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Financial Intermediation IRAN STATISTICAL YEARBOOK 1394 14. FINANCIAL INTERMEDIATION Introduction B anks, credit institutions, insurance companies, Tehran Stock Exchange, Ghardh-al-hasaneh (interest-free) funds, retirement funds, and investment companies comprise the financial institutions of the country. has been in charge of collecting register data of A short history of statistical activities and data securities exchanges since the year 1346. collection methods of these institutions is as 4. Other financial activities: in addition to the follows: above activities, some other activities are carried 1. Monetary and bank: monetary and banking out by credit cooperatives to meet the financial data collection dates back to the year 1307, when needs of members. The data on such activities the Bank Melli Iran (The National Bank of Iran) have been received and disseminated as register was founded. From 1314 the activity was data from the Ministry of Cooperatives since the enhanced by the establishment of the Statistical year 1370. Moreover, there are financial and Economic Researches Bureau in the Bank. activities by Ghardh-al-Hasaneh funds and some The Central Bank of the I. R. of Iran took the other credit institutions whose statistical data responsibility over as it was founded in the year have not been collected so far in a 1339. comprehensive way. At the time being, the Central Bank of the I.R. of Iran collects and releases the monetary and Information and statistics appeared in this banking information based on the reports it chapter includes: number of banking units, regularly receives from the banks across the amount of their assets and liabilities, changes in nation. the banks resources and uses, liquidity, public 2. Insurance: Iran Insurance Co. Ltd. was and non-public sector's deposits with banks and established in the year 1314. Insurance data their debts to the banks, the credits provided by collection, however, was started in the year 1339 banks to the non-public sector separately by after the foundation of the Bureau of Statistics economic sectors, banks exchanged shares, and Information of the company. The Bureau status of participation papers issued, government experienced reorganization in the year 1345 and bonds in stock, premiums received and claims resumed data collection with more improved paid in the insurance market of Iran, exchange of facilities. shares in the stock market, and specifications of The Central Insurance of Iran, which was the credit cooperatives. founded in the year 1350 to lead and supervise insurance activities, entrusted production and Definitions and concepts release of statistical information to its statistics Banking operations: activities such as accepting bureau. At present, the insurance-related data are deposits, granting banking facilities, dealing in collected and disseminated by the Central bills and drafts (promissory notes), exchange Insurance of Iran through using the documents of transactions, operations related to bonds and different insurance companies. securities, money transfers within the country, as 3. Stock market: Tehran Stock Exchange Market stipulated by law. Banking unit: any branch, agency or counter of a bank. Banking system: the whole body of public and private banks as well as non-bank credit institutions and the Central Bank of the I. R. of Iran. 545 14. FINANCIAL INTERMEDIATION IRAN STATISTICAL YEARBOOK 1394 Specialized banks: banks engaged in certain Mudarabah: a financing arrangement under economic activities that use their credits for which one party (owner) provides funds (cash) special purposes. Banks of San'at va Ma'dan and the other party (agent) provides labour and (Mining and Manufacturing Bank), Maskan expertise and does business and the two parties (Bank of Housing), Keshavarzi (Agricultural share in the profit. Bank), and Towse-e-ye Saderat (Exports Mozara'ah: a contract under which one party, Development Bank) are specialized banks and the land owner (Zare) transfers a certain piece of the rest are commercial ones. land for a fixed term to the other party (agent) to Commercial banks: banks whose credit be cultivated. The resulted benefit is divided activities are not restricted to certain economic between the two parties. areas. Musaqat: a financial arrangement between the Public sector: the government and affiliated owner of trees and the like and some agent. Each corporations and institutions as well as party would have a certain share of the products municipalities. which may include fruits, leaves, flowers, and Non-public sector: all private corporations and the like. institutions beside the Islamic Revolution Juala: under Jo'ala, one party, the employer institutions and certain companies sponsored by (Ja'el) is committed to pay a certain amount of the ministries. compensation (Ja'al) to another party, the agent, Banking facilities extended to the public sector: for a certain work, under a contract. facilities extended by the banking system to the Forward transaction: forward cash purchase of government and affiliated corporations and various products at certain prices. institutions as well as municipalities. Facilities Hire purchase: a kind of leasing contract which may be in the form of granting direct credits or stipulates that at the end of leasing time, the purchasing government securities (treasury lessee would own the leased asset in case he has bonds and securities). observed all conditions mentioned in the Banking facilities extended to non-public contract. sector: credits granted by the banking system to Ghardh-al-Hasaneh: a financial arrangement in the private sector from the beginning of the year which the banks lend certain amounts to natural or legal persons according to the rules and 1363 in the form of different Islamic contracts regulations. according to the act of usury - free banking Debt purchase: purchase of time commercial operations and approved regulations. These bills, such as bills and promissory notes, at a contracts include legal partnership, civil price less than their actual value before their due partnership, installment sales, direct investment, dates. Modharaba, Muzara'ah, Musaqat, Jo'ala, forward Non-public sector deposits: funds deposited with the banks according to certain arrangements transactions, hire purchase, Ghardh-al-hasaneh , by natural or legal persons. and debt purchase. Public sector deposits and funds: sum of funds Legal partnership: to provide a part of the deposited with the banking system by capital of a newly established company (ltd.) or ministries, government agencies and to purchase some shares of the existing ones. corporations. Civil partnership: joining of the shares of Administered funds: funds deposited with the several natural and legal persons in cash or in banks for private uses according to a certain kind to form a joint venture to make profit, under contract or law. The banks spend such funds on a contract. behalf of the depositors on cases agreed upon Installment sale: transferring the ownership of without supervision. some visible item to another person at a certain Legal deposits: a specified percentage of sight price received wholly or partly by equal or andnon-sight deposits of the public with the unequal installments at certain due dates. banks which should be kept according to the law Direct investment: provision of funds for the with the Central Bank of the I. R. of Iran. implementation of manufacturing projects and Sight deposits: deposit againstwhich the bank profit-making development projects by the ought to pay the amount of checks on behalf of banking system without participation of any non- the depositor upon receipt of them. Sight bank legal or natural persons. 546 IRAN STATISTICAL YEARBOOK 1394 14. FINANCIAL INTERMEDIATION deposits are also called Ghardh-al-hasaneh Insurance: a contract under which one party current deposits. guarantees to compensate or pay a certain Non-sight deposits: a part of liquidity with a low amount to the other party in case of an accident rate of liquidation comparing with money, or loss incurred for an agreed sum supplied by comprising Ghardh-al-hasaneh savings deposits the latter. The guarantor is the insurer; other and term investment deposits. party of the guarantee is the insured person. The Ghardh-al-Hasaneh savings deposits: such sum which is paid by insured person to the deposits are not entitled to any interest; but, in insurer is insurance premium and the object order to attract and encourage depositors, the which is insured is called insurance subject. banks may give prizes in cash or kind through Direct insurance premium: a sum directly paid drawing lots. by the insured to the insurer within the country. Term investment deposits: short-term or long- Insurance premiums issued: amount of direct term investment deposits for which the bank acts insurance premiums received in the insurance as depositor’s agent and the interest gained from market of the country during the year concerned them is shared between the bank and the (according to the system based on fiscal year) depositor according to the Islamic contracts. excluding indirect insurance premiums obtained Claims on the public sector: sum of the balances through reinsurance arrangements. of loans granted by the banking system to Insurance premium received: The difference ministries or government corporations according between the insurance premium savings from the to special legal permits. beginning and the end of the period with the Claims on non-public sector: sum of the insurance premiums of the same period. balances of loans and credits granted by the Losses incurred: outstanding losses reserves at banks to the private sector. the beginning of the year minus (losses paid at Foreign assets of the banking system: including the same period plus outstanding losses at the gold and foreign exchanges as support of Iran's end of the year). stocks in international institutions as well as gold Claims paid: money paid by the insurer to the and free market foreign exchange. insured to compensate the losses incurred to the Liquidity: private sector sight and non-sight insured after occurrence of the accident.
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