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Friday10 July 2020    
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Ijara muntahia bittamleek (Leasing Conditional on Ownership)
A lease contract between the Bank and the lessee that offers the lessee the option to own the asset at the end of the lease period. The agreed rentals would be the amount of advance payment deducted from the purchase price of the asset plus the interest which is to be paid in equal or unequal installments on specified maturities. This contract is not allowed for properties with less than two years lifetime.
Terms and Conditions:
  • The solvency, reputation and employment background of the customer should be investigated.
  • Requests for machinery and utilities should be checked for management and availability of supplementary equipment.
  • Applicants should undertake to make use of the properties subject to the contract.
  • The applicant is responsible for the use of the rental should be economically justifiable.
  • Applicants’ commitment to pay any applicable charges for maintenance, taxes and duties in the long-run of the contract is required.
  • The bank should any transformation, or shift in the rentals.
  • Applicants’ commitment to retain the of the rentals is required.
  • Required licenses should be obtained from competent authorities.
  • The customer should insure the rentals in favor of the bank till the end of the lease period.
  • In case that the rental is a piece of real estate, its ownership should be transferred to the bank and then leased to the applicant.
Qardhul hassan
A loan granted for welfare purposes (marriage, sickness, education, etc) or to bridge short-term funding requirements for which the customer is required to repay only the principal.
Terms and conditions:
  • Investigation on customer's qualification is necessary.
  • The customer should have no liabilities to Bank Sepah or any other banks under Qard hasan facilities.
  • Commission and charges will be collected in cash based on the remaining balance of the liabilities to the bank at the beginning of each Iranian year based on tariffs (4% per year).
  • The maximum period for repayment of the granted facility is 3 years and in monthly installments.
  • The facility limit for each spouse for marriage or buying dowry will be 3 million Iranian rials and for other cases, 2 million Iranian rials.
  • The late- payment interest rate is 12% per year.
Mudharabah (bailment of a capital)
Under this contract the bank provides the skilled entrepreneur or managing partner also called "mudharib" with capital, which the entrepreneur employs for his activity. Profits generated by that enterprise or activity are shared in accordance with the terms of the mudharabah agreement. It is strongly prohibited to use Mudharabah for imports, private sector and cooperative companies. In case debts be settled before maturity, the Bank's share of profit will not be reduced.
Terms and conditions:
Investigation on legal capacity, good reputation, the solvency of the customer and also on his transactions, and his liabilities to Bank Sepah and other Iranian banks is necessary. The bank should be assured of the customer's ability to refund the principal amount plus the interest.
Absolute Mudharabah (bailment of a capital)
Under this contract the bank provides the skilled entrepreneur or managing partner also called "mudharib" with capital, which the entrepreneur employs for his activity. Profits generated by that enterprise or activity are shared in accordance with the terms of the mudharabah agreement.
Terms and conditions:
  • Investigation on legal capacity, good reputation, the solvency of the customer and also on his transactions, and his liabilities to Bank Sepah and other banks is necessary. The bank should be assured of the customer's ability to refund the principal amount plus the interest and observe the limit of the facility payable to individuals.
  • The customer should open a credit current account after an inquiry from the Central Bank of Iran.
  • Signing a contract with the bailee and also with the sureties is necessary.
  • The minimum amount of the check should be one million Iranian rials and the bank does not take any responsibility for lower amounts
  • The deadline for the debt settlement should be the contracts maturity. In the course of the contract, the bailee may repeatedly transact without presenting an invoice.
  • Funds credited to the credit current account before the contracts maturity may be deemed as partial settlement of the facility. The bank will settle the interest in accordance with the terms of the contract on the basis of funds credited and as per the previously-agreed proportions. The final settlement will be made at the contract maturity.
General Mudharabah (bailment of a capital)
Under this contract the bank provides the bailee also called "mudharib" with capital, to be employed in bailee's transactions. Profits generated by that enterprise or activity are shared in accordance with the terms of the mudharabah agreement.
Terms and conditions:
  • Investigation on legal capacity, good reputation, the solvency of the customer and also on his transactions is necessary.
  • The customer should open a credit current account.
  • The minimum amount of the check should be one million Iranian rials and the bank does not take any responsibility for lower amounts.
  • The deadline for the debt settlement should be the contracts maturity. In the course of the contract, the bailee may repeatedly transact without presenting a pro-forma invoice.
  • Funds credited to the credit current account before the contracts maturity may be deemed as partial settlement of the facility. The bank will settle the interest in accordance with the terms of the contract on the basis of funds credited and as per the previously-agreed proportions. The final settlement will be made at the contract maturity.
  • The customer (bailee) should insure the goods in favor of the Bank.
Musharaka (Civil Partnership) with housing cooperatives
A contract through which the bank provides capital to an enterprise or for ownership of real estate either on a temporary or permanent basis.
Terms and conditions:
  • Investigation on legal capacity, good reputation, and the solvency of the customer and also on his records of service and his liabilities to Bank Sepah and other banks is necessary.
  • The customer should present all required documents and licenses.
Granted to legal entities
A contract through which the bank provides capital to an enterprise or for ownership of real estate either on a temporary or permanent basis.
Terms and conditions:
  • Investigation on legal capacity, good reputation, the solvency of the customer and also on his records of service and his liabilities to Bank Sepah and other banks is necessary.
  • The customer should present all required documents and licenses.
  • Application for the facility should be allowed in the Articles of Association.
Granted to individuals
A contract through which the bank provides capital to an enterprise or for ownership of real estate either on a temporary or permanent basis.
Terms and conditions:
  • Investigation on legal capacity, good reputation, and the solvency of the customer and also on his records of service and his liabilities to Bank Sepah and other banks is necessary.
  • The customer and those under his guardianship should not own a real estate (to utilize individual facilities).
  • The customer should present all required documents and licenses.
  • Applicants should have the skills required to do administrative tasks subject to the civil partnership and the required financial status to provide his own share.
Jiala / Juaala
In a jiala-based contract, bank will make a contract with customers to provide them with a sum of money needed for home repair.
Terms and conditions:
  • Investigation on legal capacity, good reputation, the solvency of the customer and also on his transactions, and his liabilities to Bank Sepah and other banks is necessary.
  • The applicant should be the owner of the property
  • The property should be in proximity to the branch.
  • Priority will be given to those who have deposited at least 10% of the facility amount in the Bank for 3 months.
  • The commission to assess the cost of repair will be calculated based on the tariffs.
Bay a' al-Dayn (Discount)
Discount is the purchase of funds with definite maturity, due from individuals or legal entities in the form of commercial documents, from other individuals or legal entities, at a price lower than that of the principal.
Terms and conditions:
  • Investigation on legal capacity, good reputation, the solvency of the customer and also on his transactions, and his liabilities to Bank Sepah and other banks is necessary.
  • The applicant's commercial activities should justify presentation of commercial documents to the assignor and creation of liability.
  • The commercial activity should be in direct relationship with the main field of activity of the assignor and undertaker.
  • Interrelated checks issued by assignor and undertaker should be avoided.
  • Purchase of documents transferred to the assignor via endorsement is not allowed.
Salaf (Forward Deals)
Under this contract the bank will purchase the products (industrial, mining and agricultural) at a predetermined price during the production process in order to provide the manufacturer with the working capital needed.
Terms and conditions:
  • Investigation on legal capacity, good reputation, the solvency of the customer and also on his transactions, and his liabilities to Bank Sepah and other banks is necessary.
  • The Bank should study whether the factory is in operation and capable of producing goods according to its potential capacity (In agricultural activities, the applicant should own garden, land and necessary tools).
  • The applicant should produce the goods itself.
  • The seller should make use of the entire facility in his factory for production of the goods mentioned in the contract.
  • Premature settlement of the contract will not result in a decrease in the accrued interest due to the Bank.
Bay a' al Taqsit (Installment Sale for Raw materials, Machinery and housing)
Under this contract, the Bank assigns the goods to the customer at a fixed price in a manner that all or part of it shall be repaid in equal or unequal installments at predetermined maturities.
Terms and conditions:
  • Investigation on legal capacity, good reputation, the solvency of the customer and also on his transactions, and his liabilities to Bank Sepah and other banks is necessary.
  • The bank should make sure of the necessity of the demanded raw materials, machinery and equipment for the factory.
  • Granting the facility to service sector is prohibited.
Export facilities granted prior to exporting goods
Under this contract, the Bank provides the exporter with the facilities to prepare, supply or produce exporting, servicing or engineering goods.
Terms and conditions:
  • Investigation on legal capacity, good reputation, the solvency of the customer and also on his transactions, and his liabilities to Bank Sepah and other banks is necessary. The Bank should be assured of the customer's ability to refund the principal amount plus the interest.
  • The amount of facility for exporters who have issued an L/C without recourse will be at most 90% of the goods value in its Iranian rials equivalent, and 70% for those exporters have not issued an L/C.
  • Reviewing the customers written undertaking to present the sealed custom`s declaration to discharge the goods is necessary in order to apply the rate of export facilities; otherwise, his liabilities will be settled at the rate of domestic trade sector.
Export facilities granted after exporting goods
Under this contract, the Bank provides the exporter with the facilities to prepare, supply or produce exporting, servicing or engineering goods.
Terms and conditions:
  • Investigation on legal capacity, good reputation, the solvency of the customer and also on his transactions, and his liabilities to Bank Sepah and other banks is necessary. The Bank should be assured of the customer's ability to refund the principal amount plus the interest.
  • The amount of facility for exporters who have issued an L/C without recourse will be at most 90% of the goods value in its Iranian rials equivalent, and 60% for those exporters have not issued an L/C.