The Caspian Credit Institution, formerly known as Arman Iranian Credit Institution, is now listed on the Central Bank of Iran’s website as the fifth certified financial institution in the country. According to banker.ir the institution managed to get a license in the last days of the last fiscal year (ended March 19). Caspian was formed through the merger of several credit institutions and cooperatives based in Khorasan Razavi Province including Fereshtegan, Ferdowsi and Badr Toos. Tose’eh, Noor, Asgarieh and Kowsar are the other credit institutions registered with the regulator. Unlicensed financial and credit institutions have been a major source of trouble for the banking system in recent years. The CBI is trying for several years to dismantle the unregistered institutions apparently with little success. Last year, it shut down Mizan and Samen-Alhojaj, two major quasi-lenders that went under with huge debts and unmet commitments to its depositors.
