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The aim of this paper is to explain that what main characteristics financial technologies should have so that lead to improve the transparency of institutions and whether the integrated monetary banking system deployed in free-interest institutions has affected the transparency of these institutions in terms of those characteristics or not? In this study, the integrated monetary banking system will be studied subject to implementation of the Shafagh project.

Based on the literature review and the experts' opinions, the principles of the research questions were explained. Then, according to the dimensions of the research conceptual model, questions related to research questions were considered as the item for analysis in the modeling of structural equations. In the next step, 278 employees and managers of interest-free institutions were selected, by simple random sampling method, to answer the questionnaire. Data collected is analyzed by using structural equations method.

The results of the analysis indicates that the impact of the dimensions of strategic, technical, organizational and cultural factors – identified as the main characteristics of a financial system in this study – on the transparency of the transactions of the interest-free institutions is significant.

The results were obtained by focusing on the qualitative factors and also on the culture on free-interest institutions.

By investigating the issues and factors that the developers, consultants and institutions’ managers need to address and also giving a conceptual model, this study assists managers and generally financial institutions in developing an integrated banking system in a way that will be more likely to improve transparency in those organizations.

This study pioneers a comprehensive conceptual model, surpassing prior research that focused on isolated criteria. This novel approach enriches understanding of core banking systems' impact on financial transparency. This groundbreaking study uniquely focuses on free-interest institutions, traditionally presumed to be transparent but never before studied.