Karafarin Bank’s Managing Director’s Statement on 19th Anniversary of the Bank

In the name of God

The nineteenth year since Karafarin Bank was established is a glorious and auspicious day for Iran’s banking industry. December 9th of each year represents collective efforts of entrepreneurs and industrialists of Iran to establish one of the first Iranian private banks in modern banking era. In their efforts, they have been innovative, tack full, whilst taking advantage of capacities of the private sector (along with the state-owned banking sector) in order to contribute towards Iran’s economic development and prosperity. This innovative idea at the time, meant that this small seedling has turned into a large 19-year old tree which is continued to show and has become more fruitful by the day.
I shall thank God Almighty for giving me this opportunity to be part of the great Karafarin Bank family at this time and for being able to contribute towards earning. A good name and achieving innovation of this bank. I am pleased to announce that having gained experience in Iran’s banking industry, I am at the service of my capable and morally conscious colleagues at Karafarin Bank.
The Bank’s vision focuses on “agility” and “being a pioneer in offering comprehensive financial solutions”. In this context, the Banks main objectives and strategies as well as plans are based on the aforementioned two principles, so that our organisation may be able to move towards a particular direction. As in previous years, the Bank focused on implementing its plans and key measures, during the current year. In addition to making efforts to defining its duties, the Bank also placed formulating fundamental and developmental programs on its agenda. In this regard, the Bank’s main area of concern was to implement transformation plans in the fields of human resources, marketing, information technology and processes. These plans are components of the Bank’s main infrastructure and if implemented, then they shall enhance its capabilities in achieving its goals. By relying on the abilities of its human resources and by creating necessary infrastructure, Karafarin Bank aims to further improve and develop.
Global banking industry has experienced profound and astonishing transformations in the past two decades. The emergence of digital technology which is also known as the third industrial revolution has affected all aspects of life including economy and in turn, the banking industry. An example in this regard, is the emergence of Fin Tech or financial technology which has been supporting financial services in recent years and has proven to be successful in developing financial services. In an increasingly competitive market, financial technologies are replacing conventional banking. Fin Techs enable bankers to offer higher quality services at lower costs and hence, they should be taken into account seriously and intelligently. As a result of the aforementioned technological transformations and the approach of replacing conventional banking with technological banking, strengthening the Information Technology Department has become one of the priorities of senior directors of Karafarin Bank. Indeed, this bank is one of the few banks in Iran that has installed, developed and provided support services at core banking level. Today, in order to realise the Bank’s strategic plans, the Information Technology Department has fulfilled its duties in reference with three sectors, namely: “applying requirements of CBI, organisations and associated bodies and installing their systems”, “installing and developing the Bank’s internal requests” as well as “sustaining the security and support of banking services”.
Our policy is to respect our customers. Indeed, Karafarin Bank has been one of the most customer oriented banks in Iran, ever since it was established. As a result, we have many valuable and loyal customers who, due to the high quality services they have received from us in the shortest possible time, are not prepared to replace Karafarin Bank with any other bank. I expect all of my colleagues at all organsational levels within staff and line to place customer orientation on top of their agenda and to make collective efforts to ensure that customer orientation is realised more than ever before.
The fact that Iran has been going through tough economic times in the past six months is undeniable. The new sanctions enforced against Iran since November 2019 followed by the United States leaving the Comprehensive Joint Action Plan, have placed this country’s banking sector in questionable conditions. Fortunately however, in spite of all challenges, Karafarin Bank’s performance has been acceptable in comparison with other banks and this success has been the result of efforts of all my colleagues at staff and line levels. In addition, in order to achieve further customer satisfaction and profitability, small-scale loan payments were placed on the Bank’s agenda on its nineteenth anniversary. With God’s help and with the aid of our employees, we shall be successful in this regard.
Upon celebrations of our nineteenth anniversary of a prosperous bank, I ask all of my merited and dear colleagues throughout line and staff levels to offer their views and proposals to further improve the Bank’s overall performance. I have no doubt that the Karafarin Bank’s motto: Global Knowledge, Local Solutions” shall be realised by relying on knowledge, professionalism, expertise and responsibility of each and every one of my elevated colleagues. Indeed, this reputable Bank shall undoubtedly grow more within Iran’s banking sector as a result of efforts and empathy of my dear colleagues.
To conclude, I would like to once again congratulate the great Karafarin Bank family which includes its shareholders, customers, directors and employees on the nineteenth anniversary of this glorious, outstanding, excellent, reputable and credible Bank. We vow to each other that we shall make our best endvour towards the Bank’s growth and excellence and our country’s economic development, no matter what position we hold, despite exciting challenges.