QMB at a glance
Having extended entirely on goodwill basis, with a benevolent concept of the role, The Qarz Al-Hasaneh Mehr Iran Bank, abbreviated as QMB, 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’) which is absolutely interest-free. 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.
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Dr. Morteza Akbari’s tireless philanthropic efforts saw him being honoured with the prestigious Jewels of Muslim World Award 2019. He was conferred the honour in recognition of his salient achievements as one of the Top Movers of the Islamic Economies whose achievements have been acknowledged by everyone.
"Following the MoU signed with the Housing Foundation, some 22,000 rural dwellings will be rehabilitated through contributing a sum of 1200 Billion in Loans," Dr. Morteza Akbari, the chief executive of the bank was quoted (by the Islamic Republic News Agency) as saying. “We wish to bring light to the lives of deprived village dwellers with our loans as plans aimed at job creation and eradicating deprivation in the country's rural areas have been placed very high on QMB’s agenda,” he cited.
QMB signed a cooperation agreement with Allameh Tabataba'i University (ATU) to assist students with poor means by disbursement of 10 billion RLs interest-free student loans plus 1 billion RLs student grants being paid only to the students who can show a genuine need for financial help.
QMB provided almost over 22,250 Gharz Al-Hasanah (interest-free) loan items worth over 2,703 billion IR.R expected to help create close to 320,000 sustainable jobs in 18 Iranian villages.
Seyyed Parviz Fattah, head of Imam Khomeini Relief Foundation (IKRF) has gratefully acknowledged the support of The Qarz Al-Hasaneh Mehr Iran Bank (QMB) in catering for the needs of low-income groups of the society. He says: “We have recognised the need to build mutual synergistic relationship with QMB in order to derive maximum benefit from the bank’s considerable potential and enormous capacity in addressing the needs of the aid-seekers covered by IKRF.”
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