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          Loans
          Types of Granted Local-Currency Facilities
          IRAN-ZAMIN Bank intends to provide its clients with high quality services by applying the superior international experiences and observing the national finance and monetary regulations and acts, and to be able to provide its respected clients with financial and banking solutions as a leading private bank in Iran from functionality perspective by devising innovations and world update technologies. One of the fundamental and most significant goals of IRAN-ZAMIN Bank is to grant credit facilities within the framework of Islamic Banking system and on the basis of regulations of usury-free banking operations act.
          Mudaraba
          Mudaraba is a contract on the basis of which the Bank (Owner) undertakes to provide the defined cash capital to the applicant (Agent) provided that the agent gets involved in commercial activities and the gained interest is divided between the agent and the owner on the basis of the provisions of the contract in between. It is noteworthy that Mudaraba contract concerns the national and foreign commercial activities. In this regard, the banks are not allowed to conclude Mudaraba contracts with the private sector for import activities. The term of contract is for maximum one year from the date of conclusion to settlement of accounts of the subject of the contract.
          Conditions for Granting Mudaraba Facilities:
          Any legal or real entities that are active in commercial and service sector, meet the conditions for receiving the facilities, have a record of account at the bank and are fully identified to the bank, can use Mudaraba facilities upon submitting the required documents.
          I-Required Documents for Real entities:
          • Application
          • Business License and valid trade permits
          • Original and copy of birth certificate
          • Copy of lease agreement or title deed of the place of activity
          • Pertinent permits in case the subject of Mudarabah contract concerns export
          • Proforma invoice of the purchased mudarabah commodities (including mudarabah in national commercial or export affairs)
          II-Required Documents for Legal entities:
          • a. Application
          • b. Copy of birth certificate of the Company’s managers
          • c. Valid trade permits
          • d. Pertinent permits in case the subject of Mudarabah contract concerns export
          • e. Proforma invoice of the purchased mudarabah commodities (including mudarabah in national commercial or export affairs)
          • f. Articles of Association
          • g. Tax Declaration
          • h. Company Registration Declaration
          • i. Notice of establishment
          • j. List of major share holders of company, and the number of their shares and their percentage
          • k. The latest changes of the company as announced in the official gazette
          • l. Financial statement of the last three years
          III- Other documents and permits which are deemed required as per the request of the authority in charge approving the credit
          Process of Grant:
          • Receiving the documents and application
          • Reviewing and studying the application and approving the credit on the basis of the delegated authority from competent authorities of the Bank
          • Concluding Mudarabah contract
          • Granting facilities
          Installment Sale
          It is a contract by virtue of which and upon the request of applicant, the Bank transfers some property with a definite price to the applicant in an arrangement that the applicant pays the bank the price of the property in addition to the customary interest in equal or unequal installments on due dates.
          Required Documents of Installment Sale Transactions:
            I-In case the applicant has a "general file" at the bank branch:
          • a. Application for using "Installment Sale" facilities by the real or legal entities (based on the case) in which the type of activity, the complete details of the subject of installment sale, the cash purchase price and its conditions, full name and address of the seller, the application and usage of the required property, the manner and term of repayment, guarantees and collaterals are defined and explained.
          • b. The pertinent Proforma invoice which is issued directly in name of the applicant or the Bank;
          • c. The pertinent documents and permits for the installment sale of items which are required for industrial, manufacturing or service programs;
          • d. Information pertaining to the price and the seller of the property
          • e. True certified copy of title deeds for collateral and guarantees of the applicant
          • f. The update assessment report of guarantees and collateral of the applicant
          • g. Concluded contract of installment sale transaction
          • h. A copy of all the accounting, disciplinary, and undertakings from the date of contract up to date of account settlement,
          • i. Other documents and permits which are deemed required by the authorities who grant facilities, the branches affairs department and the branch in charge of receiving and maintaining them.
          • II-In case the applicant is a real or legal entity and does not have a "general file" at the bank branch, it is required (on case basis) to collect and archive the following documents in addition to those mentioned above:
          • a. Copy of applicant's business license (true certified by the branch) in manufacturing or service affairs
          • b. Copy of valid title deeds, or goodwill, or lease agreement of the place of activity of applicant
          • c. Copy of all pages of birth certificate, and ID card of applicant, and for legal entities the copy of birth certificate and ID card of members of board of directors and the managing director.
          • III-In case the applicant is a legal entity and does not have a "general file" at the bank branch, it is required to collect and archive the following documents in addition to those mentioned above:
          • a. Copy of company's articles of association sealed by the Companies Registration Organization
          • b. Copy of articles of partnership (for Non-stock Corporations)
          • c. Official Gazette of Company Registration at Companies Registration Organization
          • d. Official Gazette of latest changes in fundamentals of Company
          • e. Official Gazette of latest changes and election of board of directors, managing director and authorized signatories of Company
          • f. List of major share holders of company, and the number of their shares and their percentage
          • g. Financial statements of the last three years
          Murabaha
          One of the most extended requirements of Banks’ clients is the facilities for purchasing commodities and services. The Bank clients including the families and economic institutions constantly need to purchase commodities or services and in many cases they need to take benefit from the banking resources to meet the financial needs of the purchase. Although the installation sale and house repair & reconstruction facilities can meet the needs of the clients to some extent, the Jurisprudence and legal limitations of these contracts on one hand and the restrictions of bylaws and regulations on the other hand, have resulted in insufficiency of these two types of contracts in meeting all the legitimate and economical needs of the clients. The extended subject matter of Murabaha contract on one hand, and the variety of payment methods on the other hand, along with the extended vision in designating the regulations and executive instructions of Murabaha contract and the credit card designed as per the Murabaha contract, has significantly resolved all the restrictions of Installation sale and House Repair and Reconstruction facilities of banks in a way that the Banks can provide the financial resources of Service and Commodity requirements of clients in case of their economical justification. As per article 98 of Fifth Development Program Act, the Murabaha contract was added to the Resources Allocation section of usury-free banking Act. Upon developing and enforcing the executive order of Murabaha Contract by the Central Bank of Iran, the instructions for issuing credit cards on the basis of Murabaha Contract was suggested as a means of usury-free banking.
          Definitions, General concepts and Regulations of Murabaha Contract:
          Murabaha is a contract by virtue of which the seller, announces the cost they have incurred on the commodities for sale, and sell it in cash, credit or installment on equal installments or unequal ones on due date or defined dates to another person by adding some profit or mark-up thereon which is known to the buyer. In addition, the subject of the Murabaha Contract should be valid at the time of concluding this contract. As per the executive instruction enacted by Credit and Money Council, the banks can get under their possession the materials, spare parts, tools, machineries, facilities, equipments, land, and other commodities or services which are needed by the manufacturing, service and commercial units and the durable and consumable commodities and services needed by the households and families upon their order and application and grant facilities to the applicants on credit basis.
          • The Murabaha can also be used for meeting the needs of manufacturing, service and commercial units (for all the consumable and durable commodities required by the households, raw materials, capital and mediatory commodities of institutions) and working capital of industrial, agricultural, and mineral units.
          • In Murabaha contract, the buyer become the owner of the subject of contract immediately after concluding the contract
          • Murabaha is a significant means of supporting the household needs in terms of any commodities including home appliances, consumable commodities, and durable commodities.
          • The main application of Murabaha will be in credit cards and issuing of Murabaha securities (documents of Value);
          • The amount of Murabaha facilities will be determined as per the final cost of the commodities and the banking interest, and the final cost will be the basis for determining and calculating the interest;
          • The applicant should undertake to pay the down payment as per the recommendation of the bank in order to compensate for a portion of the price upon the agreement of Bank for concluding Murabaha contract;
          • It is obligatory for the bank branch which grants the facilities to the applicant, to announce the cash price of the properties of the subject of this instruction. It is allowed to pay the price of properties and subjects of cash transaction, or equal or unequal installments on due date or predetermined points of time.
          • The repayment period of facilities of raw materials, spare parts, tools and other requirements, for the manufacturing, service and commercial units should not exceed one year
          • Note: the abovementioned period may be extended for one more year by the agreement of board of directors of the Bank
          • The repayment period of facilities of consumable and durable commodities for the manufacturing, service and commercial units is for maximum 5 years. This period may be extended for two more years by the agreement of board of directors.
          • The repayment period of facilities of durable commodities should not exceed their life span.
          • The repayment period of facilities of purchasing materials for construction is maximum 3 years and for repairing house is maximum 5 years.
          • The repayment period of facilities of providing the required properties and services of household is maximum 3 years.
          The Required documents for Murabaha Transaction File:
          • The application for using Murabaha facilities for the real or legal entities in which the type of work, the full description and specifications of the properties of the subject of Murabaha contract and its conditions, the full name and address of seller, its use and function, manner and time of repayment, guarantees and securities are fully explained.
          • The pertinent Proforma invoice which is issued directly in name of the applicant or the Bank;
          • The pertinent documents and permits for the installment sale of items which are required for industrial, manufacturing or service programs;
          In case the applicant is a real or legal entity and does not have a "general file" at the bank branch, it is required (on case basis) to collect and archive the following documents in addition to those mentioned above:
          • a. Copy of applicant’s valid business license (true certified by the Bank Branch) in manufacturing, service or commercial affairs
          • b. Copy of valid title deeds, or goodwill, or lease agreement of the place of activity of applicant
          • c. Copy of all pages of birth certificate, and ID card of applicant, and for legal entities the copy of birth certificate and ID card of members of board of directors and the managing director.
          The Legal entities that do not have a general file at the branch should provide the following documents:
          • a. Copy of company's articles of association sealed by the Companies Registration Organization
          • d. Copy of articles of partnership (for Non-stock Corporations)
          • e. Official Gazette of Company Registration at Companies Registration Organization
          • f. Official Gazette of latest changes in fundamentals of Company
          • g. Official Gazette of latest changes and election of board of directors, managing director and authorized signatories of Company
          • h. List of major share holders of company, and the number of their shares and their percentage
          • i. Financial statements and the legal supervisor report and the auditor of company of the last three years (for affiliate companies of Governmental organizations and the companies accepted in stock exchange) and for applications of more than 10 Billion I.R.Rials.
          Health Scheme
          Regarding the need for establishing and maintain relations in providing services to various sections and layers of the society, it is one of the priorities of IRAN-ZAMIN Bank to allocate facilities to medical, Hygiene and treatment centers of the private sector, in terms of Health Scheme with the aim of attracting and concentrating the circulation, specifically the inexpensive resources of the target audience and to provide their financial services to the above-mentioned centers, regardless of account balance average, with considering the pertinent regulations and provisions. These facilities are granted in terms of civil partnership contracts, against the guarantee of two competent doctors or a residential title deed, for maximum of 36 months of repayment.
          Target Audiences include:
          All the real and legal entities with medical, hygiene, and treatment activities including clinics, paraclinics (including radiology, laboratories, physiotherapy, medical imaging, pathobiology centers), laser-treatment centers, emergency centers, rehabilitation, drug rehabilitation, psychological and psychiatric consultant centers, audiometry, speech therapy, optometry, Prostheses, veterinary, medical equipment importers, and medical equipment manufacturers and exporters
          Note: the following groups are not entitled to be granted Medical Facilities:
          • The doctors who do not have office permission
          • Nurses and other experts related to medicine major.
          Required Documents:
          • Application
          • Identity documents of applicant
          • Educational documents and office permission of applicant
          • Valid Proforma invoice for providing the required medical equipments related to the applicants field of activity
          The identity, educational, and office permission documents of the guarantees:
          Civil Partnership
          Civil partnership comprises of combining the cash capital of the Bank and the cash or non-cash capital of the applicant with defined shares common in a specific economic activity in the field of manufacturing, commercial or service affairs for a definite duration with the purpose of mutual profit.
          Conditions of Granting Civil Partnership Facilities:
          Conditions for the Applicant: The real or legal entities, who can become a partner of the bank in accomplishing a project or contract with regard to the type of activity, will be entitled to the transaction party of the bank in case the required documents are provided and the prescribed conditions are met.
          Conditions of Civil Partnership Facilities:
          • The civil partnership period is one year and can be extended up to three years
          • The maximum amount of partnership of Bank in any civil partnership activity is 80% of the overall capital of the civil partnership activity
          Required Documents:
          • a. Application for using "Civil Partnership" facilities (regarding the subject of Partnership) in which the type of activity, the required capital for partnership the capital share of the bank and the applicant, in case the partner capital share is not in cash its characteristics and current and registration value, duration of partnership, manner of clearing the partnership accounts, guarantees and collaterals are defined and explained.
          • b. The pertinent documents and permits for the civil partnership of items which are required for implementing manufacturing, services or construction programs;
          • c. Cost estimation statement of items which are accepted in the partnership (including the price list of providing and purchasing properties and other acceptable expenses as per the executive manual), as per the pertinent Proforma invoice of the report of an evaluation expert approved by the Bank
          • d. The purchase Proforma invoice of commodities in case the partnership is in the field of commercial or import activities
          • e. Copy of the applicants business permit (true certified by the branch) in the field of commercial, manufacturing and service affairs
          • f. Copy of valid title deeds, or goodwill, or lease agreement of the place of activity of applicant
          • g. Copy of commercial ID Card (for merchants and people who are involved in foreign commerce with regard to their professional activity)
          • h. Copy of all pages of birth certificate, and ID card of applicant, and for legal entities the copy of birth certificate and ID card of members of board of directors and the managing director.
          • i. Copy of company's articles of association sealed by the Companies Registration Organization
          • a. Copy of articles of partnership (for Non-stock Corporations)
          • b. Official Gazette of Company Registration at Companies Registration Organization
          • c. Official Gazette of latest changes in fundamentals of Company
          • d. Official Gazette of latest changes and election of board of directors, managing director and authorized signatories of Company
          • e. List of major share holders of company, and the number of their shares and their percentage
          • f. Financial statements and the legal supervisor report and the auditor of company of the last three years (for affiliate companies of Governmental organizations and the companies accepted in stock exchange) and for applications of more than 10 Billion I.R.Rials.
          Joaleh
          It is a contract by virtue of which, the bank undertakes to fulfill the executive operations of economic programs or activities of applicants of facilities as a contractor or employer in order to support their financial needs. The customer will pay the fee to the bank in cash or in installments.
          Conditions for Granting House Repair Joaleh Facilities:
          Conditions of Applicant
          • The applicant must be the owner of the property which is to be repaired
          • In case the owner is a minor or immature, the legal guardian may apply on behalf of the owner, provide documents, sign the deeds and receive the facility;
          • The owner must define the required expenses for urgent repair at the time of presenting the written application for House Repair Joaleh Facility
          Conditions of Granting Facilities:
          • The maximum amount of the facilities, duration of contract for the construction and repayment, and the interest rate at each point of time will be determined and issued by the central department;
          • The repair duration will be maximum 6 month and the repayment period will be maximum 3 years in equal installments;
          • In case repair is of fundamental type and requires permits from the municipality, the permit should be archived in the applicant’s file.
          • The property should be within the urban district and should be placed at the activity area of the branch which grants facilities.
          • The applicant must not be in debt to any banks in terms of house repair facilities (including interest-free or the facilities of the subject of this instruction)
          Required documents and fees
          • The facilities application form (with regard to the subject of transaction for construction or repair of house) in which the details and specifications, type of activity, required capital for the activity, the required facilities, the current value or the registered value of the properties of subject of transaction, duration of the transaction, the manner of settlement and repayment of facilities, the guarantees and the collaterals are explained and defined.
          • The copy of documents indicating the ownership of applicant (true certified by the bank branch)
          • Copy of applicant’s birth certificate
          • Other documents and permits which are deemed necessary and required by the approving and granting authority of facilities to be archived in the file;