Economy, Business And Markets

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.