The blueprint has been drafted “with the aim of extending the banking system’s compliance with Sharia [Islamic law]”, Ali Divandari, the institute’s head, who announced the news at a meeting with the chief executive of Qarzol-Hasaneh Mehr Iran Bank, MBRI’s official news portal reported. The bank signed three agreements with the research institute for boosting Islamic banking efforts. The qarzol-hasaneh bank was founded 10 years ago with the aim of becoming the first Iranian bank specializing in interest-free, Sharia-compliant micro-banking, capital management and lending, Financial Tribune reported.