Iran: coming alive

This article discusses the banking climate in Iran. Its focus is internal. Domestic banking is viewed from an Islamic perspective, starting from 1979, and the 1983 Law for Usury-Free Banking is explored as the central pillar. The central Bank has abolished subsidies in the financial sector and bank rates are now established through money and credit councils. Deposits have increased because the 5-year rate is now pegged at 13%. The introduction of market-oriented lending rates of 19% are key changes that resulted in new activity. Cited is the first check guarantee card issued by Bank Saderat. Additional automated and expanded customer services, and greater competition among financial institutions are among some of the factors credited with this 'coming alive' sentiment that currently prevails