The Individuals Deposits Insurance Fund (Fund) has begun to pay out insurance claims to customers the Closed Joint-Stock Company (CJSC) Kafolatbank, which is currently at the stage of liquidation.
The Fund’s official website says the insurance claims have reportedly been paid out to Kafolatbank customers at the head office of MicroLending Organization Humo in Dushanbe since November 19.
The maximum insurance indemnity in the national currency is equal to 30,000 somonis, and the maximum insurance indemnity in foreign currency is equal to 21,000 somonis.
Recall, the National Bank of Tajikistan (NBT) Board issued a resolution on withdrawing the license of CJSC Kafolatbank on October 27, 2021.
The statement released by Tajikistan’s regulator, in particular, says the license was withdrawn “for valid reasons” and all banking operations carried out by this bank are terminated until the appointment of a liquidator. The regulator does not give any specific details.
According to information from the NBT, Iran’s Sarmayeh Bank owns Kafolatbonk’s controlling stake (92 percent of the shares).
Kafolatbank, for its part, reportedly assumes the 100% ownership interest in the Faizi Istiqlol 2011 enterprise and owns 65 percent of the shares (controlling stake) in the Shirkati Sokhtomoni Roudaki (construction company).
The Kafolatbank authorized capital is indicated in the amount of about 124 million somonis (equivalent to more than 11 million U.S. dollars).
According to information posted on Kafolatbank’s website, it is one of the largest universal financial institutions of Tajikistan offering a wide range of banking, financial, investment products and services to corporate and private clients.
The National Bank of Tajikistan granted the operating license to CJSC Kafolatbank on June 1, 2011.
Sarmayeh Bank, which assumes the 92% ownership interest in Kafolatbank, is a major Iranian banking establishment offering retail, commercial and investment banking services. The company was established in 2005 as a part of the government's privatization of the banking system.
The bank currently operated throughout the country, housing a total of 153 branches. In 2008, the Bank established several branches overseas in the Netherlands, United Arab Emirates and Tajikistan.
Sarmayeh Bank operates as a private bank in Iran; In addition to offering short and fixed deposit accounts for domestic and overseas clients, The bank also provides financial advisory, letters of credit, treasury, currency exchange, corporate loans syndication, and electronic banking services.
