Iran to Benefit from Tyre Loans

The Saudi-based Islamic Development Bank (IDB) is planning to offer loans of approximately £4 million to help the development of Iran’s tyre industry. On January 2 details of a statement from the bank’s Iranian representative, Tahmasb Mazaheri, were made public. Mr. Mazaheri was quotes as saying that the purpose of the loan was for the purchase of raw materials for tyre production within the Islamic Republic.

The IDB grants loans according to the principles of Islamic Law for the purpose of fostering economic and social progress within Muslim nations and communities.