Prohibition of paying any interest rate higher than the limits approved by the Monetary and Credit Council
Prohibition of paying any interest rate higher than the limits approved by the Monetary and Credit Council

خانه Prohibition of paying any interest rate higher than the limits approved by the Monetary and Credit Council

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Prohibition of paying any interest rate higher than the limits approved by the Monetary and Credit Council

Prohibition of paying any interest rate higher than the limits approved by the Monetary and Credit Council

Prohibition of paying any interest rate higher than the limits approved by the Monetary and Credit Council; Central Bank Circular on the Prohibition of Paying Any Interest Rates Above the Limits Approved by the Monetary and Credit Council: General Management of Supervision of Banks and Credit Institutions The Supervision Office of Banks and Credit Institutions of the Central Bank of the Islamic Republic of Iran Circular No. 225149/95 dated 7/15 / Has addressed the CEOs of state and non-state banks, state-owned Post Bank and Development Credit Institutions, Nations, Kosar, Noor and Caspian as follows:

It hereby reminds that in spite of the many emphases of this bank, the studies carried out and the information and reports received indicate that the performance of some branches of that bank / credit institution regarding the attraction of deposits and granting facilities contrary to the rules and regulations to The following is:

1- Despite the provisions of Circulars No. 62668/91 dated 10/3/2012, No. 224306/93 dated 21/8/1493 and No. 62358/94 dated 12/3/1594, some banks and credit institutions with the objectives of Such as preventing the outflow of resources, increasing the effective interest rate of the facility, providing valid documents to cover credit risk and the like, blocking part of the granted facility in the form of various deposits, taking a number of installments together at the beginning of the contract, Receive the expected profit at the time of granting the facility and other similar cases. It is obvious that taking such actions is contrary to the concepts contained in the Law on Interest-Free Banking Operations and the Executive Rules of Islamic Contracts, so it specifies that any action that leads to an increase in the effective interest rate of the granted facilities and subsequently squanders the facilities And in any title – is prohibited.

2- In spite of the provisions of Circulars No. 116595/95 dated 14/4/1695 and No. 50033/95 dated 19/2/1695, some banks and credit institutions are still through investment funds at interest rates set by They violate the Monetary and Credit Council. In this regard, it is reiterated that the payment of any interest rate above the limits approved by the Monetary and Credit Council to the deposits of investment funds with that bank / credit institution is prohibited under any heading. It is emphasized that the presentation of any type of credit product and depositability by that bank / credit institution is possible only within the framework of rules and regulations, and in case of any ambiguity, it is necessary to inquire from this bank. Therefore, it is appropriate to order that while emphasizing the prohibition of the mentioned measures to all relevant units, monitoring the proper implementation of the relevant rules and regulations should be on the agenda and a copy of the circular sent to the affiliated units should be sent to this general management.

Author: persian / Date: 2017-10-26
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