By Micah Halpern
I've Been Thinking:
Yesterday Iran introduced their first credit card.
There are three different categories for the credit card. A $3,000 limit, a $10,000 limit and a $15,000 limit.
Iran is easing the credit cards into their country in the hope that it will help stimulate the economy - especially the banking system. The country needs to jump start its internal purchases.
There is an important issue still at hand.
Islam rejects the concept of interest which is exactly how credit cards work. That is the reason Iran and other Islamic countries have until now shunned the credit card.
Is business trumping religion? I wonder how long credit cards will last in Iran.
Micah@MicahHalpern.com
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