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Revising Usury-Free Banking Law

Revising Usury-Free Banking LawRevising Usury-Free Banking Law

The parliament on Tuesday approved the single-urgency of a motion which would amend the usury-free banking law (first approved in 1983), with 151 votes for it, 4 votes against it, and 7 abstentions, Gholamreza Mesbahi-Moghadam, a lawmaker, announced. The motion seeks to prevent commercial banks and credit institutions from speculative activities. It is aimed at helping investment institutions  to only provide funds for the manufacturing units, ISNA reported.

Financialtribune.com