Illicit credit institutions pose threat to Iran’s banking system - FT.com:
"When Rajabali realised his returns would be greater if he put his money in an illegal credit institution rather than into his car repair business, he acted quickly.
He sold the 1,000 sq m property in the northeastern city of Semnan to an illegal credit institution this year for 30bn rials ($1.01m), sacked about half a dozen workers and deposited the money with the same institution for an interest rate of 23 per cent — in the process realising a far greater income than had he stuck with the garage.
“The credit institution put a condition that my father-in-law would not receive his money from the sale for two years,” said Mansoor, his son-in-law. “[But] he receives 60m tomans [$20,249] each month in interest [since February]. At best, his profit from the garage was 7m tomans [$2,362] a month.”"
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