Terms of providing banking services to Qarz al-Hasna funds were announced

According to the Central Bank’s directive, providing banking services to Qarz al-Hasna funds with a valid activity license from the Central Bank or Qarz al-Hasna funds under the supervision of the Islamic Economic Organization by banks and non-bank credit institutions is subject to receiving an image equal to the original valid activity license issued by the Central Bank or approved. By the company of the Islamic Economic Organization, by banks and non-bank credit institutions is unrestricted.

Also, providing banking services to Gharz al-Hasna funds with total deposits of less than 30 billion Rials, subject to Note 2, paragraph (b) of Article 14 of the Law on the Sixth Five-Year Plan for Economic, Social and Cultural Development of the Islamic Republic of Iran. The framework of conditions will be as follows:

1. Banks and non-bank credit institutions are required to provide “documents related to the establishment announcement”, “original version of the articles of association”, “original establishment registration notice”, “original official newspaper advertisement”, “audited financial statements”, “names and details of board members” Receive the Board of Directors, the Managing Director and the authorized signatories, the “Statement of the bank accounts of the Fund and the members of the Board of Directors and the Managing Director” as well as other necessary documents to be determined by the General Directorate of Supervision of Banks and Credit Institutions of the Central Bank. Receive banking services or good loan funds to which they currently provide banking services, and after verification, send the documents to the General Directorate of Supervision of Banks and Credit Institutions of the Central Bank.

۲. Banks and non-bank credit institutions are required to provide details of transactions and account balances of Gharz-ul-Hasna funds with total deposits of less than 5 billion Rials and Gharz-ul-Hasna funds under the supervision of the Islamic Economic Organization to manage the supervision of banks and credit institutions. Send.

٣. If the resources of the beneficiary loan funds exceed more than 2 billion Rials, the General Directorate of Supervision of Banks and Credit Institutions of the Central Bank shall send a notice to the Fund stating the need to obtain an operating license from the Central Bank or approval of the Islamic Economic Organization. If within one month, the said Qarz al-Hasna funds do not submit their application for a license from the Central Bank or approval from the Islamic Economic Organization, the General Directorate of Supervision of Banks and Credit Institutions of the Central Bank must send a notification to provide banking services to Qarz al-Hasna funds. Prohibit the mentioned.

4. Regarding banks and non-bank credit institutions that provide banking services to Qarz al-Hasna funds contrary to the provisions of this decree, do not send the mentioned information to the Central Bank within the stipulated times or provide false information about the status of Qarz al-Hasna funds to the Central Bank. Appropriate disciplinary action will be taken by the General Directorate of Supervision of Banks and Credit Institutions of the Central Bank.