International credit card system in Iran with Franch banks

Mahmoud Reza Khavari, managing director of Bank Sepah, told ISNA that Iranian banking system has been unable to issue international credit cards in recent years due chiefly to the US sanctions and the vast differences between Islamic banking principles and those of other countries.

He, however, said efforts are underway to make the international credit card systems comply with Islamic tenets.

Khavari's remarks come a few weeks after a parliamentarian said it is in the best interest of the national economy to establish limited contacts with foreign banks.

Hassan Moradi, a member of the parliament's Energy Commission, told ILNA that given the Iranian citizens' growing interaction with the international community and the need for promoting tourism, limited involvement of foreign banks in the national economy would help the economic development drive.

Deputy Central Bank of Iran (CBI) governor for administrative and financial affairs, Alireza Shirani, told ISNA earlier that the CBI would welcome issuance of international credit cards by Iranian banks provided the US sanctions against Iran would not create an obstacle in the way of using these cards.

He, however, said some of the state banks currently issue international credit cards through indirect channels.

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