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Communications and IT Minister Mahmoud Vaezi said in August that the country was preparing to introduce credit card services processed by global payment operator MasterCard for the first time. (Shutterstock)

September 26th, 2016 - 09:23 GMT

Time to splurge: Iran introduces credit cards for the first time

As part of a plan to encourage public spending, Bank Melli Iran and Ayandeh Bank have begun issuing credit cards based on the Murabahah Islamic financing structure.