The Iranian banks launched the issue of credit cards for the first time, Presstv.ir. reports. Up to now, the Iranians could use only debit cards.
The cards of three types are available for clients: with the limit of 100 million, 300 million and 500 million of the Iranian rials (3K, 10K, and 15K of the US dollars respectively). Two Iranian banks, Bank Melli Iran and Ayandeh Bank, issue the credit cards.
On the first day, over 12K of credit cards were provided to customers. The central bank set the annual interest rate at 18%.
As the Sharia law forbids usury, cards are issued based on a special trade agreement called “murabahah”, which allows selling goods at a purchase price with the trade margin agreed by the both sides. Thus, lending turns into buy/sell service which supposes that a creditor buys goods on terms of delay of payments or instalment payment.
In August, MasterCard started functioning in Iran. Before that, the US payment systems were not allowed to work there due to the sanctions. The Iranians weren't able to carry out the US dollar transactions which caused trouble with international payments.
