2013-2014

IN THE NAME OF GOD
ANNUAL REPORT 2013-14
TABLE OF CONTENTS
3
Highlights
5
Managing Director’s Statement
6
Board Of Directors
8
Organizational Chart
11 The History Of Bank Maskan
12 Mission, Vision, Objectives & Code Of Ethics
14 Principles of Islamic Banking
16 Housing and Construction Sector Of Iran’s Economy and Mehr Housing Scheme
18 Iran’s Banking Industry
19 2010 – 2015 Comprehensive Development Plan
20 Financial Performance
24 Risk Management
26 Combating Money Laundering
28 International Banking Activities
30 Information Technology & E – Banking Services
31 Human Resources & Training
32 Research & Development Centre
34 Major Subsidiaries
38 Financial Statements
47 Foreign Exchange Branches
Highlights
Bank Maskan was established in
June 1979 following the merger of
several banks, credit institutions and
investment companies as a specialized
state-owned bank. Bank Maskan’s
principal areas of activity include Iran’s
housing and construction sector.
Balance Sheet Highlights
2012-13
2013-14
882,032,796
948,021,553
Fixed Assets
32,997,641
34,447,993
Dues from Central Bank of Iran
17,634,366
29,981,674
Shareholders’ Equity
50,739,442
51,506,836
172,484,026
238,600,991
2012-13
2013-14
Total Liabilities & Shareholders’ Equity
Term Investment Deposits
Income Statement Highlights
Total Joint Revenues
Total Non-joint Revenues
Minority Interest from Net Profit
Retained Earnings at the beginning of the Period
99,512,706
120,187,290
2,696,625
3,051,754
497,350
630,434
2,272,705
3,933,587
The financial year of the Bank follows the Iranian calendar year, starting on March 20th of each
year and ending on March 20 of the following year.
The rate of exchange was $1 /IRR25,102 at the end of the fiscal year.
ANNUAL REPORT 2013-14
4
5
CHAIRMAN & MANAGING DIRECTOR’S
STATEMENT
I shall thank God Almighty for providing the opportunity to present the positive and transparent
annual report of Bank Maskan for the fiscal year ended on March 20, 2014 to the General Assembly.
I would also like to express my gratitude to my specialized and dedicated colleagues as well as our
clients who have placed so much trust in our abilities and last but not least, our dear members of
the General Assembly who have given us their ongoing support.
With over 74 years of invaluable experience, as the first and largest developmental and specialized
Iranian bank in the housing sector, Bank Maskan has played a considerable role in providing a
large portion of the our society, especially the middle class, with homes. One of the main measures
taken in this regard is offering financial facilities to 2.3 million people in the amount of over IRR500
thousand billion during the reporting period and in the recent years. This is in reference with the
Mehr Housing Scheme, which is a mega, national housing project.
With God’s help and with the support of the government and the Board of Directors, together with
the hard work of our specialized and dedicated colleagues, who are our main asset, the Bank
continued to grow during the reporting period (within the framework of Iran’s banking rules and
regulations), overcoming all the shortcomings resulting from the international sanctions enforced
against Iran and its economy.
Our balance of deposits and granted facilities grew by 20% and 14% respectively in comparison
with the same period in the previous year. Our total assets and revenues also enjoyed a growth of
7% and 21% respectively, compared to the similar period in the prior year. As a result, shareholders’
equity has also enjoyed a 2% increase.
Further developing electronic banking via upgrading hardware and software security measures
in safeguarding customer data and assets, expanding the scope of product variety and modern
banking for the purpose of asserting a stronger presence in society and improving service quality
and creating value; have all been measures which aim to direct this bank towards achieving growth,
excellence and customer orientation.
As a financial and economic entity which provides financial facilities to the housing sector, Bank
Maskan has taken effective steps towards stabilizing Iran’s economy in line with government
policies, whilst also safeguarding and securing its client and shareholder interests. These measures
have been taken following planning, formulating a new strategy, introducing corporate governance
and risk management systems, developing effective control via creating transparency and financial
discipline, putting into effect all financial tools at its disposal as well as taking advantage of the
valuable experience and knowledge of its personnel.
We believe in Bank Maskan’s objectives and values and we have faith in the abilities of our staff
and management as well as the support of our Assembly and we are confident that by adopting the
most suitable approach, we shall realize the Bank’s vision.
I sincerely hope that with God’s help, the support of our esteemed board of directors and with the
hard work of our capable employees, we shall more than ever before, take steps towards Bank
Maskan’s growth, excellence and its supreme objectives which are in line with our country’s overall
outlook and to achieve customer, employee and assembly satisfaction.
Mohammad Hashem Botshekan
Chairman of the Board and Managing Director
ANNUAL REPORT 2013-14
6
BOARD OF DIRECTORS
Dr. Mohammad Hashem Botshekan
Chairman & CEO
Ph.D, Financial Management; Tehran University
Yousef Mortezai
Board Member
B.A., Business Management; Tehran University
Alireza Bolgouri
Board Member
M.A., Accounting; Allameh University
7
Abolghasem Rahimi Anaraki
Board Member
M.A., Banking Sciences Management; Iran Banking institute
Mohsen Azizi
Board Member
M.SC., IT, the University of Nottingham
ANNUAL REPORT 2013-14
8
ORGANIZATIONAL CHART
General Assembly of
Banks
Legal
Inspectors
Board of Directors
Managing Director
- Special Advisors &
Inspectors
- High Committees &
Councils
Risk High Committee
Supervising Board
Member
Supervising Board Member
Legal Affairs
& Debt
Collection
Management
Financial Affairs
Management
Credit
& Investment
Affairs
Management
IT &
Communications
Affairs
Management
Security Affairs
Management
Legal Dept.
Treasury and
Transactions
Dept.
Credit and
Investment
Dept.
IT Dept.
Personnel
Security
Dept.
Management
Affairs Dept.
Debt
Collection
Dept.
Accounting &
Budget Dept.
Risk
Management
Dept.
Modern Banking
Services Dept.
Security and
Safety Dept.
Public
Relations
Dept.
IT
Security Dept.
Anti-Money
Laundering
Dept.
Internal Auditing
Dept.
Employee
Selection
Dept.
9
Audit Committee
Supervising Board
Member
Supervising Board
Member
International
Affairs
Management
Planning &
Performance
Evaluation
Dept.
Projects &
Planning
Affairs
Management
Foreign
Exchange
Operations
Dept.
Planning &
Research
Dept.
Projects &
Planning
Dept.
Foreign Affairs
Dept.
Performance
Evaluation
Dept.
RoboInfo &
Statistics Dept.
Inspection
Affairs
Management
Inspection
Dept.
Building
& Logistics
Affairs
Management
Human
Resources
Affairs
Management
Provinces
& Marketing
Affairs
Management
Equipment and
Logistics
Dept.
Personnel
Affairs
Dept.
Provinces Branch
Affairs
Management Dept.
Building
Dept.
Personnel
Welfare Dept.
Tehran Province
Branch Management
& Tehran Central
Independant Branch
Affairs Dept.
Training Dept.
Marketing
Dept.
ANNUAL REPORT 2013-14
10
11
The History of Bank Maskan
The history of Bank Maskan dates back to
the year 1938, when Bank Rahni Iran was
established to support the construction of new
housing in urban areas.
Bank Rahni Iran was established with an
initial capital of IRR200 million through a joint
initiative of the Ministry of Economic Affairs and
Finance and Bank Melli Iran. Primarily aimed
at financing Iran’s housing and construction
sector, it began offering real estate secured
housing related loans, in order to facilitate the
purchase, construction, and repair of housing
units.
The Bank also granted loans to building
societies and construction companies.
Expanding its field of activity, Bank Rahni was
embarked directly on construction operations
in 1944; and has accomplished numerous
large – scale construction projects ever
since. On June 7, 1979 Bank Maskan was
established through merger of Bank Rahni
Iran, Bank Sakhteman (Building & Construction
Bank), Iranian Banks Construction Investment
Company, Kurosh Bank, Ekbatan Bank and
Pasargad Bank, as well as other savings and
mortgage associations around the country.
Classified as state – owned, the basic mission
of Bank Maskan as a specialized bank was
to support the development of housing and
construction activities of the governmental
and private sectors in Iran. The Bank is the
unique financial arm of Iranian government
in execution of Mehr Housing Scheme. This
Scheme is designed in 2007 to provide the
majority of Iranian people with the opportunity
of becoming housing owners. The process of
granting facilities to this scheme is accelerated
during recent years. The initial capital of the
Bank was IRR44.5 billion. After several capital
increases due to expansion of operations, it
reached IRR18,297 billion in March 2011.
To further support the monetary section of the
country, Bank Maskan included all available
commercial banking services in Iran on its field
of activities from the date of incorporation The
network of Bank Maskan comprises of 1,235
branches. These branches operate in all
major urban areas throughout the country, and
render tailor – made specialized services to
development of the Housing and Construction
Sector of Iran’s economy.
ANNUAL REPORT 2013-14
12
Mission, Vision, Objectives & Code of Ethics
Mission
Objectives
Bank Maskan is one of the largest specialized
banks in the region, dedicated to active
cooperation for economic development of
Iran, especially in housing and construction
sector, through offering all Islamic banking as
well as a variety of modern financial products
and services that meet international standards
to individuals and corporate customers. We
want to create value for all our customers by:
Bank Maskan’s main objectives for the next
five years include:
•Providing the highest level of personal
service to each and every client;
•Offering a safe workplace that attracts,
retains and motivates high performers
by stimulating innovation, rewarding
excellence and treating people with
respect;
•Acting professionally, responsibly and
with integrity in everything we do;
•Contributing effectively to the development
of the Iranian housing and construction
sector within the strategic framework set
by the government.
Vision
Bank Maskan aspires to foster its position as
the “bank of choice” for the Iranian housing
and construction sector. To support this vision,
the Bank is committed:
•To expand its fields of activity to other
economic sectors, while keeping housing
and construction as the main area of
concentration;
•To develop its international banking
services outside the country via taking
over or becoming shareholder of foreign
banks, and establishing foreign branches;
•To diversify its scope of investments, by
financing various economic activities;
•To create value for customers from
increasing the quality and the variety of
banking services, and fostering the level
of electronic services; their interest comes
first.
• Attracting more resources (deposits);
•Developing electronic banking;
•Further improving customer satisfaction;
•Optimising the resources and resources
allocation management;
•Boosting human resource productivity;
•Sustaining non-current claims at an
acceptable level;
•Increasing profitability;
•Increasing general market share,
especially in the construction sector;
boosting service revenues;
•Increasing the volume of commercial
facilities;
•Boosting financial resources from nondeposit sources;
•Further penetrating the international
markets.
Code of Ethics
Bank Maskan has adopted a code of ethics
that consists of a set of values, principles
and standards to guide decision making and
conduct various situations that may arise
in the context of employer–employee and
employee-client relations. Key principles of
our code of ethics are as follows:
•Employees shall pay more attention
to expectations, demands, needs and
complaints of customers to further
advance the Bank and improve its intra –
organizational processes;
•Employees shall be accommodating and
patient at any time, any place and under
any work condition to service customers
in a pleasant and professional manner;
•Employees shall listen to customers; their
interest comes first;
•Employees shall pay special attention to
punctuality, commitment and accuracy in
13
providing services to customers;
•Employees shall act with honesty and
good faith and shall not discriminate
customers or colleagues in any way;
•Employees shall contribute to the creation
of competitive advantages for the Bank
through introduction of new ideas aimed
at adding value for the Bank, its customers
and the society at large;
•Employees shall put the welfare, health
and safety of the society before private
interests;
•Employees shall be truly committed to the
principle of customer satisfaction;
•Employees shall apply their full skills
and knowledge in the interest of their
colleagues and customers;
•Employees shall obey all laws, rules and
regulations in all aspects of their work;
•Employees shall ensure a proper business
conduct, reject all forms of bribery, protect
the Bank’s assets and be transparent.
ANNUAL REPORT 2013-14
14
Principles of Islamic Banking
Gharz–al–Hassaneh Accounts
Gharz–al–Hassaneh are current and savings
accounts (as in the conventional banking
system), except that they earn no interest.
Holders of current accounts typically receive
these accounts in combination with a cheque
book. Savings accounts offer incentives
(up to 4%), including one or several of the
following: non–fixed prizes and bonuses in
cash or in kind (usually run using a lottery), an
exemption from or a discount on the payment
of commissions and fees, and priority in use of
banking facilities. Banks consider Gharz–al–
Hassaneh accounts “their own resources” and
are required to guarantee their full nominal
value.
Term Deposits
Banks are authorised to accept various types of
investment deposits ranging from short – term
(6 months) to long – term (5 years). Although
banks can use their capital plus Gharz–al–
Hassaneh accounts, priority must be given
to investment deposits – that is, depositor
resources. Banks can also use a combination
of their own and depositor resources to grant
facilities to a customer. Iranian banks guarantee
the owners of term deposits their capital plus
a minimum return. On top of this guaranteed
return, banks charge a commission for their
service. In case the financed activities provide
a return in excess of the guaranteed return
and the bank’s commission, such excess
return is shared between the bank and the
depositors. On the lending side, Iranian laws
and regulations separate banking products
into two categories: participation contracts and
constant profit contracts.
Participation Contracts
Under this type of contract, the bank provides
the whole or a part of the funding required by its
customers for a specific economic activity. The
profit that results from such economic activity
is shared between the bank and the customer
according to the terms of the related contract.
These contracts consist of the following:
a. Civil Partnership – Under civil partnership
contracts, the bank provides funds to a
customer (legal or natural person) for a specific
economic activity. The customer co – invests in
cash or in kind and the related profit is shared.
Civil partnership contracts can be in the
fields of production, commerce or the service
industry. Under the same scheme, the issuing
of bonds is also permissible. Commercial
banks are allowed to act as guarantors for
both the government and private sector
enterprises, and entities wishing to raise funds
for projects and specific activities through the
issuance of bonds. Profits are paid quarterly.
b. Legal Partnership – In a legal partnership,
the bank provides part of the capital for a new
company or buys shares of such a company.
These contracts are possible in the fields
of production, commerce and the service
industry.
c. Mozarebeh – Under Mozarebeh contracts,
one party (the bank) provides funds that the
other party (the customer) uses for trading.
Customers can be legal or natural entities.
Usage of the funds is limited to the field of
commerce.
d. Mozare’eh – Under Mozare’eh contracts,
one party (the bank) gives farm land to the
other party (the customer) for a specified
duration. The customer works on the farm
land, and the related proceeds are shared.
e. Mosaghat – Under Mosaghat contracts, the
owner of trees in a garden (the bank) transfers
the maintenance and harvesting of the trees
to an agent (the customer), and the related
proceeds are shared.
15
Constant Profit Contracts
Under this type of contract, the bank provides
the whole or a part of the funding required by
its customers for a specific economic activity.
Unlike participation contracts, the bank’s profit
is already fixed at the signing of the contract
and before the commencement of the activity.
As such, the bank’s profit has to be paid by
the customer irrespective of the actual profit or
loss derived from the funded economic activity.
a. Instalment Sale – An instalment sale is a
contract whereby one party (the bank) delivers
goods to the other party (the customer) at a
set price. The price is amortised, totally or
partially, on predetermined maturity dates,
through equal or unequal instalments.
b. Hire Purchase – In this particular type of
leasing contract, it is agreed that the lessee,
if complying with the terms of the contract, will
obtain the ownership of the leased property
upon the completion of the contract.
c. Forward Sale (Salaf) – A forward sale is a
contract whereby the bank purchases goods
produced by the customer, paying the price in
cash, and receives the goods in the future.
d. Contract of Reward (Joaleh) – refers to the
obligation of a person (the customer) to pay a
certain sum or fee in return for a certain favour
according to the contract. Acting as an agent
or as a contracting party if required, a bank
may arrange a Joaleh contract for the purpose
of providing the facilities required to develop a
business.
e. Discounting – Banks can discount drafts
and notes. Finally, banks are also allowed to
use some of their own resources (including
Gharz–al–Hassaneh funds from customers)
to make direct investments. Direct investment
is not considered a ‘facility’ but works on the
same principles as participation contracts.
f. Mobareheh - Under the terms of Mobarahe
a bank or a credit institution fulfils the role
of a supplier and informs the applicant of
the finished cost or of any given assets or
services. After having added a percentage to
the finished cost as profit, the bank sells the
assets or services to the applicant. Method
of payment may be in the form of cash or by
instalments.
g. Istisna’ - This kind of contract is designed
to serve the manufacturing sector, where
a product is manufactured, converted or
transformed. Under the terms of Istisna’
product specifications as well as time of
delivery are defined.
ANNUAL REPORT 2013-14
16
Housing and Construction Sector of Iran’s Economy
17
and Mehr Housing Scheme
The young population which represents the majority of the Iranian society is
confronted with serious housing shortages. Hence, measures are required to be
taken in order to meet the increasing demands of the new generation, especially
of the lower income class.
The year 2006 head count indicated the deficit of 1.5 million housing units.
Moreover, there are more than 800,000 matrimonies per annum, which
exacerbate the shortage. Adding to that statistics the renovation of more than 5
million units both in urban and rural areas, it is forecasted that the country needs
around 15 million housing units in the next 10 years. Mehr Housing Scheme aims
to cover a part of this shortage by construction of around 2 million housing units
in 5 years. In this scheme, financial institutions are in charge of offering facilities
to eligible applicants for buying apartments. As the only specialized bank in the
housing sector of Iran incorporated to support the development of housing and
construction activities of the governmental and private sectors, Bank Maskan
has a dominant position in this scheme. In recent years, Bank Maskan has taken
over the whole operation of the scheme and so far it is the only bank offering
facilities to such applicants.
Type
Old Buildings
Number of
Units
Amount
(IRR million)
82,154
14,696,217
1,829,886
352,736,885
Site Preparation Facilities
751,555
7,424,814
Rural Housing Construction
432,094
40,185,344
1,045,843
197,748,828
99 - Year Land Lease
Mehr Housing Installment Sales
Applied
Paid
Number of Units
Amount
)IRR million(
Number of Units
Amount
)IRR million(
3,131,629
478,802,240
3,105,689
419,082,196
ANNUAL REPORT 2013-14
18
Iran’s Banking Industry
In addition to the banks, there are 9 Gharz-alHassaneh Funds and 77 credit cooperatives
that operate in Iran’s banking sector. By
November 2013, five more banks and two
credit institutions joined the existing banks,
bringing the total number of Iran’s private
banks and credit institutions to 19 and 3
respectively.
Therefore, Iran’s banking sector is currently
composed of 19 private and 8 state-owned
banks. Among the 19 private banks, Saderat,
Mellat, Tejarat and Refah Banks were
previously state-owned and were privatized
as of March 2010. Although they have been
recognized as private banks by the CBI, since
the Government still owns a considerable
share in the said banks, they ought to be
classified as state-owned.
During the twelve-month period ending in
December 2013, deposits in the banking
system grew by 29.7% of which, the share
of private banks was 23.4%, while stateowned banks had a 6.3% share in the
above mentioned growth. Based on new
classification, the private banks’ deposits
enjoyed a 36% growth.
This growth (36%) in comparison with the
29.7% growth in total banking sector deposits
puts the share of private bank’s deposits within
Iran’s banking sector at 68.3% as opposed to
the 65.1% in the similar period in the previous
year.
During this period, the state-owned banks’
deposits grew by 17.9%, demonstrating
a decline of 7.3% in comparison with the
25.2% growth in the previous year. Deposits
of commercial and specialized governmentowned banks (under new classification
structure) rose by 15% and 24.2% respectively.
Thus, the share of state-owned commercial
and specialized banks fell from 34.8% to
31.7%. Consequently, private banks were
better able to attract deposits than their stateowned rivals.
During the financial year ending December
2013, granted facilities grew by 21% and were
2.6% more than the same time in the previous
year, which had experienced an 18.4% growth.
The share of the private banks (under the
new classification structure) was 14.3%, the
state-owned banks more than 6.7%. During
the reporting period, facilities granted by the
private banks grew by 27.6%, which was 6.4%
more than the 21.2% experienced at the same
time in the previous year. Therefore, the rate
of growth in granted facilities of the private
banks was almost twice more than the rate
of those facilities granted by the state-owned
banks, which was 13.9%. The share of the
private banks in the balance of the banking
system’s facilities was increased from 51.6%
in December 2012 to 54.4%.
The 13.9% growth in the state-owned banks’
granted facilities was due to the 9.1% and
17% increase in the facilities granted by stateowned commercial and specialized banks.
Therefore, these banks have lost their share
in granted facilities within the banking system
from 48.4% to 45.4%. The falling share of the
state-owned banks and the growing share of
the private banks, demonstrates that either
state-owned banks have become more
cautious in granting loans or that the private
banks have operated in a more effective
manner.
Finally, during the reporting financial period,
the banking sector’s total revenues (total
joint and non-joint including interest payable
to depositors) amounted to approximately
IRR857.4 thousand billion.
19
2010 – 2015 Comprehensive Development Plan
Dedicated to render state–of–the–art banking products and services, Bank Maskan regularly makes
revisions to all aspects of its operations. Accordingly, a five – year comprehensive development
plan is designed in the previous year and has been launched during 2010. This plan is aimed at
enhancing following areas:
Concentration
Excerpt from Objectives / Operational Plans
Process
Improvement
•Increasing productivity;
•20% growth of average available resources per capita and per branch after 5 years;
•Initiating EFQM Excellence model;
•Revising and optimizing the arrangement of human resources, banking processes, and
performance appraisal indicators;
•Executing miscellaneous staff training and development plans.
Resource
Allocation
•Optimizing resource allocation;
•Maintaining the average portion of Civil Partnership facilities between 40% and 50%;
•Increasing the short – term facilities, through exerting corrective credit strategies;
•Increasing the portion of Participation Contracts;
•Establishing the resources allocation and management model for Maskan Saving Fund.
Risk Management
E–Banking
Marketing
and Customer
Orientation
Mandatory
Financial
Facilities
•Optimizing the risk management processes and operations of the Bank;
•Establishing comprehensive customers information database;
•Designing the credit rating system of the Bank;
•Designing comprehensive information and statistics plan;
•Strengthening the supervisory units of the Bank.
•Developing the electronic banking network around the country;
•Elevating the quality and quantity of available electronic services;
•Launching the Core Banking System;
•Installing banking booths;
•Providing the modern required hardware and software;
•Launching Fiber – Optic and satellite communication networks of the Bank.
•Growing market share of the Bank;
•Promoting to the 3rd ranking in Banking Network of Iran;
•40% average increase in all resources;
•Raising the portion of Gharz – al – Hassaneh saving and current deposits to 8% and 6%
respectively;
•Designating new markets;
•Accumulating the number of branches to 1,400, in the end of the Plan.
•Allocating the remained IRR37,000 billion of the line of the credit approved for Mehr Housing
Scheme;
•Constructing another 100,000 rural residential units;
•Making all operations related to mandatory facilities concentrated;
•Designing a cash flow model for mandatory facilities repayment.
Financial
and Liquidity
Management
•Optimizing financial and liquidity management;
•Defining five – year financial strategies according to the major objectives of the Bank;
•Applying SWOT analysis on financial management system of the Bank;
•Efficient investment management;
•Controlling and amending the resource allocation processes at branch managements;
•Making the financial information of branches management available on – line.
Human
Resources
Development
•Decreasing the number of employees to 2,500 by the end of the Plan, regarding the
automation network development plans;
•Implementing ISO 10015 educational standards;
•Designing comprehensive education and training system of the Bank;
•Implementing “Promotion Based on Competency and Expertise” plan;
•Holding specialized short and long term education and training plans for various departments
of the Bank.
ANNUAL REPORT 2013-14
20
Financial Performance
21
Total Assets
million IRR
883,417,578
948,021,553
668,514,845
2011-12
2012-13
2013-14
Total Liabilities
million IRR
842,998,011
896,514,717
631,493,688
2011-12
2012-13
2013-14
ANNUAL REPORT 2013-14
22
Shareholders’ Equity
million IRR
37,021,157
2011-12
51,506,836
40,419,567
2012-13
2013-14
Total Revenues
million IRR
51,354,381
48,707,328
35,147,933
2011-12
2012-13
2013-14
Total Expenses
million IRR
46,657,440
48,635,744
32,510,191
2011-12
2012-13
2013-14
23
Facilities Granted to Customers
Actions Performed in Debt Collection Cycle
Bank Maskan offers different types of credit
facilities all following the principles of Islamic,
usury – free banking. Customers include
individuals and legal entities engaged in
housing and construction related activities. All
loans are secured by some type of collateral
including residential properties, shares of
companies listed on Tehran Stock Exchange
and other negotiable instruments.
During the year 2013, the amount of
IRR54,071,117,982,008 was collected in
receivables. The most important actions
performed in debt collection section during
2013 are as follows:
Customer Deposits
Bank Maskan offers short, medium, and long –
term deposit accounts in both IRR and foreign
currencies. The depositors include individuals,
small, medium and large corporations. Natural
persons accounted for 87.1% and legal
persons for 12.9% of deposits.
In 2013 guaranteed minimum interest paid on
term deposits ranged from 8% p.a. for short
-term deposits to 20% p.a. for long -term
deposits. Interest is calculated and paid on a
daily basis for short – term deposits and on a
quarterly basis for all other types of deposits.
To attract more resources, Bank Maskan
issued Certificates of Deposits. At balance
sheet date Bank Maskan held IRR 177,488
billion (US$ 7,017 million) in deposit accounts.
Because of the change in the depositing
pattern of clients, total deposits show a
decrease. Also, as a result of our knowledge–
based resource management and accurate
account monitoring, the Bank managed to
substantially increase the loans to deposits
ratio during 2012, however, this route has met
with limited success. The increase of loans
against deposits which started in 2006 marks
a higher growth of profit. At the end of 2012,
loans to deposits ratio was 313%.
•
•
•
•
•
•
Delay penalty relief in the case of cash
settlement
Implementation
of
the
branch
management software in order to evaluate
the performance of debt collection.
Evaluation of the branch debt collection
section.
Full implementation of Section 29 of
Finance Act of 2012.
Determining the high volume of noncurrent receivables.
Access to lower credit risk in comparison
with the international standards.
ANNUAL REPORT 2013-14
24
Risk Management
The objective of risk management is to balance the trade-off between risks
and return and ensure optimum risk-adjusted return on capital. It entails
independent identification, measurement and management of risks across
the various businesses of the bank. Risk is managed through a framework
of policies and principles approved by the board of directors supported by
an independent risk function which ensures that the bank operates within its
risk appetite. The risk management function in the bank strives to proactively
anticipate vulnerabilities at the transaction as well as at the portfolio level,
through quantitative or qualitative examination of the embedded risks. The
bank continues to focus on refining and improving its risk measurement
systems not only to ensure compliance with regulatory requirements, but also
to ensure better risk-adjusted return and optimal capital utilization, keeping in
view business objectives.
The overall risk appetite of the bank is defined by its board of directors.
Further, risk management division of the bank assesses all the significant
risks associated with various businesses. The independent risk management
structure within the bank is responsible for managing the credit, market, liquidity,
operational and compliance risks. The risk management processes are guided
by well-defined policies appropriate for the various risk categories including
credit risk, market risk, operational risk, liquidity risk, counterparty risk, country
risk and compliance risk supplemented by periodic validations of the methods
used and monitoring through the sub-committees of the board. High committee
of risk, which is a sub-committee of the board, approves policies related to risk
and reviews various aspects of risk arising from the businesses undertaken by
the bank.
Credit Risk
Credit risk is the risk of financial loss if a client, issuer of securities that the bank
holds or any other counterparty fails to meet its contractual obligations. Credit
risk arises from all transactions that give rise to actual, contingent or potential
claims against any counterparty, borrower or obligor. The goal of credit risk
management is to maximize the bank’s risk-adjusted rate of return on capital
by maintaining a healthy asset portfolio and managing the credit risk inherent in
individual exposures as well at the portfolio level. The emphasis is placed, both
on evaluation and containment of risk at the individual exposures and analysis
of the portfolio behavior.
The bank has structured and standardized credit approval processes including
a well-established procedure of comprehensive credit appraisal. Every
extension of credit facility to any counterparty requires credit approval at the
appropriate authority level. Internal risk rating remains the foundation of the
credit assessment process which provides standardization and objectivity
to the process. The monitoring frequency applicable to the exposure also
depends on the rating of the exposure. Individual borrower exposure ceilings
to the internal rating and sector specific caps are laid down in the credit policy
to avoid concentration risk.
Liquidity Risk
The bank’s asset and liability management policy lays down a broad framework
for liquidity risk management to ensure that the bank is in a position to meet its
daily liquidity obligations as well as to withstand a period of liquidity stress from
bank-wide factors, market-wide factors or a combination of them. Our liquidity
risk management framework is an important factor in maintaining adequate
liquidity and in managing our funding profile. The management board defines
our liquidity risk strategy, and in particular our tolerance for liquidity risk. Our
25
liquidity risk management framework is designed
to identify, measure, and manage our liquidity risk
position.
The liquidity profile of the bank is analyzed on
a static as well as on a dynamic basis by using
the gap analysis technique supplemented by
monitoring of key liquidity ratios and conduct of
liquidity stress tests periodically. Stress testing
and scenario analysis plays a central role in our
liquidity risk management framework.
Operational Risk
Operational risk may emanate from inadequate
and/or missing controls in internal processes,
people, and systems or from external events or
a combination of all the four. The bank has in
place an operational risk management policy
to manage the operational risk in an effective,
efficient and proactive manner. The policy aims
at assessing and measuring the magnitude of
risk, monitoring and mitigating them through welldefined framework and governance structure.
Recognizing its responsibility to ensure continuity
of service to its large customer base, the bank
has in placed a well-defined business continuity
framework. The effectiveness of the approved
business continuity plan (BCP) framework is
tested selectively to ensure readiness to meet
various contingency scenarios. The learning from
the BCP exercises are used as inputs to further
refine the framework.
Compliance Risk
The bank continued to vigorously pursue its
commitment in adhering to the highest standards
of compliance. The compliance function in the
bank plays a pivotal role in ensuring that the
overall business of the bank is conducted in
accordance with regulatory prescriptions. The
compliance function facilitates improvement
in the compliance culture in the bank through
various enablers like dissemination of regulatory
changes and spreading compliance knowledge
through training, newsletters and other means of
communication and direct interaction. To ensure
that all the businesses of the bank are aware
of compliance requirements, the compliance
function is involved in vetting of new products and
processes and examining systemic correction
required, based on its analysis and interpretation
of the regulatory doctrine and the deviations
observed during compliance monitoring and
testing programs. This function also ensures
that internal policies address the regulatory
requirements, besides vetting processes for their
robustness and regulatory compliance.
ANNUAL REPORT 2013-14
26
Combating Money Laundering
In line with the guidelines of the Central Bank of Iran, Bank Maskan has created
an Anti – Money Laundering Committee. The members are senior managers
drawn from various departments across the Bank, in order to provide a multi
– disciplinary approach. The skill sets drawn upon include knowledge of credit
analysis, legal and regulatory issues, operations and technology as well as
products and services.
The Committee is responsible:
•For investigating accounts identified through internal or external information
or by the Bank’s monitoring systems as engaging in unusual or suspicious
activity;
•For recommending new and modified anti – money laundering procedures
and policies;
•For terminating account relationships suspected of being inconsistent
with, or presenting unacceptable risk or being in violation of anti – money
laundering laws and regulations.
Generally, the anti–money laundering policy of Bank Maskan is designed to
ensure that all employees and businesses of the Bank are well informed with
respect to their customers and the nature of the transactions processed through
their accounts. In this context, Bank Maskan took the following measures during
the reporting financial period:
27
•Declaration of rules and regulations about anti – money laundering, issued by
the Central Bank of Iran and the Ministry of Economic Affairs and Finance to
the Bank’s network;
•Designing and holding several related training courses and workshops within
the Bank;
•Ensuring observance regarding customer identification (KYC), obtaining and
verifying information and record retention;
•Investigation of accounts identified through internal or external information
or by the Bank’s monitoring systems as engaging in unusual or suspicious
activity;
•Termination of account relationships suspected of being inconsistent with, or
presenting unacceptable risk or being in violation of anti – money laundering
laws and regulations;
•Ensuring observance regarding customer identification (“Know Your
Customer” principles), obtaining and verifying information and record keeping.
It is incumbent upon the relationship manager to perform the requisite KYC
due diligence involved in a new customer relationship.
•The policies also address the significance of thorough KYC procedures and
monitoring of foreign correspondent bank relationships;
•Protecting the reputation and integrity of the Bank. Furthermore, internal
policies define the responsibility of each department within the Bank to perform
its own assessment of risk to money laundering activities, and to develop risk –
based policies and procedures taking into consideration its services, customer
characteristics and industry risk. Each department’s policies and procedures
contain a system of internal controls to provide for proper record keeping and
reporting of suspected money laundering activities, which is reviewed and
updated annually or as appropriate.
Main Anti-Money Laundering Measures during the Reporting Period
Some of the main anti-money laundering measures taken during the reporting
period include:
•Cooperating with the Anti-Money Laundering High Council - this includes
reporting 4,420 cases where transactions exceeded the permissible amount,
reporting 34 suspicious cases etc.
•Organizing comprehensive training programs – where 13,000 special antimoney laundering handbooks were distributed among employees and
numerous anti-money laundering training courses were given to personnel in
order to increase their awareness regarding this issue.
•Implementing anti-money laundering software solutions – this includes
measures such as introducing MPLS, whereby a direct link is activated
between the banks and the Ministry of Economic Affairs & Finance and CTRs.
•Monitoring and supervising – where all branches are monitored and supervised
in order to ensure that all anti-money laundering laws and regulations are
observed and where measured are taken in order to prevent any events of
money laundering.
•Other measures – including constantly reporting to the Central Bank of Iran
(CBI) and to the Anti-Money Laundering High Council etc.
ANNUAL REPORT 2013-14
28
International Banking Activities
The International Affairs Management started
its operations in 1993, considering the
necessity of global expansion. Soon, many
branches were equipped and prepared for
offering international banking services. As a
result of offering continuous and high quality
services, many customers have been attracted
to our international services. Bank Maskan is
an internationally well-known bank because of
its on-time pay backs.
It furnishes all types of SWIFT transactions,
brokerage services, letters of credit, forex,
letters of guarantee, import and export
financing and other international transactions.
Bank Maskan increased the number of the
Forex branches to 74 by end of the year 2013.
Bank Maskan aims at development of its global
activities. Consequently plans for improvement
of both hardware and software infrastructures
are under implementation. In addition, various
training programs are offered and presented
to further enhance staff knowledge based on
the international banking aspect and promote
the Bank’s services. A short description of all
international services offered by Bank Maskan
is presented below:
Import Letters of Credit
With assistance of the SWIFT system,
Bank Maskan issues import letters of credit
for importers within maximum one day.
Depending on the track record of the client
and the volume of his activities, the advance
payment requested by Bank Maskan for the
letter of credit is between 0 and 100 percent
of its value.
Export Letters of Credit
Foreign currency branches of Bank Maskan
provide a complete range of services related
to export letters of credit (advising, payment,
etc.). Under the relevant local regulations
these branches also provide Iranian Rial
facilities to exporters who need to fulfill their
obligations against L/Cs.
Facilities to Importers
Bank Maskan issues sight and deferred (up
to 12 months) letters of credit with the lowest
possible advance payment.
Facilities to Exporters
Bank Maskan allocates facilities to exporters
in order to encourage non-oil export in the
following ways:
•Pre- export facilities to finance engineering,
procurement or production related to the
export of goods and technical services;
•Post – export facilities, to provide bridge
financing for deferred payment by the
foreign party for purchased goods and
technical services.
In case of issuance of an irrevocable letter
of credit, Bank Maskan provides facilities (in
the equivalent amount in Iranian Rial) of up to
90% of the value of the imported product or
service. In all other cases, the Bank finances
up to 70% of the export value.
Letters of Guarantee
Bank Maskan issues the following types of
forex denominated guarantees:
•Tender Guarantee and Bid Bond;
•Good Performance Guarantee;
•Advance Payment Guarantee;
•Retention Money Guarantee.
29
Foreign Currency Accounts
Foreign Currency Exchange Services
Bank Maskan opens foreign currency accounts
in the name of legal or natural persons based
on the following terms:
Bank Maskan purchases and sells at the
floating rate, announced by the Central Bank
of Iran the following currencies: EUR, USD,
GBP, JPY, CHF, AED, KRW, TRY, CNY,INR
and RUB.
1. Denominated in EUR, USD, GBP, JPY,
CHF, AED, CAD, KRW, CNY, TRY and QAR.
2. Applicants need to satisfy the general
conditions for opening Iranian Rial accounts
The following are major types of Forex
accounts offered by the Bank:
•“Qarz – al – Hassaneh foreign currency
savings account”, with a minimum balance
of US$ 100 or equivalent;
•“Qarz – al – Hassaneh foreign currency
current account”, with a minimum balance
of US$ 1,000 or equivalent;
•“Foreign currency term deposit account”,
with a minimum balance of US$ 1,000 or
equivalent.
Foreign Currency Payment Order
With assistance of the SWIFT system and
its network of correspondent banks, Bank
Maskan effects in a timely and secure manner
worldwide foreign currency payment orders.
The service includes:
•Issuance of foreign currency P/Os
originating from foreign currency accounts,
up to account balance;
•Remittance of foreign currency P/Os
amounts to individual’s foreign currency
account;
•Disbursement of bank notes to beneficiary
of inward foreign currency P/Os;
•Purchase of foreign currency P/Os while
converting their amount into Iranian Rial;
•Conversion of the currency of P/Os
into other acceptable currencies, at the
request of the client;
The Bank, purchases without limit, foreign
currencies received via the international
banking system, including foreign currency
P/Os, and other valid transfer tools as well
as the balance of foreign currency accounts.
Selling of foreign currencies to other persons
is effected according to related regulations of
the Central Bank of Iran.
Correspondent Banking
Bank Maskan has entered into correspondent
banking agreements with first class banks
in all parts of the world, covering all foreign
currencies serviced by the Bank. Many of
these agreements also include standby inter
– bank credit lines or refinancing agreements
to provide financial facilities at competitive
prices to Iranian importers and exporters. At
the request of its clients, the Correspondent
Banking Department also translates account
statements into English.
Free Trade Zone Activities
Iran’s Free Trade Zones are governed by their
own set of banking and foreign exchange
regulations, which are more liberal than that
of the Iranian mainland. In 2002 Bank Maskan
established specialized branches in Kish and
Qeshm Free Trade Zones to offer further
enhanced services to its customers. The
Bank’s branches in the Free Trade Zones:
•Buy and sell foreign currency;
•Issue domestic and international P/Os at
client’s request without limitation;
•Issue import letters of credit;
•Open various types of foreign currency
accounts
ANNUAL REPORT 2013-14
30
Information
Technology & E – Banking Services
cards are available to the Bank’s customers
with the convenience of ATMs being
operational at most branches. These facilities
remarkably reduce the need of customers to
visit the branch, saving time for the customers
and cost and work load for Bank Maskan,
ultimately resulting in higher customer
satisfaction. The following tables demonstrate
the Bank’s performance in reference with
providing IT related services to its customers:
Today’s emergence of new technology is a key
element in the approach of the banks toward
organizing their business. In this context, the
banking industry has experienced a high rate
of growth in electronic banking in recent years.
Bank Maskan, therefore, has employed stateof-the-the-art technology at the heart of its
operations to improve customer satisfaction
and profitability. In recent years, Telephone
banking, Short Messaging System (SMS)
banking, Internet banking and debit (cash)
Number of Bank Cards Issued
by March 2013
Growth %
6,104,274
24.52
Machines Types
Number of Machines in
Operation
% Growth
ATMs
1,718
6
Pin Pads
7,056
12
POSes
76,651
39
Virtual Banking Customers
Number of Customers
% Growth
Internet Banking
1,288,921
131
Mobile Banking
1,121,782
112
Integrated Telephone Banking
1,218,044
139
Number of
Transactions
Volume of
Transactions
Growth % in
the Number of
Transactions
Growth % in
the Volume of
Transactions
Online Instalment
Payments
14,467,310
32,168,180,942,281
110
122
Online Bill
Payments
9,492,628
2,936,881,507,000
41
39
In addition, the IT Department has managed
various projects and initiatives including
implementation of a new comprehensive
banking software, expansion of internet
banking and electronic services (card services),
and updating hardware and network systems.
Moreover, other software and projects have
been implemented in order to further improve
the Bank’s electronic infrastructure systems.
Following its commitment to sustainable
development, the Bank has further planned
other development programs, some of which
have already started or have been launched.
At the top of these plans is further development
of internet banking product and services.
Expansion of Network Operating Centre (NOC)
and Security Operating Centre, installation
of housing and real estate intelligent identity
system, expansion of SATNA and SHETAB
services, strengthening relations with Bahrain,
Qatar and Kuwait banking networks, launching
e – learning and office automation plans are
other part of our programs, through which we
foresee a bright outlook in offering convenient
and comfortable services to all customers.
Human Resources & Training
Bank Maskan recognizes that its success is entirely relied upon the devotion, resourcefulness,
enthusiasm, and professionalism of its people;
Therefore the Bank gives great importance to securing high calibre personnel among university and
industry elites, and appropriates many resources toward finding the most qualified people.
On March 20, 2013, Bank Maskan employed a total of 12,700 staff, of which 1,311 were headquarterbased. The following pie chart shows the educational background of Bank Maskan’s employees:
Education Background of Personnel
Ph.D : 3
Bachelors Degree : 433
Below Diploma : 217
High School Diploma : 4,425
Masters Degree : 6,391
Believing that training is a long-term
investment toward achieving the Bank’s goals,
the Bank has a strategic viewpoint in training
its personnel. This also implies that all training
activities require being in line with the Bank’s
major goals and policies. Hence the Training
Department considers the following goals for
training of staff:
•Improvement in productivity of the staff
and their readiness for promotion;
•Development of personnel’s professional
skills and general know-how;
•Improvement of decision making ability
especially on the managerial level;
•Integrating staff spirit with organizational
goals and objectives;
•Achieving Bank’s main objectives;
•Increasing job satisfaction as well as
motivation of the employees.
Technician : 1,231
•IT and e–banking, international banking,
marketing and customer relations,
commercial contracts, and foreign
languages were among the main areas of
concentration in 2013 training strategy of
the Bank.
•Bank Maskan held 1,897 training courses
for 67,938 trainees classified under
General Courses, Technical Courses,
Professional Courses and Managerial
Courses. Furthermore, some 1,172,548
man/hours of training were provided. This
means that the Bank’s personnel received
an average of 93.9 hours of training per
head, during the reporting period.
•
Furthermore, Bank Maskan has followed a
program whereby it provides aid towards
its employees’ medical expenses and credit
facilities. Bank Maskan also provides its
employees with sports facilities as well as
health and recreational centres as a means to
further boost the incentives of its staff.
31
ANNUAL REPORT 2013-14
32
Research & Development Centre
The R & D Centre was established in 2004. It aims at
conducting research and surveys to find solutions for
existing problems and to use potential opportunities.
The main objectives of the Centre can be listed as
promoting employees’ knowledge, customizing
modern banking technology for the Bank, research
and study on generating new know – how and finally
utilizing the proposals and ideas of analysts and
experts.
The R & D Centre consists of 5 main committees
and groups in which it conducts various studies and
projects to improve the Bank’s performance in all
operational and financial aspects. All committees are
committed not only to design and conduct internal
research projects, but also to support preferable
academic/industrial research proposal as well as
Ph.D and Master degree dissertations, related to the
Bank’s fields of interest or requirement.
33
ANNUAL REPORT 2013-14
34
Major Subsidiaries
In addition to carrying out banking activities,
Bank Maskan has invested in a number of
subsidiary companies which are as follows:
offices, educational premises, highways as
well as water transmission lines and land
preparation.
Housing Investment Company
Housing Investment Company’s has 16
subsidiaries, which are spread out throughout
28 provinces and 36 cities in Iran. These
companies currently have approximately
10,599 residential units under construction
and another 40 thousand residential units at
the design stage.
Background
Housing Investment Company is one of
the largest and most active groups in Iran’s
construction industry. This company was
established on May 1990 with the objective of
meeting the requirements of Bank Maskan’s
customers. The capital of this company
currently stands at IRR200 billion registered
capital and from year 2003 was converted to
public company and in 2004 became listed in
the Tehran Stock Exchange (TSE).
Since the commencement of its operations, this
company has embarked on the construction
of almost 63 thousand housing units (within
342 projects), of which 49.3 thousand units
have been completed. Furthermore, this
company has made major accomplishments
in the construction of commercial complexes,
The company has ISO 9001:2008 certification.
In the year 2004 corporate restructuring
seemed necessary, based on which, the
business process re-engineering project was
started in 2006 and all the processes according
to the organization’s mission and strategies
were examined. It was decided to focus on
transforming the structure of this Company’s
operations from being a large, bureaucratic,
and single-activity based company, into a
semi-centralized structured holding company
which supervises and manages 16 subsidiary
companies.
Company’s Activities Domain
Housing Investment Company
as master of mass construction,
with 23 years of experience in
the production of residential,
office and commercial projects
preparation, highway and
water pipeline, has 16 active
subsidiaries in its value chain.
Investment
and
Partnership
Property
Management
and Estate and
Marketing and
Sales Services
Housing
Investment
Company
Manufacturing
Supplying and
Providing,
Equipment and
Machineries
Design
Management and
Consulting
35
Production Statistics
The comparative schedule of ongoing and completed projects during the 2007- 2014 period is
stated in the following table:
2006
2007
2008
2009
2010
2011
2012
2013
2014
Number of
Projects
15
11
18
20
10
16
10
24
23
Number of
Units
1,846
1.303
1,695
2,351
1,214
2,330
938
2,988
5,693
Total
Foundation
(Square
Meters)
183,842 137,189 215,532 297,528 167,142 312,408 122,405 444,716 705,253
During the reporting financial period, this company completed the construction of 5,693 housing
units with a total foundation of 705,253 square meters.
Comparison of Constructed Level (square meters) from 2005 to 2013
336,434
525,588
374,209
236,434
246,000
247,000
2005
2006
272,406
288,278
2007
2008
234,790
2009
2010
2011
2012
2013
ANNUAL REPORT 2013-14
36
The Number of Units which have been Completed Since 1990
70,000
Units
60,000
50,000
40,000
30,000
20,000
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
1992
1991
0
1990
10,000
Key Consolidated Financial Items
Financial Performance
2012-2013
2011-2012
Million IRR
Million IRR
Net Revenues
893,943
713,082
Operational Profit
817,040
658,065
Net Profit
818,053
659,551
2012-2013
2011-2012
Million IRR
Million IRR
Total Assets
4,379,556
4,422,934
Total Liabilities
1,489,203
1,125,667
Total Shareholders’ Equity
3,253,889
2,933,731
Financial Position
37
Bank Maskan Investment Management
Company (Public Joint Stock)
Established in 1975, Bank Maskan Investment
Management Company (BMIMC) is fully
owned by Bank Maskan and its current
registered capital is IRR1.2 billion. BMIMC
offers full brokerage, asset management and
investment banking advisory services. As a
high profile brokerage company, BMIMC has
been on a solid operational and financial track
in recent years.
Bank Maskan Human Resources Supply &
Support Services Company (Private Joint
Stock)
Bank Maskan Support Services Company
(BMSSC) was established in 2003 in Tehran.
This Company is also a wholly owned
subsidiary of Bank Maskan and its current
registered capital stands at IRR100 million.
BMSSC offers recreational, sport, healthcare
and welfare services and facilities to all
members of Bank Maskan and its affiliates.
Navaco Company (Private Joint Stock)
Navaco Company was established in 1976
in Tehran, as a wholly owned subsidiary of
Bank Maskan. The registered capital of this
company currently stands at IRR121,100
million. Navaco is Information Technology
arm of Bank Maskan, active in conducting
researches, designing, and giving strategic
plans in the field of IT, as well as producing
network security systems and support
software.
Tehran–Pardis Freeway Company (Private
Joint Stock)
Tehran–Pardis Freeway Company was
established in 2000 in Tehran as a Public Joint
Stock Company. The Company’s registered
capital is currently 1,200 million. Bank Maskan
has a 32% stake in this company, which is
charge of construction, maintenance and
operation of Tehran Pardis freeway. Following
the registration of this company, an agreement
was signed between the Ministry of Roads &
Urban Development, as the client, and Tehran
– Pardis Freeway Company, as the contractor,
in May 2, 2001. According to the agreement,
the project funding comes 80% from the
Company and 20% from the mentioned
Ministry.
Firoozabad Automated Brick Industries
(Private Joint Stock)
Firoozabad Automated Brick Industries (FABI)
was established in 1983 in Tehran. This
Company is also a wholly owned subsidiary
of Bank Maskan and its registered capital is
IRR5,000 million. FABI operates automated
production lines for bricks and other
construction materials.
Pasokhgou Exchange Company
Pasokhgou
Exchange
Company
was
established in 2009 in Tehran as a wholly
owned subsidiary of Bank Maskan. Its
registered capital stands at IRR20,000
million. According to its Article of Association,
Pasokhgou is the official foreign currency
exchange arm of Bank Maskan. Its main fields
of activity include cash and on remittance
transactions over various foreign currencies,
gold, and silver; all complying with the rules
and regulations of the Central Bank of Iran.
ANNUAL REPORT 2013-14
38
FINANCIAL
STATEMENTS
Assets
453,386
1,368,835,490
1,459,761,248
294,809
2,839,557,553
2,910,823,881
Nominal Accounts
Total
Managed Funds & Similar Items
90,472,372
882,032,796
70,971,519
948,021,553
Total Assets
Customers’ Commitments
64,085,097
21,104,583
Other Assets
5,324,322
32,997,641
7,141,381
34,447,993
Current Contracts
6,582,637
Fixed Assets
5,996,247
2,135,117
Total
Contra Disciplinary Accounts
Contra Nominal Accounts
Commitments of Bank
Total Liabilities & Shareholders' Equity
2,910,823,881
2,839,557,553
294,809
70,971,519
948,021,553
1,459,761,248
1,368,835,490
453,386
90,472,372
882,032,796
50,739,442
3,083,426
Total Shareholders’ Equity
51,506,836
48,604,325
48,423,410
Retained Profit (Loss)
Total Shareholders’ Equity
Minority Share
51,886
14,253,462
51,886
117,668
3,446,175
30,735,134
13,927,747
Exchange Rate Fluctuation Results
122,181
3,586,462
Legal Reserve
Capital Reserve and Funds Allocable to Capital
30,735,134
831,293,354
3,420,418
5,389,775
896,514,717
1,434,995
46,196,556
33,105,787
1,055,264
172,484,026
48,568,793
88,334,154
43,481
12,721,602
423,928,278
IRR Million
20 March, 2013
Restated
1,930,447
9,228,082
41,381,504
2,960,225
238,600,991
36,202,698
26,906,968
0
18,069,646
515,844,381
IRR Million
20 March, 2014
Share Capital
Total Liabilities
Participation Bonds of Bank Maskan
Provision for Employee Service Termination
Rewards
Items in Transit
Other Liabilities & Provisions
Other Deposits
85,593 Term Investment Deposits
Sight Deposits
Dues to foreign Banks for Letters of Credit
0
50,226,220
80,085,699
Dues to the Central Bank
Dues to Banks and Credit Institutions
668,718,520 Savings & Similar Deposits
33,468,422
25,874,597
Liabilities & Shareholders’ Equity
Liabilities
738,983,839
17,634,366
2,909,978
IRR Million
20 March, 2013
29,981,674
4,405,540
IRR Million
20 March, 2014
Investments and Partnerships
Dues from the Central Bank
Claims from Banks and Credit
Institutions
Loan Granted and Claims from the
Public Sector
Loan Granted and Claims from the
Private Sector
Term Letters of Credit Debtors
Cash
Assets:
Restated
Bank Maskan
Consolidated Balance Sheet
As at 20 March, 2014
ANNUAL REPORT 2013-14
40
Bank Maskan
Consolidated Income Statement
For the Fiscal Year Ended 20 March, 2014
Restated
2013-14
2012-13
IRR Million
IRR Million
Revenues from Joint Investment
Profit and Compensation on Islamic Contracts
83,280,561
73,925,156
Net Sales & Revenue from Services Rendered
35,242,393
24,149,655
1,664,336
1,437,895
120,187,290
99,512,706
Depositors' Share of Joint Income
(41,459,836)
(29,024,509)
Cost of Goods Sold and Services Rendered
(33,071,880)
(22,672,372)
Net Profit Paid to Depositors & Cost of Goods & Services
Rendered
(74,531,716)
(51,696,881)
45,655,574
47,815,825
72,386
92,916
Fees & Commissions
1,866,490
1,787,169
Other Revenues
1,112,878
816,540
Total Revenues from Non-Joint-Ventures
3,051,754
2,696,625
48,707,328
50,512,450
(18,365,669)
(16,796,572)
(3,405,200)
(2,626,886)
General Expenses
(15,998,318)
(14,679,487)
Other Income & Expenses
(10,866,557)
(312,034)
Total Expenses
(48,635,744)
(34,414,979)
71,584
16,097,471
Less: Tax
(100,894)
(6,884,258)
Net Profit
(29,310)
9,213,213
Minority interest from net profit
630,434
497,350
Other Revenues
Total Joint Revenues
Less:
Banks' Profit Share
Income from Non-Joint-Ventures
Profit and Compensation Received
Total Revenues
Expenses
Interest Paid (Excluding Paid to Depositors)
Fees & Commissions Paid
Earning Before Tax
41
Bank Maskan
Consolidated Statement of Retained Earnings
For the Fiscal Year Ended 20 March, 2014
Restated
2013-14
IRR Million
IRR Million
Net Profit
Retained Earnings at the Beginning of
the Year
Prior Year Adjustments
2012-13
(29,310)
IRR Million
9,213,213
3,933,587
2,272,705
11,067,546
4,879,413
Retained Earnings at the Beginning of
the Year – Adjusted
15,001,133
7,152,118
Allocable Profit
14,971,823
16,365,331
Profit Allocation:
Legal Reserve
(183,587)
(429,850)
0.5% Taxable income of Low-income
individuals' Housing
(2,188)
(2,625)
Funds Transferable to Capital
(4,513)
(4,797)
0
(926,926)
Dividend Payable to the Government
(50% in compliance with Budget Act)
Minority Interest of Retained Earnings
Group’s Share of Retained Earnings
(190,288)
(1,364,198)
14,781,535
15,001,133
(853,788)
(747,671)
13,927,747
14,253,462
Since the comprehensive income statement is limited to the profit of the period and prior years’
adjustments, the comprehensive income statement is not presented.
ANNUAL REPORT 2013-14
42
Bank Maskan
Consolidated Cash Flow Statement
For the Fiscal Year Ended 20 March, 2014
Restated
2013-14
IRR Million
Operational Activities:
Net Cash Inflow(Outflow) From Operational
Activities
Return on Investment And Interest Paid for
Financing:
Dividends Payable to the Government
Dividends Received
Interest Paid for Financing
Net Cash Inflow(Outflow) From Return on
Investment And Interest Paid for Financing
Income Tax:
Net Cash Inflow (Outflow) from Investment Activities
Net Cash Inflow (Outflow) Before Financing
Activities
Financing Activities:
Facilities Received (Reimbursement) from the
Central Bank
Line of Credit Received from the Central Bank
Facilities Received from other Banks
Reimbursement of Facilities from other Banks
Net Cash Inflow (Outflow) from Financing Activities
Net Cash Inflow (Outflow)
Exchange Rate Fluctuations Profit
Net Cash Increase (Decrease) during the year
IRR Million
(59,690,551)
(65,671,542)
(1,576,926)
(917,308)
207,806
413,049
(526,968)
(346,800)
Cash paid for Income Tax
Investment Activities:
Cash Paid for Direct Investments and Legal
Participations
Cash Received from Investment Sales
Cash Payment for Purchasing, Construction &
Completion of Fixed Tangible Assets
Cash Received from Fixed Tangible Assets Sales
2012-13
IRR Million
(1,896,088)
(851,059)
(1,117,077)
(725,425)
(14,667)
(2,190,883)
849,304
1,165,475
(1,363,523)
(1,944,541)
387,788
230,448
(141,098)
(2,739,501)
(62,844,814)
(69,987,527)
(2,334,000)
(1,000,000)
64,933,935
87,931,354
3,037,931
350,000
(1,961,841)
(454,711)
63,676,025
86,826,643
831,211
16,839,116
445,214
(312,034)
1,276,425
16,527,082
Cash Balance at the beginning of the year
24,851,669
8,324,587
Cash balance at the end of the year
26,128,094
24,851,669
1,199,000
-
415,683
-
Non – Cash Exchanges
Investment Increase funded via Claims from Bank
Maskan Investment Group Company
Exchange of Government Dues with Transferable
Shares
Property Purchase from Creating Dues
Exchange of the Esfahan Management Building
with two Plots of Land (Vahid and Goldasteh) with
Esfahan Municipality
300,000
-
90,525
80,085,699
741,268,201
Facilities Granted to & Claims from Public Sector
Facilities Granted to & Claims from Private Sector
934,648,082
Total Assets
2,839,557,553
2,910,823,881
Total
294,809
Nominal Accounts
Managed Funds & Similar Items
70,971,519
18,028,456
Other Assets
Commitments of Customers
32,415,049
3,467,672
Fixed Assets
Investments and Participations
0
25,874,597
Claims from Banks & Credit Institutions
Term letters of credit debtors
29,981,674
3,526,734
IRR Million
5,389,775
889,835,476
Items in Transit
Total Liabilities
9,766,958
41,163,492
2,968,015
238,602,996
36,202,698
22,321,766
0
15,775,603
515,844,381
IRR Million
1,799,792
1,459,761,248 Total
1,368,835,490 Total Contra Nominal Accounts
453,386 Managed Funds & Similar Items
90,472,372 Commitments of Bank
2,910,823,881
2,839,557,553
294,809
70,971,519
934,648,082
44,812,606
Total Shareholders' Equity
874,451,186 Total Liabilities & Shareholders' Equity
10,609,198
51,886
Accumulated Profit (Loss)
Exchange Rate Fluctuation Results
122,158
3,294,230
Legal Reserve
Capital Reserve and Funds Allocable to Capital
30,735,134
Share Capital
Shareholders’ Equity
Restated
1,459,761,248
1,368,835,490
453,386
90,472,372
874,451,186
46,977,005
12,778,111
51,886
117,644
3,294,230
30,735,134
827,474,181
3,420,418
1,305,233
46,661,425
32,861,526
1,055,771
172,612,213
48,610,992
85,212,357
43,481
11,762,487
423,928,278
IRR Million
20 March, 2014 20 March, 2013
Provision for Employee Service Termination
Rewards
65,913,232 Participation Bonds of Bank Maskan
31,743,502 Other Liabilities & Provisions
2,382,736 Other Deposits
85,593 Term Investment Deposits
670,477,232 Savings & Similar Deposits
50,226,220 Sight Deposits
33,468,422 Dues to foreign Banks for Letters of Credit
17,634,366 Dues to Banks and Credit Institutions
2,519,883 Dues to the Central Bank
IRR Million
20 March, 2014 20 March, 2013 Liabilities and shareholders’ equity
Dues from the Central Bank
Cash
Assets:
Restated
Bank Maskan
Balance Sheet
As at 20 March, 2014
ANNUAL REPORT 2013-14
44
Bank Maskan
Income Statement
For the Fiscal Year Ended 20 March, 2014
Restated
2013-14
2012-13
IRR Million
IRR Million
Revenues from Joint Ventures
Profit and Compensation on Islamic Contracts
83,480,502
74,216,371
798,101
792,189
84,278,603
75,008,560
(41,659,540)
(29,155,581)
42,619,063
45,852,979
72,386
92,916
1,866,490
1,787,169
852,013
726,832
2,790,889
2,606,917
45,409,952
48,459,896
(17,799,093)
(16,589,082)
(3,421,057)
(2,642,431)
General Expenses
(15,469,678)
(14,360,014)
Other Revenues & Expenses
(10,882,337)
(308,593)
Total Expenses
(47,572,165)
(33,900,120)
(2,162,213)
14,559,776
Less: Tax
0
(6,623,065)
Net Profit
(2,162,213)
7,936,711
Other Joint Revenues
Total Joint Revenues
Less:
Depositors' Share of Joint Income
Banks' Profit Share
Income from Non-Joint-Ventures
Profit & Compensation
Fees & Commissions
Other Revenues
Total Revenues from Non-Joint-Ventures
Total Revenues
Expenses
Interest Paid (Excluding Paid to Depositors)
Fees & Commissions Paid
Earning Before Tax
45
Bank Maskan
Statement of Retained Earnings
For the Fiscal Year Ended 20 March, 2014
Restated
2013-14
IRR Million
IRR Million
Net Profit
Retained Earnings at the Beginning of the Year
Prior Year Adjustments
2012-13
(2,162,213)
IRR Million
7,936,711
1,611,360
1,183,927
11,166,751
4,939,419
Retained Earnings at the Beginning of the Year Adjusted
12,778,111
6,123,346
Allocable Profit
10,615,898
14,060,057
Profit Allocation:
Legal Reserve
0.5% Taxable income of Low-income individuals'
Housing
Funds Transferable to Capital in Compliance with
Cabinet Ratification
Dividend Payable to the Government (50% in
compliance with Budget Act)
Accumulated Profit at the end of the Year
0
(347,596)
(2,187)
(2,625)
(4,513)
(4,799)
0
(926,926)
(6,700)
(1,281,946)
10,609,198
12,778,111
Since the comprehensive income statement is limited to the profit of the period and prior years’
adjustments, the comprehensive income statement is not presented.
ANNUAL REPORT 2013-14
46
Bank Maskan
Cash Flow Statement
For the Fiscal Year Ended 20 March, 2014
Restated
2013-14
IRR Million
2012-13
IRR Million
IRR Million
Operational Activities:
Net Cash Inflow (Outflow) From Operational Activities
(63,480,124)
(68,250,223)
Investment Returns & Dividend Payable for Financing
Dividends Payable to the Government
Dividends Received
Interest Paid for Financing
(1,576,926)
(917,308)
189,706
504,800
(105,896)
(133,609)
Net Cash Inflow (Outflow) From Return on Investment And
Interest Paid for Financing
(1,493,116)
(546,117)
Income Tax:
Cash paid for Income Tax
(675,705)
Investment Activities:
Cash Paid for Direct Investments and Legal
Participations
Cash Paid for Purchasing, Construction & Completion of
Fixed Tangible Assets
Cash Payment for Purchasing, Construction & Completion
of Fixed Tangible Assets
Cash Received from Fixed Tangible Assets Sales
(1,017,649)
(675,705)
0
(55,103)
(1,122,717)
(784,150)
64,345
140,478
Net Cash Inflow (Outflow) Before Financing Activities
(1,058,372)
(698,775)
(67,049,261)
(70,170,820)
Financing Activities:
Reimbursement of Facilities Received from the Central
Bank
(2,334,000)
(1,000,000)
Line of Credit Received from the Central Bank
64,933,935
87,931,354
Reimbursement of Facilities from other Banks
(48,148)
(247,758)
Net Cash Inflow (Outflow) from Financing Activities
62,551,787
86,683,596
Net Cash Inflow(Outflow)
(4,497,474)
16,512,776
445,214
(308,593)
Net Cash Increase (Decrease) during the Year
(4,052,260)
16,204,183
Cash Balance at the beginning of the Year
24,461,574
8,257,391
Cash balance at the end of the Year
20,409,314
24,461,574
1,198,700
-
415,683
-
-
90,525
Exchange Rate Fluctuations Profile
Non – Cash Exchanges
Investment Increase funded via Claims from Bank Maskan
Investment Group Company
Exchange of Government Dues with Transferable Shares
Exchange of the Esfahan Management Building with
two Plots of Land (Vahid and Goldasteh) with Esfahan
Municipality
Foreign Exchange Branches
International banking services relating to letters of credit, guarantees, foreign exchange and
worldwide money transfers are carried out through the following branches:
Tehran
Afriqa Shomali Branch
Golshahr Blvd., Africa Ave., Tehran, Iran
Tel: +98 21 22 02 68 50
Fax: +98 21 22 01 57 94
Ayatollah Kashani Branch
Next to Ferdows Blvd., Ayatollah Kashani Blvd.,
Tehran, Iran
Tel: +98 21 44 08 96 55
Fax: +98 21 44 08 96 55
Ekhtiyarieh Shomali Branch
Chahar Rah Qanut Branch
Next to Ghaffari Alley, Northern Ekhtiyarieh Ave.,
Qanut Junction, Shahid Kolah Douz Ave., Tehran, Iran
Tehran, Iran
Tel: +98 21 22 56 60 80
Tel: +98 21 22 58 02 60
Fax:+98 21 22 55 13 90
Fax: +98 21 22 58 03 01
Enqelab Branch
Enqelab Sq., Azadi St., Tehran, Iran
Tel: +98 21 66 90 00 53
Fax: +98 21 66 90 00 53
Golestan – e – Pasdaran Branch
No.1307, Between 3rd and 4th Golestan, Pasdaran
St., Tehran, Iran
Tel: +98 21 22 76 08 52
Fax: +98 21 22 57 09 09
Karimkhan Zand Branch
Kouy – e – Nasr Branch
Karimkhan Zand Ave., Shahid Hosseini St., Tehran,
12th St., Kouy – e – Nasr, Tehran, Iran
Iran
Tel: +98 21 88 28 98 80
Tel: +98 21 88 20 02 50
Fax: +98 21 88 28 98 80
Fax: +98 21 88 20 02 89
Mirdamad Branch
Narmak Branch
Next to Southern Razan, Mirdamad Blvd., Tehran,
Shahid Ayat Ave., Below Nabovat Sq., Tehran, Iran
Iran
Tel: +98 21 77 90 82 64
Tel: +98 21 22 91 40 03
Fax: +98 21 77 95 64 31
Fax: +98 21 22 91 40 04
Ostad Motahari Gharbi Branch
Niavaran Branch
Opposite Jamaran St., Shahid Bahonar Ave., Tehran, Opposite Tehran Grand Hotel, Motahari Ave., Tehran,
Iran
Iran
Tel: +98 21 88 91 62 82
Tel: +98 21 22 81 86 27-9
Fax: +98 21 22 29 37 97
Fax: +98 21 88 91 62 81
Professor Hesabi Branch
Before Dowlat St., Dr. Shariati Ave., Tehran, Iran
Tel: +98 21 22 60 10 23
Fax: +98 21 22 60 10 23
Sa’adat Abad Branch
Eastern Sarv St., Kadj Sq., Sa’adat Abad, Tehran,
Iran
Tel: +98 21 22 36 21 09
Fax: +98 21 22 06 44 88
Sepahbod Gharani Branch
Sepahbod Gharani Ave., Ferdowsi Sq., Tehran, Iran
Tel: +98 21 88 34 93 99
Fax: +98 21 88 84 21 61
Sayyed Khandan Branch
No. 108, Simorgh St., Next to Sayyed Khandan
Bridge, Tehran, Iran
Tel: +98 21 22 89 05 13
Fax: +98 21 22 89 05 11
Shahid Beheshti Branch
No. 240, Next to Takhti Junction, Shahid Beheshti
St., Tehran, Iran
Tel: +98 21 88 73 96 23
Fax: +98 21 88 74 22 26
Shahid Khoddami Branch
Next to Homa Hotel, Opposite National Iranian
Housing Organization, Shahid Khoddami Ave., Vanak
Sq., Tehran, Iran
Tel: +98 21 88 77 39 69 Fax: +98 21 88 79 87 55
Shahrara Branch
Shahrara Sq., Tehran, Iran
Tel: +98 21 88 27 44 38
Fax: +98 21 88 27 44 39
Shiraz – e – Shomali Branch
Shiraz – e – Shomali St., Tehran, Iran
Tel: +98 21 88 61 86 47
Fax: +98 21 88 61 86 47
47
ANNUAL REPORT 2013-14
48
Tehran
Shohada Branch
Next to Traffic Police Station, Hefdahe Shahrivar St.,
Tehran, Iran
Tel: +98 21 33 78 15 64
Fax: +98 21 33 78 15 55
Tajrish Branch
Close to Tajrish Sq., Vali Asr Ave., Tehran, Iran
Tel: +98 21 22 75 35 95
Fax: +98 21 22 71 43 68
Taleqani Branch
Taleqani St., Before Mofatteh St., Tehran, Iran
Tel: +98 21 88 84 14 56
Fax: +98 21 88 38 17 32
Tehran Central Branch
Next to Sarhang Sakhaei, Ferdowsi Ave., Tehran, Iran
Tel:+98 21 64 57 30 03-5
Fax: +98 21 66 70 14 34
Tohid Branch
Northern Roudaki, Azadi Ave., Tehran, Iran
Tel: +98 21 66 93 25 00
Fax: +98 21 66 93 25 00
Vali Asr Square Branch
Opposite Damavand Hotel, Vali Asr Ave., Tehran, Iran
Tel: +98 21 88 91 35 32-3
Fax: +98 21 88 89 72 27
Vali Asr – Tavanir Branch
Opposite Dey Hospital, Vali Asr Ave., Tehran, Iran
Tel: +98 21 88 64 47 03
Fax: +98 21 88 64 47 03
Vanak Sq. Branch
Opposite Shahid Khodami St., Next to Sharifi St.,
Vanak Sq., Tehran, Iran
Tel: +98 21 88 87 87 03
Fax: +98 21 88 67 85 08
Velenjak Branch
Tabnak St., Velenjak, Tehran, Iran
Tel: +98 21 22 41 26 25
Fax:+98 21 22 42 53 97
Yousef Abad Branch
Between Farhang and Kalantari, Asad Abadi Ave.,
Tehran, Iran
Tel: +98 21 88 06 12 07
Fax: +98 21 88 06 12 07
Other Cities
Ahvaz Central Branch
Shahid Abedi St., Azadegan St., Ahvaz, Iran
Tel: +98 611 2231002
Fax: +98 611 2231002
Amol Central Branch
Next to Taghi Khan Mosque, Between 3rd and 4th
Passage, Mohseni St., Amol, Iran
Tel: +98 831 321 16 47 Fax: +98 831 321 16 47
Arak Central Branch
Next to Haji Taghi Khan Mosque, Mohseni St., Arak,
Iran
Tel: +98 861 21 00 05 Fax: +98 861 21 00 05
Ardebil Central Branch
30 Metry St., (Taleqani St.) Opposite the City
Council, Ardebil, Iran
Tel: +98 451 336 53 12
Fax: +98 451 336 53 74
Bandar Abbas Central Branch
Imam Khomeini Blvd., Bandar Abbas, Iran
Tel: +98 761 224 30 02-3
Fax: +98 761 224 22 51
Bandar Anzali Central Branch
Shahid Motahari St., Bandar Anzali, Iran
Tel: +98 181 424 40 37
Fax: +98 181 424 40 37
Babol Central Branch
Chaharsough, Imam St., Babol, Iran
Tel: +98 111 222 30 17
Fax: +98 111 222 30 16
Baneh Central Branch
Before Imam Blvd., Imam St., Baneh, Iran
Tel: +98 875 422 71 85
Fax: +98 875 422 71 85
Other Cities
Birjand Central Branch
Bojnourd Central Branch
Imam Khomeini Sq., Birjand, Iran
Tel: +98 561 223 23 95
Fax: +98 561 223 23 95
Next to Dr. Shariati St., Western Taleghani Ave.,
Bojnourd, Iran
Tel: +98 584 223 81 18
Fax: +98 584 223 81 18
Boushehr Central Branch
Chabahar Sadaf Branch
Opposite Fatemiyeh St., Imam Khomeini St.,
Boushehr, Iran
Tel: +98 771 555 75 61
Fax: +98 771 556 44 44
Gorgan Central Branch
Chabahar Industrial and Commercial Free
Zone, Sadaf Complex, Chabahar, Iran.
Tel: +98 545 444 32 84
Hamedan Central Branch
Next to Park – e – Shahr, Pasdaran St., Vahdat
Next to Bu Ali Shrine, Bu Ali St., Hamedan, Iran
Sq., Gorgan, Iran
Tel: +98 811 83 50 00 15
Tel: +98 171 222 41 79
Fax: +98 811 83 50 00 15
Fax: +98 171 222 02 17
Isfahan Ferdowsi Branch
Ferdowsi St., Isfahan, Iran
Tel: +98 311 220 66 99
Fax: +98 311 222 00 75
Isfahan Central Branch
Isfahan Sa’adat Abad Branch
Sa’adat Abad Ave., Darvazeh Shiraz, Isfahan, Iran
Tel: +98 311 668 38 72
Fax: +98 311 668 38 72
Isfahan Shahin Shahr Central Branch
Ferdowsi St., Shahin Shahr, Isfahan, Iran
Tel: +98 312 528 89 0
Fax: +98 312 524 48 96
Karaj Central Branch
Next to Municipality, Dr. Beheshti Ave., Karaj, Iran
Tel: +98 261 222 00 40
Fax: +98 261 222 37 72
Kerman Central Branch
Moallem Crossroad, Qods St., Kerman, Iran
Tel: +98 341 226 91 20
Fax: +98 341 226 91 20
Khorram Abad Central Branch
Kamal Ismaeil Ave., Isfahan, Iran
Tel: +98 311 221 69 50
Fax: +98 311 222 98 60
Kashan Central Branch
Mir Emad St., Shahid Radjaee St., Panzdahe
Khordad Sq., Kashan, Iran
Tel: +98 361 446 33 35 Fax: +98 361 444 11
15
Kermanshah Central Branch
Ayatollah Ashrafi Isfahani Ave., Kermanshah, Iran
Tel: +98 831 725 42 00
Fax: +98 831 724 92 52
Kish Venus Branch
Bank Junction, Iman Khomeini St., Khorram
Venus Shopping Center, Stall No.119, Kish, Iran
Abad, Iran
Tel: +98 764 442 25 20-2
Tel: +98 661 221 92 54
Fax: +98 661 220 09
Fax: +98 764 442 25 23-4
98
Marivan Central Branch
Mohammad Veisi Bazaar, Before Shahid
Fahmideh Sq., Marivan, Iran
Tel: +98 875 322 14 21 Fax: +98 875 322 14
21
Mashad Central Branch
Dr. Chamran St., Mashad, Iran
Tel: +98 511 222 67 37
Fax: +98 511 222 67 50
49
ANNUAL REPORT 2013-14
50
Other Cities
Mashad Sadjad Blvd. Branch
Next to Northern Bozorgmehr St., Sadjad Blvd.,
Mashad, Iran
Tel: +98 511 768 17 80
Fax: +98 511 768 17 80
Qazvin Central Branch
Taleghani St., Opposite Alborz Hotel, Qazvin, Iran
Tel: +98 281 22 26 737
Fax: +98 281 22 26 737
Qom Central Branch
Opposite the Telecommunication Center, Nouzdahe
Dey St., Qom, Iran
Tel: +98 251 770 26 70 Fax: +98 251 776 05 55
Oroumieh Central Branch
Daneshkadeh Junction, Kashani Ave., Oroumieh,
Iran
Tel: +98 441 344 59 99
Fax: +98 441 346 37 77
Qeshm Central Branch
Southern Gate of Setareh International Market,
Qeshm Island, Iran
Tel: +98 763 524 27 94
Fax: +98 763 524 27 94
Rasht Central Barnch
Qods Junction, Rasht, Iran
Tel: +98 131 32 11 647
Fax: +98 131 32 11 647
Sanandaj Keshavarz Branch
Next to the Post Office, Keshavarz St., Sanandaj,
Iran
Tel: +98 871 322 99 89
Fax: +98 871 322 99 89
Sari Central Branch
Sari Gharen Branch
Semnan Central Branch
Taleghani St., Semnan, Iran
Tel: +98 231 334 47 27
Fax: +98 231 334 47 27
Shahr – e – Kord Central Branch
Shiraz Central Branch
Karim Khan Zand Ave., Shiraz, Iran
Tel: +98 711 235 31 95
Fax: +98 711 23 597 05
Tabriz Central Branch
Tabriz Shahid Madani Branch
Opposite Saraye Almahdi, Shahid Madani Ave.,
Tabriz, Iran
Tel: +98 411 526 10 50 Fax: +98 411 526 24 03
Tabriz Vali Asr Branch
Tonekabon Central Branch
Next to Shahid Radjaee Hospital, Imam Khomeini
St., Tonekabon, Iran
Tel: +98 192 422 45 93
Fax: +98 192 422 35 65
Yazd Central Branch
Shahid Rajaee St., Yazd, Iran
Tel: +98 351 622 99 50
Fax: +98 351 622 99 50
Zanjan Central Branch
Gharen St., Sari, Iran
Tel: +98 151 220 00 62
Fax: +98 151 220 26 62
Next to Mellat Bazaar, Mellat St., Shahr – e –
Kord, Iran
Tel: +98 381 226 47 67
Fax: +98 381 226 47 67
Khaqani St., Imam Khomeini Ave., Tabriz, Iran
Tel: +98 411 554 51 65
Fax: +98 411 554 51 67
Falake Bozorg, Kouye Vali Asr, Tabriz, Iran
Tel: +98 411 330 66 44
Fax: +98 411 332 71 34
Farhang Ave., Sari, Iran
Tel: +98 151 222 09 13
Fax: +98 151 222 21 17
Sa’adi Junction, Be’esat Sq., Zanjan, Iran
Tel: +98 241 31 23 344
Fax: +98 241 31 23 345