An update on dissolved Afzal Toos credit institution

An update on dissolved Afzal Toos credit institution

Tasked by the Central Bank of Iran’s Money and Credit Council, Ayandeh Bank has begun managing the assets and debts of the dissolved Afzal Toos Credit Institution since August 2017. 
Afzal Toos was one of the dozens of credit institutions that mushroomed over the past years. Most of the institutions, including Afzal Toos, were dissolved after having failed to deliver their commitments toward customers. 
Several measures taken by Ayandeh Bank to reimburse Afzal Toos customers include: 
1. In spite of the institution’s assets not being liquidated so far, up to 98.81 percent of depositors have been reimbursed in cooperation with the Central Bank of Iran. 

2. Reimbursements were made in three stages. Initially lower average deposits, up to 30 million or less, were reimbursed. Then, deposits up to 1 billion or less were reimbursed. High average deposits have been reimbursed only up to 1 billion rials of their total amounts. 

3. Unusually high interest rates were cut down to 15 percent. 
Deposits totaled 24.471 billion rials. Out of 365,600 depositors, 361,275, 98.81 percent, have been reimbursed. Also, 4,325 high-average depositors have been reimbursed up to 1 billion of their original amounts. 
Frequently asked questions: 
Q: What do customers who have lost account documents need to do? 
A: Claimed deposits would be reimbursed to the alleged depositor in return for a promissory note secured by the depositor. 

Q: What if the depositor has passed away?
A: Relevant regulations are applied. 

Q: What happens to partially blocked deposits? 
A: Cases will be considered and decided upon accordingly. 

Q: What happens to customers having a maturity date coming due in the future? 
A: Early payments are possible. Interest waivers are applicable. 

Q: How are personal information discrepancies resolved? 
A: Reimbursements will be made after discrepancies have been resolved.  

Q: What happens to foreign depositors? 
A: Reimbursements would be conditioned upon identity checks, money-laundering clearances, etc. 

Q: What happens to staff depositors? 
A: Reimbursements are possible only if they have been not received unusually high salaries.