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Interest-free bank starts operation in Iran

TEHRAN, Dec. 14 (Mehr News Agency) – Mehr Interest-Free Bank, the first of its type, was inaugurated across Iran Thursday.
The main branch of the bank officially started work here in the presence of President Mahmud Ahmadinejad, Guardian Council Secretary Ayatollah Ahmad Jannati, First Vice President Parviz Davudi, Minister of Economic Affairs and Finance Davud Danesh-Ja’fari, and a number of officials of state-run and private banks.
Bank Melli Iran (BMI) is to render services of the newly inaugurated bank in 2,700 branches throughout the country.
Delivering speech in the opening ceremony, Ahmadinejad called the initiative a major stride toward the development of banking system.
The interest-free bank helps meet the public need without lucrative economic and banking activities, said the president, assuring that the new move will make a great change in the country’s banking system.
Ahmadinejad said the bank is, in fact, a safe center where people could open their accounts and get loans without any banking interest.

... Payvand News - 12/14/07 ... --

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