingly, the present study seeks to prove the hypothesis that "the bank's relationship with the depositor in the current account can be defined on the basis of contract of settlement and all expectations can be met from the current account”. The research findings suggest that the law on interest-free banking be reviewed based on this approach and that its regulations and executive instructions be reviewed again.