Also Known As:
Mehr Finance and Credit Institute
Mehr Finance & Credit Institute
Mehr Interest-Free Bank
Mehr Finance & Credit Institution
Mehr Finance and Credit Institution
204 Taleghani Ave., Tehran, Iran
Entity Web Site:
Listed by the European Union on May 23, 2011 as an entity linked to Iran's proliferation-sensitive nuclear activities or Iran's development of nuclear weapon delivery systems; with some exceptions, European Union member states must freeze all funds and economic resources owned, held or controlled by the listed entity, and prevent funds or economic resources from being made available to it.
On December 21, 2010, added to the Specially Designated National (SDN) list maintained by the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC), freezing its assets under U.S. jurisdiction and prohibiting transactions with U.S. parties pursuant to Executive Order 13382, which targets proliferators of weapons of mass destruction (WMD) and their delivery systems.
Formed by Bonyad Taavon Sepah (also known as the IRGC Cooperative Foundation); controlled by Bonyad Taavon Sepah and the Islamic Revolutionary Guard Corps, and serves the paramilitary arm of the IRGC, the Basij.
Management includes Dr. Ahmad Shafi'zadeh; reportedly planned to change its name to "Mehr-e Eqtesad Bank" by March 2011; has reportedly been operating since December 2007.