Central Securities Depository of Iran signs a Memorandum of Understanding with Mellat Bank to issue credit cards for beneficiaries of Justice Shares on Saturday February 6, 2021 in Tehran.
Mellat Bank is the first state-owned bank having fully implemented core banking master plan for the domestic currency in all its line and staff units with more than 2,200 branches and sub- branches. Core banking can be defined as a back-end system that processes banking transactions across the various branches of a bank. The system essentially includes deposit, loan and credit processing. Mellat Bank accounts for 37% of the total credit cards in Iran.
Under the agreement, banks will start issuing credit cards to owners of the Justice Shares. The shares are to be used as collateral and the amount of credit will be 60% of the share portfolio.
it was decided to grant credit cards to them. In Iran in order to obtain prepaid debit or credit cards you need to leave a collateral with the bank and for Justice Share holders the amount charged through the credit cards are tied to the value of the Justice Shares being used as collateral.