Economy, Business And Markets

Arman, Noor to Be Regulated

Arman, Noor to Be RegulatedArman, Noor to Be Regulated

Two financial service providers in Iran are about to receive authorization from the Central Bank of Iran (CBI), an official in the central bank announced Tuesday.

Arman and Noor are the two financial institutions that are through the final stages of receiving CBI’s official permission to operate.

Arman has already completed the underwriting process and Noor is forming the required founding board, Hamid Tehranfar, CBI supervision deputy told Akhbar Bank.

He further clarified the criteria required to receive the CBI authorization as composition of shareholders, capital of the qualified board members and the composition of their properties.

In light of the large and scattered number of unauthorized financial service providers, which make it difficult for the CBI to identify all, disciplinary forces and the office of the attorney general have been called in to help.

They are supposed to enquire from all financial service providers around the country about their official CBI authorization status.