The Qarz Al-Hasaneh Mehr Iran Bank, abbreviated as QMB, was first founded on December 13th 2007. It is the first and the largest Qard al-hasanah (No Interest-bearing) bank operating in the Islamic Republic of Iran.
Having extended entirely on goodwill basis, with a benevolent concept of the role, The Qarz Al-Hasaneh Mehr Iran Bank is Iran's first highly specialized full-fledged Islamic bank specifically engaged in providing a micro-loan called “Gharz Al-Hasanah” “Qard al-Hasan” or “Qard Hasan” (translates literally into an interest-free ‘good loan’). The loan is essentially granted to the legal and individual entities in dire need for either welfare purposes or for fulfilling short-term funding requirements. The receiver of the loan is only required to repay the original amount; no surplus or interest on loan is involved. However; the bank is permitted to charge a minimum fee at an annual rate of zero-to-four-percent to cover the administrative fees and operational costs of the loan transactions.
At the moment, there are 530 branches spread out over the whole of Iran. All the branches have been equipped with latest state-of-the-art technology through a real-time online banking system.
Consolidated Statistics Last Updated on May 08, 2019
Total Number of Employees: 2,934
Total Number of Branches: 530
Total Number of Accounts Opened: 6,325,788
Total Number of Current Accounts: 593,330
Total Number of Savings Accounts: 5,678,376
Total Number of Special Accounts: 54,082
Total Number of ATMs: 960
Total Amount Granted so far (end of April, 2019): 360,000 billion IRR