Noor Credit Institution to Become Bank

Noor Credit Institution is planning to increase its capital from the current 3 trillion rials ($7.5 million) to 6 trillion rials ($15 million) and become a bank, said the credit institution’s managing director. “The Central Bank of Iran has already approved our plans for launching Noor Bank that will start operations after raising its capital level,” BankeMardom.com also quoted Mohammad Hossein Eskandari-Zadeh as saying on Saturday. Noor is one of the five credit institutions to have been certified by CBI. The institution became operational on July 2015. Eskandari-Zadeh noted that Noor is the first financial institution in Iran to promote “social banking”. “We will focus on similar objectives in Noor Bank,” he said. Eskandari-Zadeh said that in terms of paid loans, Noor is the top credit institution in the country and 11th in the whole banking system.