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Small savers in Iran hit by wave of failing Islamic loan funds
TEHRAN A string of Islamic interest-free loan funds have been collapsing across Iran in recent months, sparking anger and violence from small depositors, with the latest unrest leaving one person dead and several others hurt.
State television reported earlier this week that the judiciary had declared yet another fund bankrupt in the central town of Nourabad, near Shiraz, with the resulting clashes between furious customers and police causing the bloodshed.
The loan-granting system of the Zolfaghar-Ali fund was ”illegal”, the report said.
According to the conservative-run news website Baztab, residents of the southwestern city of Nourabad in the southwestern province of Fars had more than 360 billion rials (almost 41 million dollars) deposited in such funds.
The student news agency ISNA said some 400 clients gathered in protest and proceeded to burn down the fund’s offices, before moving on to attack several public buildings.
Before order was restored, at least one demonstrator was shot dead. At least 14 others were hurt and ISNA said 47 arrests were made.
The banking operations by such loan funds, founded by conservatives to follow an Islamic banking system, have caused several crises throughout Iran in recent months and triggered street protests.
The system allows depositors after a few months to take interest-free loans of double the amount deposited. But the funds invest and speculate with the deposits, often leaving them without resources to meet high demand for loans.
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