Tehran, 2007 Nov 20, MNA

Iran's first interest-free bank will be inaugurated on Nov. 22, marking Imam Reza's (a.s.) birth anniversary, said the bank governor here Tuesday. 

Gholamreza Mostafapur told MNA that President Mahmud Ahmadinejad will attend the opening ceremony. 

He said interest-free bank is one of the seven monetary and financial bodies set up in line with Article 44 of the Constitution in a bid to move toward Islamic banking.

Minister of Economic Affairs and Finance Davud Danesh-Ja'fari had already announced Money and Credit Council approved regulations on the setup of an interest-free bank in the last days of former Central Bank of Iran (CBI) governor's tenure.

All banks that follow the regulations are allowed to open an interest-free bank, he added.

The minister said the CBI has received scores of applications, among them a joint venture requested by some state-run banks.

“In addition to their routine activities, the mentioned banks plan to open an interest-free bank,” added the top official. 

Danesh-Ja'fari said the banks will have the right to start work after receiving the permit.