Bank Karafarin
Encyclopedia
The Karafarin Bank is a private bank within Iran. Established in 2001, it is now one of Iran's leading private banks and also the first private bank to be established since the Iranian revolution
in 1979.
. Its shareholders are among the leading industrialists and contractors in Iran. Many of them are members of the Association of Industrial Managers of Iran, Association of Construction Engineers of Iran, Association of Utility Engineers, and Consulting Engineers and Architects.
Many of Karafarin’s shareholders have a long history of contributing to the Iranian economy
, its development and growth and creating employment opportunities, and that is where the name comes from (Karafarin in Persian
means job creator; another possible suggestion for the meaning for the word is also enterpreneur). With an initial capital of 30 Billion Rials, the Credit Institute received its operating permit from the Central Bank of Iran on December 1, 1999. About 85% of the capital was contributed by the founding shareholders and the balance was offered to the general public, which was taken up within days.
The Institution was incorporated on December 9, 1999 (equivalent to 18/9/1378 in Iranian calendar
) under registration number 157915. Pursuant to the approval by the Extra-ordinary General Assembly of the Shareholders dated February 15, 2000 (26/11/1379), and the preliminary agreement of the Supervision Department of the Central Bank on September 22, 2001 (31/6/1380), the process of converting the Credit Institute into a bank began. New articles of association was adopted; the paid-up capital was increased in two stages to 200 Billion Rials (just over $25 million); and, shares of those shareholders who did not take advantage of their primitive rights (with respect to the capital increase) were sold to new shareholders.
The Institution was officially converted into a bank on January 1, 2001 (11/10/1380), thus creating the first privately owned bank since 1979.
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Iranian Revolution
The Iranian Revolution refers to events involving the overthrow of Iran's monarchy under Shah Mohammad Reza Pahlavi and its replacement with an Islamic republic under Ayatollah Ruhollah Khomeini, the leader of the...
in 1979.
History
The Karafarin Bank was initially established as the Karafarinan Credit Institute. It is the first truly privately owned bank in Iran established since the 1979 Iranian RevolutionIranian Revolution
The Iranian Revolution refers to events involving the overthrow of Iran's monarchy under Shah Mohammad Reza Pahlavi and its replacement with an Islamic republic under Ayatollah Ruhollah Khomeini, the leader of the...
. Its shareholders are among the leading industrialists and contractors in Iran. Many of them are members of the Association of Industrial Managers of Iran, Association of Construction Engineers of Iran, Association of Utility Engineers, and Consulting Engineers and Architects.
Many of Karafarin’s shareholders have a long history of contributing to the Iranian economy
Economy of Iran
The economy of Iran is the eighteenth largest in the world by purchasing power parity and according to Iranian officials' claims is going to become the 12th largest by 2015. The economy of Iran is a mixed and transition economy with a large public sector and some 50% of the economy centrally planned...
, its development and growth and creating employment opportunities, and that is where the name comes from (Karafarin in Persian
Persian language
Persian is an Iranian language within the Indo-Iranian branch of the Indo-European languages. It is primarily spoken in Iran, Afghanistan, Tajikistan and countries which historically came under Persian influence...
means job creator; another possible suggestion for the meaning for the word is also enterpreneur). With an initial capital of 30 Billion Rials, the Credit Institute received its operating permit from the Central Bank of Iran on December 1, 1999. About 85% of the capital was contributed by the founding shareholders and the balance was offered to the general public, which was taken up within days.
The Institution was incorporated on December 9, 1999 (equivalent to 18/9/1378 in Iranian calendar
Iranian calendar
The Iranian calendars or sometimes called Persian calendars are a succession of calendars invented or used for over two millennia in Greater Iran...
) under registration number 157915. Pursuant to the approval by the Extra-ordinary General Assembly of the Shareholders dated February 15, 2000 (26/11/1379), and the preliminary agreement of the Supervision Department of the Central Bank on September 22, 2001 (31/6/1380), the process of converting the Credit Institute into a bank began. New articles of association was adopted; the paid-up capital was increased in two stages to 200 Billion Rials (just over $25 million); and, shares of those shareholders who did not take advantage of their primitive rights (with respect to the capital increase) were sold to new shareholders.
The Institution was officially converted into a bank on January 1, 2001 (11/10/1380), thus creating the first privately owned bank since 1979.
Branches
As of December 2009 the bank had 73 branches within Iran as follows:- Central Branch
- Keshavarz Blvd. Branch
- Isfahan Branch
- Farmaniye Branch
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