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Credit Institution for Development
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| Link ID |
138837 |
| Title |
Credit Institution for Development |
| Url |
http://www.bankiran.com/English/main.html |
| Description |
Establishment of Credit Institute, cited by Central Bank of I.R, is accounted as the third major step of Iran banking system after nationalization of banks and procurement and implementation of Islamic Banking Act. (Usury free banking operations). Foundation of C.I.D. is credited as a remarkable development of private sector participation in different investment activities. Credit Unions are able to play a key role in promotion and diversification of efficient economic activities. They can function as financial intermediaries that collect and organize scattered and unproductive savings in order to provide funds and facilities for agents who are in need of these resources. |
| Category |
Financial Services > Banking Services > Banks and Institutions > Regional > Middle East > Iran |
| Keywords |
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| Date |
Jul 19, 2006 |
| Contact Name |
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| Email |
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Other links at Financial Services > Banking Services > Banks and Institutions > Regional > Middle East > Iran |
| 1. |
Karafarin Bank - HomePage
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Karafarin Bank was initially established as Karafarinan Credit Institute. It is the first truly privately-owned bank in Iran established since the 1979 revolution. Its shareholders are among the leading industrialists and contractors in Iran.
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| 2. |
Credit Institution for Development
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Establishment of Credit Institute, cited by Central Bank of I.R, is accounted as the third major step of Iran banking system after nationalization of banks and procurement and implementation of Islamic Banking Act. (Usury free banking operations). Foundation of C.I.D. is credited as a remarkable development of private sector participation in different investment activities. Credit Unions are able to play a key role in promotion and diversification of efficient economic activities. They can function as financial intermediaries that collect and organize scattered and unproductive savings in order to provide funds and facilities for agents who are in need of these resources.
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| 3. |
The Central Bank of The Islamic Republic of Iran
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The Central Bank of Iran (CBI) was established in 1960 (1339 solar year). As stated in the Monetary and Banking Act of Iran (MBAI), CBI is responsible for the design and implementation of the monetary and credit policies with due regard to the general economic policy of the country.
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| 4. |
Home - Bank Refah
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Bank Refah was founded in June 1960, with the aim of providing any kind of banking services for people from all walks of life and special facilities and credits for laborers. Its initial investment of 400 million I.R.R. was designated by Social Security Organization. In 1979, following the bill on administration of banking affairs and nationalization of the banks, Bank Refah was considered as a commercial bank and in July 1993, it was being supported by S.S.O owning 46% shares of the bank.
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| 5. |
Bank Mellat
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Bank Mellat was formed in accordance with the resolution of Banks General Meeting on Dec.20,1979 in line with the provisions of article 17 of the Banks Management Act , with the initial share capital of 33 billion Rials through the merger of 10 private pre-revolution banks. With the present share capital of 1239 billion Rials , Bank Mellat is the third largest bank within the Islamic Republic of Iran.
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