TEHRAN – The first interest-free bank will be inaugurated on Nov. 22, marking Imam Reza’s (AS) birth anniversary, Iran’s minister of economic affairs and finance said here Sunday.

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, Davud Danesh-Ja’fari told reporters on the sidelines of “Production for Export Forum”.
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