Iran Launches Digital Marriage Support Initiative: Credit Cards for Newlyweds
In a significant move to bolster family formation and support national economic objectives, Iran has disbursed over 650 trillion tomans in interest-free marriage loans to more than 3.5 million applicants since the enactment of the Youthful Population and Family Support Law.
Official statistics indicate a high success rate, with over 87% of applicants having already received their facilities. It is projected that a significant portion of the remaining 13% on the waiting list will be processed by the end of the current Iranian year.
Banking Sector Prioritizes Marriage and Childbearing Loans
A substantial portion of the national banking network’s interest-free resources has been dedicated to providing marriage and childbearing facilities. This strategic allocation is a direct response to the law’s emphasis on reducing financial pressure on young families and facilitating marriage for the youth.
Innovative Proposal: Household Appliance Credit Cards
To address the challenge of lengthy application queues, a new initiative is under review. This proposal would replace a portion of the direct cash payments with specialized credit cards for purchasing Iranian-made household appliances. This targeted approach is designed to simultaneously support newlyweds in furnishing their homes and channel resources towards strengthening domestic production.
Proposal Under Review by Central Bank and Parliament
The proposed credit card scheme is currently undergoing expert assessment and review by the Central Bank of Iran and the Islamic Consultative Assembly (Parliament). Pending the resolution of any legal and executive hurdles, the rollout of the program is slated to begin by the end of the current Iranian month of Azar (December 21, 2023).
If embraced by young couples, the credit card initiative could become a permanent component of the marriage loan program, representing a major step forward in reducing application backlogs and bolstering national industries.
A Dual Focus: Supporting Youth and National Economy
The disbursement of 650 trillion tomans in loans and the consideration of this new digital tool underscore policymakers’ commitment to facilitating marriage and strengthening the family foundation. The implementation of these support measures plays a vital role not only in assisting newlyweds but also in stimulating domestic production and supporting the national economy.