DOCSLIB.ORG

Saderat Report & Accounts-Final

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Saderat Report & Accounts-Final 2 CONTENTS B OARD OF DIRECTORS AND MANAGEMENT 4 C HAIRMAN’ S STATEMENT 5-8 R EPORT OF THE DIRECTORS 9-11 S TATEMENT OF DIRECTORS’ RESPONSIBILITIES 12 I NDEPENDENT AUDITORS’ REPORT 13-14 P ROFIT AND LOSS ACCOUNT 15 B ALANCE SHEET 16-17 S TATEMENT OF R ECOGNISED G AINS AND L OSSES 18 C ASH FLOW STATEMENT 19 N OTES TO THE ACCOUNTS 20-41 T EN YEAR PERFORMANCE 42 B ANKING SERVICES 43 B ASIL II PILLAR 3 DISCLOSURES 44-58 Registered Office Representative Office 5 Lothbury, 1137 Vali Asr Ave., London EC2R 7HD 6th Floor, Sadaf Building, P.O. Box: 15175/584, Tehran 15119-43885, Iran Telephone: (+ 44 20) 7600 0133 Telephone: (+ 98 21) 8879 6008/6329/6838/6965 Fax: (+ 44 20) 7796 3216 Fax: (+ 98 21) 8879 6053 Telex: 883382 Telex: 226361 Foreign Exchange and Money Market Operations Chief Representative: Telephone: (+ 44 20) 7796 1221 H. M. Faiyaz Telex: 887307 e-mail address: [email protected] e-mail address: [email protected] Registered No: 1126618 BSPLC 3 BANK SADERAT PLC BOARD OF DIRECTORS AND MANAGEMENT Directors Management Dr H. Borhani S. Iranzad Chairman Managing Director S. Iranzad R. J. Speedy Managing Director Assistant Managing Director and Treasurer E. S. Lacy Non-Executive Director J. M. Alabaster Manager, Documentary Credits Dr D. J. Reid Non-Executive Director M. Baninajar Operations Manager C. R. Wakefield Manager, Loans and Trade Finance R. G. Wetton Financial Controller and Company Secretary 4 CHAIRMAN’S STATEMENT During the year under review the world economies demonstrated reasonable growth in the first two quarters. However, the housing market crisis in the United States and the subsequent credit squeeze restricted growth for the year to 3.6% compared with 3.9% in 2006. Although there were concerns of a recession in the United States other economic regions continued to demonstrate reasonable rates of growth. China, which has become Iran’s principal trading partner, continues to produce strong economic growth with GDP increasing by 11.4%, an increase on the 10.4% of 2006. East Asia and the Pacific area continue to lead the world in economic growth. Growth in the OECD countries was expected to be 2.5% for 2007, whilst growth in the Euro area, Iran’s major trading area after China, was 2.7%. Growth in the UK, the Bank’s operational base, in the last two quarters of 2007 was 0.7% and 0.6% respectively as the credit squeeze and fears of a US recession began to bite. UK GDP growth for 2007 was 3.1%. Whilst the general global economic trends do affect the business of the Bank it is primarily the economy of Iran that determines its business levels and profitability. Growth in the Iranian economy remained relatively strong in the year ending 20th March 2007 with a GDP growth rate of 6.18%, slightly up on the year ending 20th March 2006, which had shown a GDP growth rate of 5.7%. Growth in the period March to September 2007 was 6.7%. It was encouraging that the growth rate for the non-oil sectors of the economy of 6.6% was higher than the 6.2% achieved in the oil sector. The Iranian Government continues to promote the development of the non-oil sectors of the Iranian economy to build a more diversified economic base. The industrial and mining sectors produced a particularly good growth rate of 8.5%. Inflation continues to be of concern to the Iranian Government with year on year inflation reaching 19.1% as at 22nd November 2007. The Government of Iran with the co-operation of the Central Bank of Iran is going to implement policies that will reduce the rate of inflation to be in line with the target rate of 9.9% for the fourth Five Year Development Plan. It has been encouraging that despite the efforts of various countries to discourage investment in Iran there have been several major inward investment agreements signed over the past year, the largest being the USD16bn gas deal with SKS Ventures of Malaysia to develop the Golshan and Ferdows gas fields. BSPLC 5 BANK SADERAT PLC The continuing high price of oil has enabled the Iranian Government to utilise funds from the Oil Stabilisation Fund to finance various infrastructure projects without being reliant on external finance. Exports of oil and gas in the year to 20th March 2007 totalled USD62.46bn. The high oil price had resulted in an increase in external reserves of USD11.34bn to total USD76bn, whereas external debt had decreased from USD24.26bn as at 20th March 2006 to USD23.51bn as at 20th March 2007. The high oil price and strong economic growth resulted in a current account surplus of USD20.65bn at March 2007 compared with USD16.63bn as at March 2006. Turning to the results of Bank Saderat PLC for the year under review I am pleased to report that the Bank has improved on the record results of 2006. The post-tax profit achieved in the year to the end of December 2007 was £12.51m, an increase of £0.55m (4.76%) on the figure of £11.96m achieved in 2006. This result produced an after-tax return on equity of 11.07%. The retained earnings of the Bank were increased to £23,015,120 enabling the directors to pay two dividends during 2007 amounting to £11,000,300. A further dividend of £5,000,081 was paid in January 2008, a final dividend of £6,499,925 is to be proposed at the forthcoming Annual General Meeting and £0.51m is to be transferred to retained earnings. These movements increased the Tier 1 capital to £13.51m and €143.71m. The Bank continues to exercise tight controls on expenses, which enabled the Bank to restrict the increase in administration expenses to 3.82%. The cost income ratio for 2007 was 21.2% (2006 21.3%). There was no need to raise any new provisions during 2007. However, the Bank was able to write back £177.65k of provisions relating to non- performing loans. Non-performing loans totalled £445.58k which was 0.2% of loans to customers and 0.07% of total assets. The core business of the Bank remained the financing of trade to and from Iran with the commercial assets of the Bank being predominantly Iranian risk. It is the intention of the Board to continue to concentrate on Iranian business, but due to the repayment of the USD120m Syndicated Loan the emphasis in 2008 will be on the discounting of Iranian usance Letters of Credit for periods of up to 360 days rather than the three year corporate loans portfolio that the Bank had built up over the past few years. As at the end of December 2007 the commercial assets were composed of £213.2m (59.04%) discounted Letters of Credit and £147.9m (40.96%) corporate lending. These excellent results were achieved despite the Bank having to alter its business profile over the year. The US Government continued to pressure international banks to cease or restrict their business in Iran or with Iranian banks. The resultant withdrawal of banks from the Iranian market and the on – going difficulties in resolving the issue of Iran’s peaceful nuclear programme has resulted in an increase in the rates for discounting Iranian 6 Letters of Credit. Bank Saderat PLC was able to increase its discounting business during the year, which was a major factor in contributing to the increase in profitability in 2007. As I reported last year the US Government had announced controls that prevented any member of the Bank Saderat Group from accessing the US financial system. Consequently, the Bank’s business was being increasingly conducted in Euros. The directors decided, therefore, that £100m of the Bank’s Tier 1 capital should be converted into Euros to provide a better match in the required funding for the Bank’s business. The increase in Euro business resulted in the Balance Sheet at the end of December being composed of 61.2% of Euro assets. In addition to an increase in the Bank’s Euro business many of the Bank’s customers who had been, for many years, transacting their business in US Dollars were requesting Letters of Credit to be opened in UAE Dirhams. This allowed them to transact their business in a currency that was pegged to the US Dollar but did not involve the difficulties entailed in transferring US Dollars through the American banking system. Naturally, the Bank was pleased to accommodate our customers’ needs and has increased its Trade Finance exposure denominated in UAE Dirhams over the year. The Bank continued to divest itself of US Dollar assets and liabilities. The repayment in November 2007 of the USD120m three year Syndicated Loan that had been raised in 2004 reduced the US Dollar assets from 47% as at the end of 2006 to 12.95% by the end of December 2007. The US authorities’ decision to withdraw the “U-turn” facility from the Bank Saderat Group had excluded the Bank from the US financial system. This action was taken based on unsubstantiated allegations that the Bank Saderat Group had been used as a conduit of funds to Hizbollah. The Bank Saderat Group strongly refutes these allegations and has requested the US authorities to produce any evidence they may have to justify their accusations. To date no evidence has been produced by the US authorities. Bank Saderat PLC in liaison with its parent, Bank Saderat Iran, Tehran, continues to seek a resolution to the unjustified exclusion of the Bank Saderat Group from the US banking system.
Load more

Recommended publications
  • Biden, Congress Should Defend Terrorism Sanctions Imposed on Iran
    Research memo Biden, Congress Should Defend Terrorism Sanctions Imposed on Iran By Richard Goldberg, Saeed Ghasseminejad, Behnam Ben Taleblu, Matthew Zweig, and Mark Dubowitz January 25, 2021 During a Senate Foreign Relations Committee hearing to consider Antony Blinken’s nomination for secretary of state, Blinken was asked whether he believed it is in America’s national security interest to lift terrorism sanctions currently imposed on Iran, including sanctions targeting Iran’s central bank, national oil company, financial sector, and energy sector. “I do not,” Blinken responded. “And I think there is nothing, as I see it, inconsistent with making sure that we are doing everything possible – including the toughest possible sanctions, to deal with Iranian support for terrorism.”1 Bipartisan support for terrorism sanctions targeting Iran goes back to 1984, when the United States first designated the Islamic Republic as a State Sponsor of Terrorism. Since then, every U.S. president2 – Republican or Democrat – and Congress have taken steps to reaffirm U.S. policy opposing Iran’s sponsorship of terrorism and tying sanctions relief to Iran’s cessation of terror-related activities. President Joe Biden has pledged to rejoin the 2015 Iran nuclear deal, formally known as the Joint Comprehensive Plan of Action (JCPOA), if Iran returns to “strict compliance” with the agreement.3 Terrorism sanctions on Iran, however, should not be lifted, even if the Biden administration opts to return to the deal, unless and until Iran verifiably halts its sponsorship of terrorism. This memorandum provides an overview of Iran’s past and ongoing involvement in terrorism-related activities, a review of longstanding bipartisan congressional support for terrorism sanctions on Iran, and a list of terrorism sanctions currently imposed on Iran that should not be lifted.
    [Show full text]
  • Department of the Treasury
    Vol. 76 Thursday, No. 126 June 30, 2011 Part IV Department of the Treasury Office of Foreign Assets Control 31 CFR Chapter V Alphabetical Listings: Specially Designated Nationals and Blocked Persons; Blocked Vessels; Persons Determined To Be the Government of Iran; Final Rule VerDate Mar<15>2010 18:07 Jun 29, 2011 Jkt 223001 PO 00000 Frm 00001 Fmt 4717 Sfmt 4717 E:\FR\FM\30JNR3.SGM 30JNR3 srobinson on DSK4SPTVN1PROD with RULES3 38534 Federal Register / Vol. 76, No. 126 / Thursday, June 30, 2011 / Rules and Regulations DEPARTMENT OF THE TREASURY Background additions and deletions of names, as The Department of the Treasury’s well as changes in identifying Office of Foreign Assets Control Office of Foreign Assets Control information, it provides more up-to-date (‘‘OFAC’’) maintains a list of blocked information than the list of persons 31 CFR Chapter V persons, blocked vessels, specially previously published on an annual basis designated nationals, specially at Appendix A. Alphabetical Listings: Specially Persons engaging in regulated Designated Nationals and Blocked designated terrorists, specially designated global terrorists, foreign activities are advised to check the Persons; Blocked Vessels; Persons Federal Register and the most recent Determined To Be the Government of terrorist organizations, and specially designated narcotics traffickers whose version of the SDN List posted on Iran OFAC’s Web site for updated property and interests in property are information on blocking, designation, blocked pursuant to the various AGENCY: Office of Foreign Assets identification, and delisting actions economic sanctions programs Control, Treasury. before engaging in transactions that may administered by OFAC. OFAC be prohibited by the economic sanctions ACTION: Final rule.
    [Show full text]
  • Bank Saderat Iran
    Sanction catalogue 170.106.202.226 28.09.2021 02:45:14 BANK SADERAT IRAN See company profile List Type Entity List name SDN (OFAC) Programs (3) IFSR IRAN SDGT Remark all offices worldwide Names (2) Last name/Name BANK SADERAT IRAN Full name/Name BANK SADERAT IRAN Type Name Last name/Name IRAN EXPORT BANK Full name/Name IRAN EXPORT BANK Type Alias Quality Strong Addresses (27) Street 3rd Floor, Aliktisad Bldg, Ras El Ein Street Baalbak City Baalbak Country Lebanon Full address 3rd Floor, Aliktisad Bldg, Ras El Ein Street Baalbak, Baalbak, Lebanon Street PO Box 4308, 25-29 Venizelou St City Athens Country Greece Postal code GR 105 64 Region Attica Full address PO Box 4308, 25-29 Venizelou St, Athens, GR 105 64, Attica, Greece Street 16 rue de la Paix City Paris Country France Postal code 75002 Full address 16 rue de la Paix, Paris, 75002, France Street 3rd Floor, Mteco Centre, Mar Elias, Facing Al Hellow Barrak, POB 5126 City Beirut Country Lebanon Full address 3rd Floor, Mteco Centre, Mar Elias, Facing Al Hellow Barrak, POB 5126, Beirut, Lebanon Street Postfach 160151, Friedenstr 4, D-60311 City Frankfurt am Main Country Germany Full address Postfach 160151, Friedenstr 4, D-60311, Frankfurt am Main, Germany Street PO Box 5126 City Beirut Country Lebanon Full address PO Box 5126, Beirut, Lebanon Street Alghobeiri Branch - Aljawhara Bldg, Ghobeiry Blvd City Beirut Country Lebanon Full address Alghobeiri Branch - Aljawhara Bldg, Ghobeiry Blvd, Beirut, Lebanon Street PO Box 1269 City Muscat Country Oman Postal code 112 Full address PO Box 1269,
    [Show full text]
  • Department of the Treasury
    DEPARTMENT OF THE TREASURY Office of Foreign Assets Control 31 CFR Part 560 Iranian Transactions Regulations AGENCY: Office of Foreign Assets Control, Treasury. ACTION: Final rule. ----------------- SUMMARY: The Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) is amending the Iranian Transactions Regulations in the Code of Federal Regulations to expand the scope of Appendix A to Part 560 to encompass any person determined by OFAC to be the Government of Iran, as that term is defined in those regulations. OFAC also is adding to the appendix 22 persons it has determined to be the Government of Iran. In addition, OFAC is updating the current list of entities in appendix A, removing an entity, and consolidating and amending other listings. Finally, OFAC is reformatting and republishing in alphabetical order the entire list of persons in the expanded appendix. DATES: Effective Date: [INSERT DATE OF FILING FOR PUBLIC INSPECTION]. FOR FURTHER INFORMATION CONTACT: Assistant Director for Compliance, Outreach & Implementation, tel.: 202/622–2490, Assistant Director for Licensing, tel.: 202/622-2480, Assistant Director for Policy, tel.: 202/622-4855, Office of Foreign Assets Control, or Chief Counsel (Foreign Assets Control), tel.: 202/622-2410, Office of the General Counsel, Department of the Treasury, Washington, DC 20220 (not toll free numbers). SUPPLEMENTARY INFORMATION: Electronic and Facsimile Availability This document and additional information concerning OFAC are available from OFAC’s Web site (www.treas.gov/ofac). Certain general information pertaining to OFAC’s sanctions programs also is available via facsimile through a 24-hour fax- on-demand service, tel.: 202/622–0077.
    [Show full text]
  • Annual Review 2013/14
    Annual Review 1392 (2013/14) CENTRAL BANK OF THE ISLAMIC REPUBLIC OF IRAN (BANK MARKAZI JOMHOURI ISLAMI IRAN) Annual Review 1392 (2013/14) CENTRAL BANK OF THE ISLAMIC REPUBLIC OF IRAN (BANK MARKAZI JOMHOURI ISLAMI IRAN) CONTENTS ABBREVIATIONS iv SYMBOLS iv LIST OF FIGURES v PART ONE (Economic Developments of Iran in 2013/14) Introduction 1 National Product and Expenditure 3 Real Sector Developments 3 Energy 3 Agriculture 6 Manufacturing and Mining 11 Construction and Housing 12 Transportation 15 Population and Employment 16 Fiscal Sector Developments 19 Government Budget and Finance 19 External Sector Developments 21 Foreign Trade 21 Balance of Payments 23 Financial Sector Developments 24 Money and Banking 24 Payment Systems 27 Asset Market Developments 31 Price Trends 36 Household Welfare and Expenditure 39 PART TWO (Statistical Appendix) List of Tables 42 iii ABBREVIATIONS ATM Automated Teller Machine CBI Central Bank of the Islamic Republic of Iran CPI Consumer Price Index 5th FYDP 5th Five-Year Development Plan (2011-16) GDP Gross Domestic Product kWh Kilowatt-hour mb/d Million Barrels per Day NIGC National Iranian Gas Company NIOC National Iranian Oil Company NIORDC National Iranian Oil Refining and Distribution Company OPEC Organization of the Petroleum Exporting Countries OSF Oil Stabilization Fund POS Point of Sale PPI Producer Price Index Rls Rials SMEs Small and Medium Enterprises TEDPIX Tehran Stock Exchange Dividend and Price Index TEPIX Tehran Stock Exchange Price Index TSE Tehran Stock Exchange SYMBOLS .. Figures not available The figure is not a significant decimal fraction Figures are preliminary ▲ Figures are revised Calculation (of percentage change) is not possible More than 500 percent increase The year 1392 corresponds to 2013/14 (starting March 21, 2013 and ending March 20, 2014).
    [Show full text]
  • An Overview of O.F.A.C. Regulations Involving Sanctions Against Iran
    An overview of O.F.A.C. Regulations involving Sanctions against Iran This fact sheet provides general information about the Iranian of the transaction that is the basis of the violation with respect to which sanctions programs under the Iranian Transactions Regulations, 31 the penalty is imposed may also be imposed administratively. C.F.R. Part 560, and the Iranian Assets Control Regulations, 31 C.F.R. Part 535. These sanctions are administered by the U.S. Treasury OFAC will provide additional guidance on the implementation of Department’s Office of Foreign Assets Control (“OFAC”). sections 104 and 105 of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 soon. Iranian Transactions Regulations - 31 C.F.R. Part 560 • IMPORTS FROM IRAN - Goods or services of Iranian origin may not As a result of Iran’s support for international terrorism and its be imported into the United States, either directly or through third aggressive actions against non-belligerent shipping in the Persian Gulf, countries, with the following exceptions: President Reagan, on October 29, 1987, issued Executive Order 12613 imposing a new import embargo on Iranian-origin goods and a) Gifts valued at $100 or less; services. Section 505 of the International Security and Development Cooperation Act of 1985 (“ISDCA”) was utilized as the statutory b) Information and informational materials; authority for the embargo, which gave rise to the Iranian Transactions Regulations, Title 31, Part 560 of the U.S. Code of Federal Regulations c) Household and personal effects, of persons arriving in the (the “ITR”). United States, that were actually used abroad by the importer or by other family members arriving from the same Effective March 16, 1995, as a result of Iranian support of international foreign household, that are not intended for any other person terrorism and Iran’s active pursuit of weapons of mass destruction, or for sale, and that are not otherwise prohibited from President Clinton issued Executive Order 12957 prohibiting U.S.
    [Show full text]
  • Annual Report Annual Report
    Tehran Stock Exchange Annual Report Exchange 2011 Stock Tehran Tehran Stock Exchange Address: No.228,Hafez Ave. Tehran - Iran Tel: (+98 021) 66704130 - 66700309 - 66700219 Fax: (+98 021) 66702524 Zip Code: 1138964161 Gun-metal relief discovered in Lorestan prov- ince, among the Achaemedian dynasty’s (550-330 BC)Antiquities. Featuring four men, hand in hands, indicating unity and cooperation; standing inside circles of 2011 globe,which is it, according to Iranian ancient myths, put on the back of two cows, ANNUAL symbols of intelligence and prosperity. Tehran Stock Exchange Implementation: CAPITAL&MARKET REPORT ANNUAL REPORT Tehran Stock Exchange 2011 Tehran Stock Exchange Tehran www.tse.ir Annual Report 2011 2 Tehran Stock Exchange Tehran www.tse.ir Mission Statement To develop a fair, efficient and transparent market equipped with diversified instruments and easy access in order to create added value for the stakeholders. Vision To be the region’s leading Exchange and country’s economic growth driver. Goals To increase the capital market’s share in financing the economic productive activities. To apply the effective rules and procedures to protect the market’s integrity and shareholders’ equity. To expand the market through using updated and efficient technology and processes. To promote financial literacy and develop investing and shareholding culture in Iran. To extend and facilitate the market access through information technology. To create value for shareholders and comply with transparency and accountability principles, with cooperation
    [Show full text]
  • BIC Statement CORRESPONDENT BANK's NAME ALL BR. COUNTRY
    BIC Statement CORRESPONDENT BANK'S NAME ALL BR. COUNTRY 1 AFABAFKA ARIAN BANK,KABUL 2005/11/30 AFGHANISTAN 2 BKMTAM22 EUR BANK MELLAT CJSC YEREVAN, YEREVAN ARMENIA 3 OBKLAT2L OBERBANK AG, LINZ AUSTRIA 4 GIBAATWW ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AG, VIENNA AUSTRIA 5 SCHOATWW SCHOELLERBANK AG,VIENNA 2005/05/05 AUSTRIA 6 BKAUATWW EUR UNICREDIT BANK AUSTRIA AG, VIENNA(Bank Austria) 2009/02/17 AUSTRIA 7 CAPNAZ22 AZERBAIJAN INDUSTRY BANK JSC, BAKU 2007/10/02 AZERBAIJAN 8 MELIAZ22 BANK MELLI IRAN, BAKU BRANCH, BAKU 2005/04/20 AZERBAIJAN 9 ABCOBHBM ARAB BANKING CORPORATION (B.S.C.), MANAMA BAHRAIN 10 BMEABHBM BAHRAIN MIDDLE EAST BANK B.S.C.,MANAMA 2010/07/14 BAHRAIN 11 FUBBBHBM EUR,AED FUTURE BANK (B.S.C.) C , MANAMA 2005/12/04 BAHRAIN 12 GULFBHBM GULF INTERNATIONAL BANK, MANAMA BAHRAIN 13 SCBLBDDX STANDARD CHARTERED BANK, DHAKA BANGLADESH 14 SBINBDDH STATE BANK OF INDIA, DHAKA 2006/07/10 BANGLADESH 15 BCBLBDDH BANGLADESH COMMERCE BANK BANGLADESH 16 AKBBBY2X BELARUSBANK , MINSK 2009/02/17 BELARUS 17 BELBBY2X BELVNESHECONOMBANK OJSC , MINSK 2005/05/05 BELARUS 18 HNRBBY2X HONOR BANK,MINSK 2010/07/14 BELARUS 19 BPSBBY2X JSC BPS-BANK (FORMERLY BELPROMSTROIBANK), MINSK 2007/10/02 BELARUS 20 BBTKBY2X TC BANK , MINSK 2009/09/29 BELARUS 21 FBHLBE22 CREDIT EUROPE BANK N.V. ANTWERP BRANCH , ANTWERPEN 2008/02/07 BELGIUM 22 BYBBBEBB BYBLOS BANK EUROPE S.A., BRUSSELS BELGIUM (ALL BR.IN 23 GEBABEBB FORTIS BANK S.A./N.V. BRUSSELS, BRUSSELS BELGIUM) BELGIUM (ALL WORLD 24 KREDBEBB KBC BANK NV , BRUSSELS BR.) BELGIUM 25 DEUTBRSP DEUTSCHE BANK S.A.
    [Show full text]
  • Banking Industry Iran Current Status, Opportunities and Threats
    Banking Industry Iran current status, opportunities and threats September 2016 All statements of fact, opinion, or analysis expressed in ILIA white papers are those of the respective analysts. They do not necessarily reflect formal positions or views of ILIA. The information used and statements of fact made are not guarantees, warranties or representations as to their completeness or accuracy. ILIA assumes no liability for any short-term or long-term decision made by any reader based on analysis included in our white papers. Copyright restrictions (including those of third parties) are to be observed. Further Information: www.ilia-corporation.com Table of Content Iran Banking Industry 8 There are 30 banks and 5 financial/credit institutions active in Iran, where banks are the main source of funding for development plans and companies. The Iranian banking industry makes up for 2.5% of GDP and has the second highest penetration rate in the MENA region. Iran is the only Muslim country besides Sudan where the entire financial industry is obliged to be consistent with the principles of sharia law, accounting for more than 40% of the world’s total Islamic banking assets. Iran Banking and Globalization 17 In 2001, 57 branches of private and governmental Iranian banks were active in foreign countries. The number fell to 49 in 2005, and following sanctions all overseas branches were closed. Post the implementation of the JCPOA, more than 50 branches of Iranian commercial banks are expected to restart their activities in foreign countries. Based on the Iran Foreign Investment Promotion Act, foreign banks are allowed to hold a 40% share of Iranian banks and according to the Iranian Central Bank, the necessary initial capital for foreign investors to establish a bank in Iran is at 5 million EUR.
    [Show full text]
  • FIN-2010-A008 Issued: June 22, 2010 Subject: Update on the Continuing Illicit Finance Threat Emanating from Iran
    Advisory FIN-2010-A008 Issued: June 22, 2010 Subject: Update on the Continuing Illicit Finance Threat Emanating from Iran The Financial Crimes Enforcement Network (FinCEN) is issuing this advisory to supplement information previously provided on the serious threat of money laundering, terrorism finance, and proliferation finance emanating from the Islamic Republic of Iran,1 and to provide guidance to financial institutions regarding United Nations Security Council Resolution (UNSCR) 1929, adopted on June 9, 2010. UNSCR 1929 contains a number of new provisions which build upon and expand the financial sanctions imposed in previous resolutions (UNSCRs 1737, 1747, and 1803) and which are designed to prevent Iran from abusing the international financial system to facilitate its illicit conduct. The resolution’s measures include a call for States, in addition to implementing their obligations pursuant to resolutions 1737, 1747, 1803, and 1929, to prevent the provision of any financial service – including insurance and reinsurance – or asset that does or could contribute to Iran’s proliferation activities; and to prohibit on their territories new relationships with Iranian banks, including the opening of any new branches of Iranian banks, if there is a suspected link to proliferation. The UNSCR also requires States to ensure their nationals exercise vigilance when doing business with any Iranian firm, including the Islamic Revolutionary Guard Corps (IRGC) and the Islamic Republic of Iran Shipping Lines (IRISL), when there is a possibility that
    [Show full text]
  • UK HMT: Financial Sanctions Against Iran
    Financial Sanctions Notification 27/07/2010 Iran Council Implementing Regulation (EU) No 668/2010 1. This notification is issued in respect of the financial measures taken against Iran. 2. Her Majesty’s Treasury issue this notification to advise that, with the publication of Council Implementing Regulation (EU) No 668/2010 of 26 July 2010 (‘Regulation 668/2010’) in the Official Journal of the European Union, (O.J. L195, 27.7.2010, P25) on 27 July 2010, the Council of the European Union has again amended Annex V to Council Regulation (EU) No. 423/2007 (‘Regulation 423/2007’). 3. Article 7(2) of Regulation 423/2007 provides for the Council to identify persons, not designated by the United Nations Security Council or by the Sanctions Committee established pursuant to paragraph 18 of UNSCR 1737 (2006), as subject to the financial sanctions imposed by Regulation 423/2007. Such persons are listed in Annex V to Regulation 423/2007. 4. The amendments made to Annex V by Regulation 668/2010 take the form of the addition of individuals and entities to the list of those subject to the financial sanctions imposed by Regulation 423/2007. Article 7 of Regulation 423/2007 imposes an asset freeze on these individuals and entities. 5. With effect from 27 July 2010, all funds and economic resources belonging to, owned, held or controlled by persons in Annex V to Regulation 423/2007 as amended by the Annex to Regulation 668/2010 must be frozen. No funds or economic resources are to be made available, directly or indirectly, to or for the benefit of persons listed in Annex V unless authorised by the Treasury.
    [Show full text]
  • AHMADIAN, Ali Akbar (A.K.A
    Designated IRGC Affiliates and Designated Iran-Linked Financial Institutions Current as of: September 24, 2012* ABDOLLAHI, Hamed (a.k.a. ABDULLAHI, Mustafa); DOB 11 Box 459, Al Borj St, Sharjah, United Arab Emirates; PO Box 3093, Aug 1960; citizen Iran; Passport D9004878 (individual) [IRGC] Ahmed Seddiqui Bldg, Khalid Bin El-Walid St, Bur-Dubai, Dubai City 3093, United Arab Emirates; PO Box 1894, Al Wasl Rd, AHMADIAN, Ali Akbar (a.k.a. AHMADIYAN, Ali Akbar); DOB Jumeirah, Dubai, United Arab Emirates; Postfach 112 129, circa 1961; POB Kerman, Iran; citizen Iran; nationality Iran Holzbruecke 2, D-20459, Hamburg, Germany; Nobel Ave. 14, Baku, (individual) [IRGC] Azerbaijan; Unit 1703-4, 17th Floor, Hong Kong Club Building, 3 A Chater Road Central, Hong Kong; Esteghlal St., Opposite to Otbeh ALLAHDAD, Hushang (a.k.a. ALLAHDADI, Hushang; a.k.a. Ibn Ghazvan Hall , Basrah, Iraq; all offices worldwide [IFSR] GOLZARI, Sa'id); Passport 08550695; alt. Passport A0022791 (individual) [IRGC] BANK REFAH KARGARAN (a.k.a. BANK REFAH; a.k.a. ANSAR BANK (a.k.a. ANSAR FINANCE AND CREDIT FUND; WORKERS' WELFARE BANK (OF IRAN)), No. 40 North Shiraz a.k.a. ANSAR FINANCIAL AND CREDIT INSTITUTE; a.k.a. Street, Mollasadra Ave, Vanak Sq, Tehran 19917, Iran; all offices BANK-E ANSAR; f.k.a. "ANSAR AL-MOJAHEDIN NO- worldwide [IFSR] INTEREST LOAN INSTITUTE"; f.k.a. "ANSAR INSTITUTE"; f.k.a. "ANSAR SAVING AND INTEREST FREE-LOANS FUND"), BANK SADERAT IRAN (a.k.a. IRAN EXPORT BANK), all offices Building No. 539, North Pasdaran Street, Tehran 19575-497, Iran; worldwide [IFSR] North Pasdaran St., No.
    [Show full text]