Ethical banking is a banking activity committed to healthy competition and accountability, and responsible behavior. This type of banking, in addition to paying attention to the conventional goals of the banking system, seeks to improve the quality of life by respecting the rights of individuals in society, maintaining the stability and security of the socio-economic system, protecting the environment, and promoting public confidence in the banking industry. Implementation of usury-free banking is the infrastructure, and observance of ethical principles (including justice) is the most important pillar of Islamic banking. The attention of the rich Islamic-Iranian culture to ethics confirms the claim that the Iranian banking system, by investing more in scientific and executive disciplines in ethics, can be the flagship of ethical banking in the world.