Background and Aim: The law on banking operations without usury was approved in September 1362 in order to adapt the operations of banks to Islamic standards, and it was implemented from the beginning of 1363. The aim is to investigate the impact of the law on usury-free banking operations in the Islamicization of the banking system and financial and credit institutions.
Materials and Methods: Data collection was done by carefully studying the law of interest-free banking operations and the circulars and executive instructions of banks and the bylaws of different chapters of this law in a descriptive and analytical method.
Ethical considerations: In this research, ethical principles such as referencing and quoting original sources were observed.
Findings: From the examination of the relationship between depositors and banks and between banks and investors, it is clear that the legislator is more interested in justifying the banks' practices than wanting monetary policies in accordance with Sharia standards.
Conclusion: When the relations between the bank, depositors and investors are not fully compatible with Islamic contracts, it is better to refer to Article 10 of the Civil Law, or in jurisprudential terms, regarding the diseases of the principle of freedom of contracts, which is rooted in customs, when there is corruption. Consider it valid.