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Iran Zamin Bank is an Iranian bank. Its shares were offered in the Tehran Stock Exchange market in 2011. The establishment of this bank followed the fundamental approval of the Central Bank of the Islamic Republic of Iran in November 2008 to upgrade the financial institution of Mowla Al-Mowahedin to a bank. Currently, the central branch of Iran Zamin Bank is located in Tehran. The bank currently owns a network of 262 branches across Iran. This bank was sanctioned by the U.S. Department of the Treasury on October 8, 2020.:[1][2]
The financial and credit institution of Mowla Al-Mowahedin was established in 1998 by a group of Iranian investors and cooperators in Khorasan Province, with 400 branches operating throughout the country.[3]
In February 2011, upon the directive of the Central Bank, Mowla Al-Mowahedin institution was tasked with organizing unlicensed cooperatives and assumed responsibility for their guarantees. However, due to embezzlement by some managers, limited expertise, and the lack of familiarity among cooperative officials with the country's monetary and capital markets, issues arose. This led to illegal gatherings and disturbances in various cities.
Using its own cash reserves and without government support, Mowla Al-Mowahedin financial institution managed to provide funds to depositors and return their deposits through 160 branches, amounting to 4,180 billion rials. In February 2011, with the Central Bank's approval, Mowla Al-Mowahedin financial institution was elevated to the status of a bank and rebranded as Iran Zamin Bank.[4]
Iran Zamin Bank is among the banks that were sanctioned by the U.S. Department of the Treasury on October 8, 2020, and placed on the blacklist of this department.[5][6][7]
The objectives of Bank Iran Zamin are as follows[9]:
The vision of Iran Zamin Bank includes[10]
Being a leader and innovator in the banking industry, providing pioneering services and diverse products tailored to the needs of customers, and meeting their expectations (deepening Islamic banking methods for the future of banking).
Entering the market and expanding business to enhance economic, social, and cultural activities through continuous and sustainable engagement with stakeholders (customers, shareholders, employees), strengthening the financial infrastructure, and fostering the growth of production, commercial, and service units based on Islamic banking principles in its future vision.