The document provides information about real estate loans in Syria, including:
- Syria had a developed banking system before 1963 but then the government nationalized most economic sectors, including banking. Private banking was reintroduced in 2001-2005.
- Today Syria has 6 public banks, 9 private commercial banks, and 3 Islamic private banks that provide various real estate loans like for home construction, purchases, and renovations.
- The document focuses on home purchase loans and compares loan terms between the public Real Estate Bank of Syria and private banks like Bemo Saudi Fransi. It provides details on loan amounts, interest rates, terms, required documents and the application/approval process.
- Nirav Modi was involved in one of the largest banking frauds detected in India at Punjab National Bank's Brady House branch.
- Modi, a diamond merchant with a net worth of $1.73 billion, is accused of defrauding PNB of over $2 billion using fraudulent Letters of Undertaking.
- Several PNB employees allegedly helped Modi carry out the scam by issuing LOUs without collateral over several years and not recording them in the bank's system.
PNB scam involved Nirav Modi colluding with two PNB officials over 7 years to issue fraudulent Letters of Understanding (LOUs) without collateral to overseas banks. This allowed Modi to obtain buyers' credit totaling Rs. 11,400 crores from overseas banks. The scam was exposed when one of the officials was replaced and LOUs were issued without collateral to three importing firms, raising suspicion. After the scam was discovered, Modi and his brother were declared fugitives, their assets were seized, employees lost jobs, and diamond traders suffered economic losses due to the massive fraud at PNB.
Nirav Modi, an Indian jeweler, is being investigated for an alleged $1.8 billion fraud at Punjab National Bank (PNB). The fraud involved the unauthorised issuance of Letters of Understanding by PNB employees to overseas branches of other Indian banks on behalf of Nirav Modi's companies. This allowed Nirav Modi's companies to take large loans abroad without required collateral. The scam began in 2008 and continued until being discovered in January 2018. Nirav Modi and his family are believed to have fled India before the case was registered. The fraud is considered India's biggest bank fraud to date.
This document discusses the PNB bank scam involving billionaire jeweler Nirav Modi. In February 2018, PNB disclosed that Nirav Modi allegedly defrauded the bank of Rs. 11,400 crore using fraudulent guarantees. Other Indian banks like Allahabad Bank and Union Bank of India were also involved through the SWIFT system. The document then provides background on Nirav Modi and analyzes the impact of the scam on customer perceptions of banking services and financial awareness. It outlines the scope and methodology of a study conducted among PNB account holders in Palwal to understand problems faced by customers after the scam.
The document provides an overview of topics related to banking and the Reserve Bank of India (RBI). It discusses the origin and functions of RBI, its role in money supply and monetary policy tools. It also covers types of banks and banking services, rural banking, non-performing assets (NPAs), international banking, and sample questions related to these topics. The document is intended as a study guide for banking examinations.
Role of Auditors in Punjab National Bank ScamGurbaniLuthra
1. Several auditing firms failed to detect the massive Rs 14,000 crore fraud at Punjab National Bank, with the internal chief auditor especially culpable.
2. Management failures like not linking SWIFT transactions to the core banking system and not rotating employees contributed to the scam going undetected.
3. The scam occurred over 7 years as fraudulent LoUs were issued to Nirav Modi's firms without collateral, bypassing checks. This allowed them to raise loans from other banks.
4. Auditors like Suri & Co, SPMG & Company, and MKPS & Associates had roles auditing the bank but failed to find the fraud. Assets worth billions have since been seized from
Punjab National Bank was defrauded of $1.77 billion in a scam perpetrated by Nirav Modi, a diamond trader, and his associates. Modi fraudulently obtained letters of undertaking from PNB to secure loans from other banks without providing collateral. The fraud was detected in January 2018 when PNB officials noticed fraudulent transactions were not recorded properly. The scam has significantly impacted PNB and other public sector banks through loss of funds and declining share prices. Investigations into the fraud are ongoing along with efforts to recover funds from Modi's seized assets.
- Nirav Modi was involved in one of the largest banking frauds detected in India at Punjab National Bank's Brady House branch.
- Modi, a diamond merchant with a net worth of $1.73 billion, is accused of defrauding PNB of over $2 billion using fraudulent Letters of Undertaking.
- Several PNB employees allegedly helped Modi carry out the scam by issuing LOUs without collateral over several years and not recording them in the bank's system.
PNB scam involved Nirav Modi colluding with two PNB officials over 7 years to issue fraudulent Letters of Understanding (LOUs) without collateral to overseas banks. This allowed Modi to obtain buyers' credit totaling Rs. 11,400 crores from overseas banks. The scam was exposed when one of the officials was replaced and LOUs were issued without collateral to three importing firms, raising suspicion. After the scam was discovered, Modi and his brother were declared fugitives, their assets were seized, employees lost jobs, and diamond traders suffered economic losses due to the massive fraud at PNB.
Nirav Modi, an Indian jeweler, is being investigated for an alleged $1.8 billion fraud at Punjab National Bank (PNB). The fraud involved the unauthorised issuance of Letters of Understanding by PNB employees to overseas branches of other Indian banks on behalf of Nirav Modi's companies. This allowed Nirav Modi's companies to take large loans abroad without required collateral. The scam began in 2008 and continued until being discovered in January 2018. Nirav Modi and his family are believed to have fled India before the case was registered. The fraud is considered India's biggest bank fraud to date.
This document discusses the PNB bank scam involving billionaire jeweler Nirav Modi. In February 2018, PNB disclosed that Nirav Modi allegedly defrauded the bank of Rs. 11,400 crore using fraudulent guarantees. Other Indian banks like Allahabad Bank and Union Bank of India were also involved through the SWIFT system. The document then provides background on Nirav Modi and analyzes the impact of the scam on customer perceptions of banking services and financial awareness. It outlines the scope and methodology of a study conducted among PNB account holders in Palwal to understand problems faced by customers after the scam.
The document provides an overview of topics related to banking and the Reserve Bank of India (RBI). It discusses the origin and functions of RBI, its role in money supply and monetary policy tools. It also covers types of banks and banking services, rural banking, non-performing assets (NPAs), international banking, and sample questions related to these topics. The document is intended as a study guide for banking examinations.
Role of Auditors in Punjab National Bank ScamGurbaniLuthra
1. Several auditing firms failed to detect the massive Rs 14,000 crore fraud at Punjab National Bank, with the internal chief auditor especially culpable.
2. Management failures like not linking SWIFT transactions to the core banking system and not rotating employees contributed to the scam going undetected.
3. The scam occurred over 7 years as fraudulent LoUs were issued to Nirav Modi's firms without collateral, bypassing checks. This allowed them to raise loans from other banks.
4. Auditors like Suri & Co, SPMG & Company, and MKPS & Associates had roles auditing the bank but failed to find the fraud. Assets worth billions have since been seized from
Punjab National Bank was defrauded of $1.77 billion in a scam perpetrated by Nirav Modi, a diamond trader, and his associates. Modi fraudulently obtained letters of undertaking from PNB to secure loans from other banks without providing collateral. The fraud was detected in January 2018 when PNB officials noticed fraudulent transactions were not recorded properly. The scam has significantly impacted PNB and other public sector banks through loss of funds and declining share prices. Investigations into the fraud are ongoing along with efforts to recover funds from Modi's seized assets.
PNB detected fraudulent transactions of approximately $2 billion allegedly perpetrated by billionaire jewellery designer Nirav Modi. Letters of undertaking were issued fraudulently by PNB employees to overseas banks without following proper procedures, allowing money to be advanced to Nirav Modi's companies abroad. This scam comes at a difficult time for PNB which is receiving a capital infusion from the government. An investigation is underway to determine the liability of PNB and any other banks involved in advancing funds based on the fraudulent transactions.
1) 11400 Crores Fraud
2) Nirav Modi, the billionaire jeweler who along with others scammed Punjab National Bank (PNB) of over 11400 crore’s has fled the country.
3) Apparently Nirav modi spotted in which placeWE DON’T KNOWBut What exactly is this scam?
4) The CBI has registered a case against Nirav Modi on January 29. Punjab National Bank registered a case against Nirav Modi, His Brother Neeshal & His Uncle Mehul Choksi on February 13.
5) The Bank initially reported a scam of rupees 280 crores. But it was later realized to be rupees 11400 crores. This is a lot of money. So how does one get away with a scam of such magnitude? Possibly it is one of the biggest in Indias’s banking history.
6) Nirav Modi is an importer of diamonds. Basically importers prefer to take loans in foreign currencies as interest rates on that are lower. In this case a loan that is taken from any overseas bank guaranteed by PNB. Then what Modi had to do was approach PNB & ask for buyers credit?In order to do this PNB had to issue a “letter Of Undertaking” to an overseas bank. Basically LoU guarantees an overseas bank that if it gives money for a specified period to identified by the home bank (in this case PNB) then the home bank will assure that the money will be returned to the overseas bank.
7) Most of these overseas banks are Indian Banks with foreign branches. So the overseas bank directly give to loan PNB not Nirav Modi. An account has to create by PNB called a NOSTRO account where the overseas bank gives the loan.
.
.
.
.
.
More.........
Punjab National Bank scam began in 2011 and was detected in 2018, involving diamond merchants Nirav Modi and Mehul Choksi who defrauded PNB of over $2 billion using fraudulent letters of undertaking. Key PNB employees, including a deputy manager and clerk, helped issue these letters illegally without entering them into the bank's core banking system, allowing Modi and Choksi to take out loans abroad. This was the biggest banking fraud in India up to that point.
HERE IS THE PPT ON PNB SCAM
NIRAV MODI
WE MADE IT BASED ON EARLIER FACED FRAUD BY PNB
FRAUDSTER NAME IS NIRAV MODI
I THINK IT WILL CLEAR ALL YOUR DOUBTS ABOUT SCAM
Nirav Modi, a billionaire diamond jeweler, looted over 11,400 crore rupees from Punjab National Bank through fraudulent Letters of Undertaking. Using his connections with a PNB official, Modi was able to obtain over 150 LoUs without proper verification or collateral. By the time the scam was discovered, Modi and his accomplice Mehul Choksi had fled the country. So far authorities have seized assets worth over 5,100 crore rupees, but 6,300 crore rupees is still outstanding from the largest banking fraud in Indian history. The scam highlighted weaknesses in bank security controls that allowed such large-scale fraud.
The document summarizes the PMC Bank fraud scandal in India. It provides background on PMC Bank, describing it as a multi-state co-operative bank that grew to 137 branches over 35 years, serving small businesses and housing societies. It then explains that loans to the financially distressed real estate company HDIL were not reported as non-performing assets, despite signs of trouble, and that HDIL loans accounted for over 73% of PMC's total advances. The scandal came to light in 2019 and led to restrictions on deposits, criminal investigations, arrests and hardship for depositors.
Punjab National Bank Fraud (Nirav Modi Scam) ppt presentation slideshareFatema Tandiwala
A case study presentation on Punjab National Bank scam (Nirav Modi)
India's second largest state-owned lender Punjab National Bank disclosed on Feb. 14, 2018 that it was the victim of the country’s largest bank fraud.
PNB revealed that fraudulent transactions by billionaire jeweler Nirav Modi and related entities amounted to $1.77 billion or over Rs 11,400 crore.
The key accused in the case were jeweler and designer Nirav Modi, his maternal uncle Mehul Choksi, and other relatives and some PNB employees.
Nirav Modi and his relatives escaped India in early 2018, days before the news of the scam became public.
PNB scam has been dubbed as the biggest fraud in India's banking history.
“NIRAV MODI & THE PUNJAB NATIONAL BANK FRAUD”Vatsal Patel
Nirav Modi, an Indian diamond jewellery designer, is at the center of one of India's largest banking frauds detected so far totaling over $1.77 billion. He grew his business significantly over the years but is now accused of defrauding Punjab National Bank by using fraudulent Letters of Undertaking to obtain loans from other Indian banks. The fraud was allegedly carried out through a PNB branch in Mumbai over a period of several years, with transactions not being recorded in the bank's core banking system, allowing the fraud to go undetected for a long time. Investigations are ongoing into Modi's business dealings and how this large scale fraud was able to be perpetrated.
A Report on the Punjab National Bank Scam (Nirav Modi)Yohan DSouza
Nirav Modi, a wealthy Indian businessman, is alleged to have defrauded Punjab National Bank of $1.77 billion through the illegal issuance of fraudulent Letters of Understanding. An investigation revealed that multiple PNB employees issued fake LoUs over several years, allowing Modi's companies to take large loans from other banks that they did not pay back. The fraud went undetected by PNB due to a lack of integration between their core banking system and the SWIFT network, which allowed the fake LoU transactions to be made without being recorded. PNB has now reported the fraud to authorities and may have to repay the liabilities owed to other banks that were deceived into providing the loans. The case has dealt a
Nirav Modi obtained foreign currency loans from Punjab National Bank (PNB) for his diamond and pearl importing business. PNB provided letters of undertaking to help Modi obtain loans from foreign banks. Instead of using the loans for business and repaying PNB, Modi had PNB officials issue new letters of undertaking to repay old loans, rolling over the debt. When a new PNB officer refused further roll overs in 2017, it was discovered that Modi had defrauded PNB of over 11,000 crores rupees since 2011 through this process. Several PNB employees have been suspended or arrested for their involvement, and Modi and his family are now fugitives from the law.
Basic Bank as a state sector bank was doing satisfactorily well. Within a couple of years, the bank is steeped in scandal. Involving the misappropriation of 45 billion tk.
Banks accept deposits from customers and use those funds to issue loans at higher interest rates, which is their main source of income. Punjab National Bank (PNB) was founded in 1894 and nationalized by the Indian government in 1969. In 2018, PNB was involved in one of India's largest banking frauds perpetrated by diamond merchant Nirav Modi, who used fake bank guarantees to secure loans worth over $2 billion. PNB is responsible for repaying those fraudulent loans.
The document provides information about a study material on banking law and practice for a professional programme. It includes details about the timing of the headquarters, contact information, an introduction to the subject matter, syllabus outline with 13 topics, list of recommended books, and arrangement of study lessons. The objective is to provide a specialized knowledge of law and practice relating to banking.
Corruption of banking sector in bangladeshMuwas Mia
This presentation discusses corruption in the banking sector in Bangladesh. It identifies several banks as being corrupted, including Sonali Bank, Basic Bank, and Islami Bank. It provides details on scams at Sonali Bank and Basic Bank, where state-owned banks allowed the withdrawal of hundreds of crores of taka through fake companies and accounts. The negative impacts of bank corruption are discussed, including a loss of customer confidence and obstacles to the country's development, as people keep their savings in foreign banks instead. Examples of recent robbery cases at ATMs in Bangladesh are also mentioned. The conclusion questions how economic growth will be possible if corruption continues in the banking sector.
This document summarizes the key details of the $2 billion fraud committed against Punjab National Bank (PNB) by billionaire jeweler Nirav Modi and his uncle Mehul Choksi. It outlines how Modi used fraudulent Letters of Undertaking (LoUs) issued by rogue PNB employees to secure loans from other banks. The fraud went undetected for years due to failures of internal and external auditors to follow proper procedures. The scam has severely damaged PNB and led to large-scale seizures of Modi and Choksi's assets as investigations continue.
Nirav Modi, an Indian billionaire jewellery designer, is at the center of a Rs. 11,400 crore fraud involving the state-run Punjab National Bank. The bank detected fraudulent transactions using fake Letters of Undertaking at its Mumbai branch. Three main perpetrators - Nirav Modi, his uncle Mehul Choksi, and several PNB officers including Gokulnath Shetty are being investigated for criminal conspiracy and breach of regulations. Separately, Vikram Kothari, chairman of Kanpur-based Rotomac Global, has been accused of defaulting on over Rs 800 crore in loans from multiple state banks through alleged siphoning of funds and willful loan defaults. Both
Difference between Islamic banks and Conventional banksMuhammad Danish
this document contains a detailed comparison of the Islamic banking system and conventional banking system. we take the examples of HBL and Meezan bank limited
How islamic finance works webinar by aus cif comYounis I Munshi
AusCIF aims to raise awareness of Islamic finance through educational programs and research, encourage links between academics and practitioners, attract leading Islamic finance scholars, enhance Islamic finance research and public awareness through events and conferences, and facilitate local research programs in emerging fields of Islamic banking and finance. It seeks to do this by developing comprehensive educational programs, improving international linkages, and contributing to the development of the Islamic banking and finance industry.
This document provides a curriculum vitae for Prof. Dr. Eng. Tamim Ahmad Alia, including his personal details, work experience, education, training courses, and selected training courses where he served as a tutor. It outlines his career history working in food engineering and environmental research departments at various universities in Syria from 1993 to present. It details his roles including assistant professor, vice dean, department head, and committee participation. It also lists the courses he has taught at the university level in Syria.
IMATEC is a Syrian company established in 1997 that sells, installs, and maintains various medical imaging systems including nuclear medicine equipment, radiotherapy devices, and CT scanners. It has offices in Damascus, Aleppo, and Lattakia and represents several international medical equipment manufacturers. IMATEC has grown over the years and now has the largest market share in Syria for nuclear medicine, radiotherapy, and blood irradiation equipment. It provides sales, installation, and after-sales service through a team of experienced engineers.
PNB detected fraudulent transactions of approximately $2 billion allegedly perpetrated by billionaire jewellery designer Nirav Modi. Letters of undertaking were issued fraudulently by PNB employees to overseas banks without following proper procedures, allowing money to be advanced to Nirav Modi's companies abroad. This scam comes at a difficult time for PNB which is receiving a capital infusion from the government. An investigation is underway to determine the liability of PNB and any other banks involved in advancing funds based on the fraudulent transactions.
1) 11400 Crores Fraud
2) Nirav Modi, the billionaire jeweler who along with others scammed Punjab National Bank (PNB) of over 11400 crore’s has fled the country.
3) Apparently Nirav modi spotted in which placeWE DON’T KNOWBut What exactly is this scam?
4) The CBI has registered a case against Nirav Modi on January 29. Punjab National Bank registered a case against Nirav Modi, His Brother Neeshal & His Uncle Mehul Choksi on February 13.
5) The Bank initially reported a scam of rupees 280 crores. But it was later realized to be rupees 11400 crores. This is a lot of money. So how does one get away with a scam of such magnitude? Possibly it is one of the biggest in Indias’s banking history.
6) Nirav Modi is an importer of diamonds. Basically importers prefer to take loans in foreign currencies as interest rates on that are lower. In this case a loan that is taken from any overseas bank guaranteed by PNB. Then what Modi had to do was approach PNB & ask for buyers credit?In order to do this PNB had to issue a “letter Of Undertaking” to an overseas bank. Basically LoU guarantees an overseas bank that if it gives money for a specified period to identified by the home bank (in this case PNB) then the home bank will assure that the money will be returned to the overseas bank.
7) Most of these overseas banks are Indian Banks with foreign branches. So the overseas bank directly give to loan PNB not Nirav Modi. An account has to create by PNB called a NOSTRO account where the overseas bank gives the loan.
.
.
.
.
.
More.........
Punjab National Bank scam began in 2011 and was detected in 2018, involving diamond merchants Nirav Modi and Mehul Choksi who defrauded PNB of over $2 billion using fraudulent letters of undertaking. Key PNB employees, including a deputy manager and clerk, helped issue these letters illegally without entering them into the bank's core banking system, allowing Modi and Choksi to take out loans abroad. This was the biggest banking fraud in India up to that point.
HERE IS THE PPT ON PNB SCAM
NIRAV MODI
WE MADE IT BASED ON EARLIER FACED FRAUD BY PNB
FRAUDSTER NAME IS NIRAV MODI
I THINK IT WILL CLEAR ALL YOUR DOUBTS ABOUT SCAM
Nirav Modi, a billionaire diamond jeweler, looted over 11,400 crore rupees from Punjab National Bank through fraudulent Letters of Undertaking. Using his connections with a PNB official, Modi was able to obtain over 150 LoUs without proper verification or collateral. By the time the scam was discovered, Modi and his accomplice Mehul Choksi had fled the country. So far authorities have seized assets worth over 5,100 crore rupees, but 6,300 crore rupees is still outstanding from the largest banking fraud in Indian history. The scam highlighted weaknesses in bank security controls that allowed such large-scale fraud.
The document summarizes the PMC Bank fraud scandal in India. It provides background on PMC Bank, describing it as a multi-state co-operative bank that grew to 137 branches over 35 years, serving small businesses and housing societies. It then explains that loans to the financially distressed real estate company HDIL were not reported as non-performing assets, despite signs of trouble, and that HDIL loans accounted for over 73% of PMC's total advances. The scandal came to light in 2019 and led to restrictions on deposits, criminal investigations, arrests and hardship for depositors.
Punjab National Bank Fraud (Nirav Modi Scam) ppt presentation slideshareFatema Tandiwala
A case study presentation on Punjab National Bank scam (Nirav Modi)
India's second largest state-owned lender Punjab National Bank disclosed on Feb. 14, 2018 that it was the victim of the country’s largest bank fraud.
PNB revealed that fraudulent transactions by billionaire jeweler Nirav Modi and related entities amounted to $1.77 billion or over Rs 11,400 crore.
The key accused in the case were jeweler and designer Nirav Modi, his maternal uncle Mehul Choksi, and other relatives and some PNB employees.
Nirav Modi and his relatives escaped India in early 2018, days before the news of the scam became public.
PNB scam has been dubbed as the biggest fraud in India's banking history.
“NIRAV MODI & THE PUNJAB NATIONAL BANK FRAUD”Vatsal Patel
Nirav Modi, an Indian diamond jewellery designer, is at the center of one of India's largest banking frauds detected so far totaling over $1.77 billion. He grew his business significantly over the years but is now accused of defrauding Punjab National Bank by using fraudulent Letters of Undertaking to obtain loans from other Indian banks. The fraud was allegedly carried out through a PNB branch in Mumbai over a period of several years, with transactions not being recorded in the bank's core banking system, allowing the fraud to go undetected for a long time. Investigations are ongoing into Modi's business dealings and how this large scale fraud was able to be perpetrated.
A Report on the Punjab National Bank Scam (Nirav Modi)Yohan DSouza
Nirav Modi, a wealthy Indian businessman, is alleged to have defrauded Punjab National Bank of $1.77 billion through the illegal issuance of fraudulent Letters of Understanding. An investigation revealed that multiple PNB employees issued fake LoUs over several years, allowing Modi's companies to take large loans from other banks that they did not pay back. The fraud went undetected by PNB due to a lack of integration between their core banking system and the SWIFT network, which allowed the fake LoU transactions to be made without being recorded. PNB has now reported the fraud to authorities and may have to repay the liabilities owed to other banks that were deceived into providing the loans. The case has dealt a
Nirav Modi obtained foreign currency loans from Punjab National Bank (PNB) for his diamond and pearl importing business. PNB provided letters of undertaking to help Modi obtain loans from foreign banks. Instead of using the loans for business and repaying PNB, Modi had PNB officials issue new letters of undertaking to repay old loans, rolling over the debt. When a new PNB officer refused further roll overs in 2017, it was discovered that Modi had defrauded PNB of over 11,000 crores rupees since 2011 through this process. Several PNB employees have been suspended or arrested for their involvement, and Modi and his family are now fugitives from the law.
Basic Bank as a state sector bank was doing satisfactorily well. Within a couple of years, the bank is steeped in scandal. Involving the misappropriation of 45 billion tk.
Banks accept deposits from customers and use those funds to issue loans at higher interest rates, which is their main source of income. Punjab National Bank (PNB) was founded in 1894 and nationalized by the Indian government in 1969. In 2018, PNB was involved in one of India's largest banking frauds perpetrated by diamond merchant Nirav Modi, who used fake bank guarantees to secure loans worth over $2 billion. PNB is responsible for repaying those fraudulent loans.
The document provides information about a study material on banking law and practice for a professional programme. It includes details about the timing of the headquarters, contact information, an introduction to the subject matter, syllabus outline with 13 topics, list of recommended books, and arrangement of study lessons. The objective is to provide a specialized knowledge of law and practice relating to banking.
Corruption of banking sector in bangladeshMuwas Mia
This presentation discusses corruption in the banking sector in Bangladesh. It identifies several banks as being corrupted, including Sonali Bank, Basic Bank, and Islami Bank. It provides details on scams at Sonali Bank and Basic Bank, where state-owned banks allowed the withdrawal of hundreds of crores of taka through fake companies and accounts. The negative impacts of bank corruption are discussed, including a loss of customer confidence and obstacles to the country's development, as people keep their savings in foreign banks instead. Examples of recent robbery cases at ATMs in Bangladesh are also mentioned. The conclusion questions how economic growth will be possible if corruption continues in the banking sector.
This document summarizes the key details of the $2 billion fraud committed against Punjab National Bank (PNB) by billionaire jeweler Nirav Modi and his uncle Mehul Choksi. It outlines how Modi used fraudulent Letters of Undertaking (LoUs) issued by rogue PNB employees to secure loans from other banks. The fraud went undetected for years due to failures of internal and external auditors to follow proper procedures. The scam has severely damaged PNB and led to large-scale seizures of Modi and Choksi's assets as investigations continue.
Nirav Modi, an Indian billionaire jewellery designer, is at the center of a Rs. 11,400 crore fraud involving the state-run Punjab National Bank. The bank detected fraudulent transactions using fake Letters of Undertaking at its Mumbai branch. Three main perpetrators - Nirav Modi, his uncle Mehul Choksi, and several PNB officers including Gokulnath Shetty are being investigated for criminal conspiracy and breach of regulations. Separately, Vikram Kothari, chairman of Kanpur-based Rotomac Global, has been accused of defaulting on over Rs 800 crore in loans from multiple state banks through alleged siphoning of funds and willful loan defaults. Both
Difference between Islamic banks and Conventional banksMuhammad Danish
this document contains a detailed comparison of the Islamic banking system and conventional banking system. we take the examples of HBL and Meezan bank limited
How islamic finance works webinar by aus cif comYounis I Munshi
AusCIF aims to raise awareness of Islamic finance through educational programs and research, encourage links between academics and practitioners, attract leading Islamic finance scholars, enhance Islamic finance research and public awareness through events and conferences, and facilitate local research programs in emerging fields of Islamic banking and finance. It seeks to do this by developing comprehensive educational programs, improving international linkages, and contributing to the development of the Islamic banking and finance industry.
This document provides a curriculum vitae for Prof. Dr. Eng. Tamim Ahmad Alia, including his personal details, work experience, education, training courses, and selected training courses where he served as a tutor. It outlines his career history working in food engineering and environmental research departments at various universities in Syria from 1993 to present. It details his roles including assistant professor, vice dean, department head, and committee participation. It also lists the courses he has taught at the university level in Syria.
IMATEC is a Syrian company established in 1997 that sells, installs, and maintains various medical imaging systems including nuclear medicine equipment, radiotherapy devices, and CT scanners. It has offices in Damascus, Aleppo, and Lattakia and represents several international medical equipment manufacturers. IMATEC has grown over the years and now has the largest market share in Syria for nuclear medicine, radiotherapy, and blood irradiation equipment. It provides sales, installation, and after-sales service through a team of experienced engineers.
Ahmed Reda Iraqi is a Product Specialist and Sales & Business Development professional based in Riyadh, Saudi Arabia seeking a similar role. He has over 3 years of experience promoting and selling medical devices as a Product Specialist for ABD-ALRAHMAN Al-GOSAIBI CO., where he helped boost sales volumes and received professional training. His objective is an interactive position allowing career growth and opportunity to utilize his competencies in healthcare sales.
Mazen Sharouf is a Syrian petroleum engineer with over 21 years of experience in various drilling roles. He has worked for companies in Syria, the UAE, Kazakhstan, and Brunei, supervising onshore and offshore rigs drilling exploration, appraisal, and development wells. Some of his responsibilities have included coordinating rig site operations, ensuring safety guidelines are followed, and preparing end of well reports. He holds various certifications in areas such as well control, drilling operations, and HSE leadership.
The document is a resume for Jamal Mahmoud seeking a position as an Oracle Database Administrator. It outlines his contact information, objective, skills, technical achievements and experience. Jamal has over 15 years of experience administering Oracle databases including versions 10g, 11g, 12c. He is an Oracle 10g Certified Professional and has experience installing, maintaining and tuning Oracle databases, as well as performing backups, security implementation and performance tuning. He has administered databases on Linux and Windows platforms and implemented Oracle RAC.
This document provides a summary of Miriam Cooke's education and professional experience. It lists that she received a D.Phil. in Arabic Literature from St. Antony's College, Oxford in 1980 and an M.A. in Arabic and Islamic Studies from Edinburgh University in 1971. Her professional positions include various visiting professor roles at universities from 2001-2012 and serving as Chair of Asian and African Languages and Literature at Duke from 2001-2004 and 1996-1999. She has received several awards and honors for her work in Arabic literature and Middle Eastern women's studies.
William Pointing is a marketing manager based in London with over 5 years of experience in digital marketing, campaign management, and project management. He has worked on both B2B and B2C campaigns for companies in various industries. His experience includes managing projects and teams, developing marketing strategies, and launching new products. He holds qualifications in marketing, project management, and is currently seeking new opportunities.
This document provides a summary of Augusto Franco's professional experience and qualifications. He has over 12 years of experience in marketing, trade marketing, and advertising across several industries including food, personal care, and consumer products. He held leadership roles managing brands and businesses in Colombia, Bolivia, the United States, and Mexico. He is seeking new opportunities in marketing innovation and management in Mexico where he is in the process of obtaining a work visa.
Professional Resume - David Filipiak - April 2011DaveFilipiak
The document is a resume for David J. Filipiak. It summarizes his education, including master's and bachelor's degrees from Cornell University and Johns Hopkins University respectively, as well as his relevant experience, including projects in cardiovascular development labs designing heart valves and stents [END SUMMARY]
Mohammad Deeb Abou Shaker is a Syrian geologist with over 22 years of experience in petroleum geology. He has worked on a variety of projects including exploration, appraisal, development, and well planning and operations. Currently, he works as an independent consultant in petroleum geology. He has extensive experience using software like Petrel and Geoframe and has managed structure geology projects and basin evolution studies. He is skilled in areas like seismic interpretation, reservoir modeling, and risk assessment.
Khaled Hussein El-Sayed Sonbol has over 30 years of experience in construction project management and mechanical engineering. He has worked on numerous industrial plant construction projects in Egypt, Algeria, Nigeria, Yemen, and other countries. His areas of expertise include installation and commissioning of electromechanical systems, piping, HVAC, and other mechanical equipment. He is proficient in English and computer software such as Microsoft Office, AutoCAD, and project management tools.
The document is a curriculum vitae for Ahmad Hendi. It outlines his personal details, education history, language skills, work experience, publications, online lectures, hobbies and references. Hendi has over 20 years of experience in technical support, management, and teaching positions in Syria and Turkey. He holds multiple diplomas in computer maintenance, programming, and networking and has authored several publications and online courses.
This document provides a summary of an electrical engineer's qualifications. It outlines the engineer's educational background which includes a BS in electrical power and machines engineering. It then lists work experience testing and commissioning electrical protection relays and equipment for various power plants and substations in Egypt and Saudi Arabia over the past 15 years. Finally, it outlines the engineer's extensive training experience in testing various electrical components, protection devices, and power generation technologies.
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This is one of the best Study Cases my ASEM (Moldova) Business English students have created so far - this one is done by Cristina Vornic, a freshman from the Banking and Finance Department
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Similar to Credit & Lending Decision Projecet (Comparison Between Real State Loans In Syria 2008) (20)
Credit & Lending Decision Projecet (Comparison Between Real State Loans In Syria 2008)
1. Credit & Lending Decision– Project
Title of the Report: Real Estate Loans
Professor: MR. Mohammed Joum'aa
------------------------------------
Project done by:
Ahmad Al-uzom
Al'aa Sakkal
Hassan Kahoajie
Date: 22/1/2009
1
2. Most of the economists especially the bankers here in Syria must know that Syria was
having more than 8 private banks and at lest one public bank in addition to the Central bank
of Syria and of course Syria before 1963 when the Al-B'aath party took the authorities and
the leadership here in Syria was having at this time an advanced and developed financial
system including the three types of the business organizations "Sole propetiorship,
Partnership and Corporations" and an advanced financial or securities exchange market.
After 1963 when Al-B'aath party came to the public authority in Syria a new rules and
decree-laws was made by the authorities at this time one of them was the nationalization
which means converting most of the economical sectors from private ownership to the
public ownership and one of the sectors was the banking sectors so from this time 1963 all
the private banks was owned and runner by the public "government" sector and this
scenario still until 2001 when President Bashar Al-Asad elected to be the leader of Syria,
Mr. President published ( Law No. 28/2001, Private Banks Establishment in Syria ) and
(Law No. 35/2005, Islamic Private Banks Establishment in Syria ) which allowed to the
private banks to invest in Syria with $30 million required as a beginning capital for the
establishment and $100 millions required as a beginning capital for the establishment of the
Islamic banks and from 2003 until today we have a mixture of many kind of banks" public,
private and Islamic private banks". Until this date 2009 Syria has 6 public banks, 9 private
commercial banks and 3 Islamic banks.
The 6 public banks are the following:
1- The Real Estate Bank of Syria.
2- Commercial Bank of Syria.
3- The Agricultural Bank of Syria.
4- The Industrial Bank of Syria.
5- The Popular Lending Bank of Syria.
6- The Savings Bank of Syria.
The 9 commercial private banks are the following:
1- Bank Audi-Syria.
2- Byblos Bank.
3- Bank of Syria & Gulf.
4- The International Bank for commerce and financing.
5- Bank of Syria and emigrant.
6- The Arabi Bank.
2
3. 7- Banque Bemo Saudi Fransi.
8- Bank of Gordan-Syria.
9- The France Bank-Syria.
The 3 Islamic private banks are the following:
1- Islamic International Bank Of Syria.
2- Bank Of Cham.
3- The Islamic Barakeh Bank.
The basic job of all the banks is to provide the loans to customers or the borrowers "that
represents the asset for the banks and the original source of the profit for them" with an
interest rate that is higher than the interest rate that the banks are liable and must pay for
theirdepositors,these loans are various among commercial & industrial loans, agricultural
loans, financial institution loans, individual or personal loans, lease financing receivable
loans, term loans, working capital loans and finally real estate loans.
Most of the Banks here in Syria provide different types of real estate loans for
businesses and individuals including:
1- Loans for rebuldings, reparation, restoration and painting the homes.
2- Loans for constructing the homes.
3- Loans for purchasing heaters that works by the solar system and elevators loans.
4- Housing loans or Loans to buy a home.
Home purchasing loans will be the title for this research and the comparison will be
among the public banks, commercial private banks and the Islamic private banks.
*The Public banks:
Real Estate Bank will be the targeted bank for this sector because it's the only public
bank that interested in the real estate loans and it provides Home purchasing loans while the
other public banks don't interested in the real estate loans except the commercial bank that
intend to provide the Home purchasing loan but until now the bank doesn't provide any real
estate loan except Loans for purchasing heaters, elevators and painting loans, maybe in 2009
it plans to provide Home purchasing loans.
Real Estate Bank was Created in 1966; the Real Estate Bank of Syria is a public
establishment, and already counts 20 branches, including 3 in Damascus. With over 2000
Point of Sales over the country, Real Estate Bank has the widest network of branches
covering all governorates, major cities, and plans to further develop its network in the close
future. The Bank aims at extending support to construction activities all over Syria, and to be
a facilitator for touristic, industrial, commercial but also individual projects in Syria. The
Bank also promotes the setting up of cooperative societies and corporations whose objective
is to build property, mainly for housing and working purposes. Real Estate Bank plays a
3
4. major role in long term financing of Syria, offering credit lines up to 15 years. The Bank also
grants loans to individuals, particularly those with a low to middle income, for the
construction of homes, commercial, scientific and professional offices. The Bank has been
pioneer in introducing ATM and use of Visa and MasterCard into Syria and counts more than
70 ATMs machines all over the country. The bank insures its clients of a high level of
banking services by adopting the latest computerized accounting equipment, including the
world-acknowledged Phoenix banking system. In 2007, The Real Estate Bank of Syria will
extend its services to become a Universal Bank covering a large range of financial services
including Commercial Banking, Investment Banking, Corporate Finance, and Retail Banking,
and accepting deposits, encouraging saving and giving guarantees. The bank is committed to
open up to foreign investors and will start to deal with foreign currencies.
Data about the bank:
Company Data:
Real Estate Bank of Syria
Dr. Mulham Dibo
General Manager
Yousef al Azmeh sqr PO Box 2337, Damascus
Syria
dido-e@clubimate.com
www.reales1tatebank-sy.com
Tel. +963 11 -2456777
Fax. +963 11 -2237938
4
5. Consumer Loan INDIVIDUAL HOUSING LOAN
Guidelines To buy a finished apartment or house
Targeted
Customers
Only for the mature Syrian citizens who has the Syrian Nationality and the Syrian
Palestinian citizens from any religion.
Loans period and
Interest Rate
-Loans for 15 years required 9.5% interest rate.
-Loans for 10 years required 9% interest rate.
-Loans for 5 years required 8.5% interest rate.
Amount Of Loans
and period
-The minimum period of loan is 5 years and the maximum loan period is 15 years.
- The maximum credit line for this type of loan by S.P is 1200000.
- The maximum credit line for this type of loan as a percentage is 75% of the
house value that is valued by a real estate expert seller.
-The minimum amount that the customer must pay to get the loan is 25% or
300000 S.P of the required loan.
Required reserve
and Repayment
arrangement
Each borrower much has or leave a deposit at the real estate bank without an
interest or the borrower can pay 5% of the loan value to the bank that the bank
can cut it from the loan that the borrower will get it's.
Time of the deposit: The amount of the loan:
-Three months. -200%.
-Six Months. -300%.
-Nine months. -400%.
-Twelve months. -500%.
-Example: to get a loan amount by S.P 600000, borrower must make a deposit of
300000 S.P without interest or by paid 30000 S.P to the bank from his loan.
-The Repayments will be equally distributed by each month and will contain the
interest payments+the principal amount.
-The required net salary or net income each month must recover twice and a half
of the required monthly payment or in simple English the salary or the net income
at least 40% of its must the required loan monthly payment.
-Example of a loan for 15 years with 9.5 interest rate that has a 180 payments
and a loan amount is 1200000 S.P must has the following:
-Minimum required Salary is 31326.74 S.P.
-Monthly payment is 12530.7 S.P.
-Number of Payments is 180 payments.
-Total of payments is 2255525.31 S.P.
-Sum of interest Payments are 1055525.31 S.P.
1- Each bank before he gives the loan approval to the customers, the banks
should take some steps to secure the loan and these procedures it taken
by the credit analysis department:-
2- The Customer should fill the contract report that is issued by the bank
and this report has general information about the borrower like:*
Customer Name. * Address. * Telephone. * military Service Religion.
*Nationality, Age, Gender, Kind of the required real estate loan, The
customer condition with bank if he is a new client or he is an old client for
the bank. His credit history with the bank, the bank employees who is
responsible for this loan, signature of both sides the client and the
employee.
3-analyzing the customer entity and his intention to repay the required
payments & the required documents and conditions from the targeted
customer are the following :
1- photocopy for his ID and Passport.
2- The customer should finish his military service and he must make a
photocopy of his military service book.
3- Make a photocopy of the customer family book if he is married.
4- Make a photocopy of the customer civil record and a document of his
living place with the signet of Al-Moukhtar.
5- The customer's "electricity invoices, water invoices, Phone and Mobile
invoices" for the last year.
6- Paper from the court that he or she ever goes to the prison.
7- Report and a document of his current and the previous bank liabilities"
loans if he had taken a loan before or now.
4-The bank makes a visit site for the house or the apartment and check it's
situation by:
5
6. *The private Commercial Banks:
*Banque Bemo Saudi Fransi:
*Brief Summary about the Bank:
BBSF is the trading name for Banque
Bemo Saudi Fransi, a bank recognized for its
highest international standards with Syrian
roots. It is a Syrian private joint stock company and it was registered in the Commercial
Register of Damascus under Law article 13901 to become the first operational private bank to
be established in Syria in over 40 years.
*Board of the Directors:
Board of Directors
Name Position
Mr. Abdulrahman Jawa Chairman
Mr. Riad Obegi Vice Chairman & CEO
Dr. Abdulrahman Attar Member
Mr. Bertrand Viriot Member
Mr. Hazem Aswad Member
Mr. Henry Obegi Member
Mr. Jean Marion Member
Mr. Naji Rabbath Member
Mr. Yordan Obegi Member
Senior Deputy General Manager: Mr. Nabil Hchaime
Deputy General Manager Mr. Chabane Francis
/Head of Retail Division: Mr. Nasir Tamimi
Deputy General Manager: Mr. Pierre Ducos
External Auditors: ERNST & YOUNG
6
7. Consumer Loan INDIVIDUAL HOUSING LOAN
Guidelines To buy a finished apartment or house
Targeted Customers
Only for the mature Syrian citizens who has the Syrian Nationality from any
religion.
Customer Age
-Minimum required age is 25 years.
-Maximum age for the customer at the end of the loan payments should not
be up of 55 years.
Loans period and Interest
Rate
Loans interest rate are fixed for all the periods and it doesn't change "10%"
-Loans from 1 to 5 years required 8.75% interest rate
-The loan period will be from 1 to 20 years.
-Loans from 5 to 10 years required 10% interest rate.
-Loans from 10 to 15 years required 9.25% interest rate
Amount Of Loans and
period
- The maximum credit line for this type of loan by S.P is 2500000.
- The maximum credit line for this type of loan as a percentage is 60%of the
house value that is valued by a real estate expert seller.
-The minimum amount that the customer must pay to get the loan is 40% or
1000000 S.P of the required loan.
-The interest rate will be changed according to the Central bank interest
rate.
Required reserve and
Repayment arrangements
-The interest rate will be a decreasing interest rate and it counted according
to the balance.
-The Repayments will be equally distributed by each month and will contain
the interest payments + the principal amount.
-The required net salary or net income each month must equal four times of
the required monthly payment or in simple English the salary or the net
income at least 25% of its amount will be used to pay the required loan
monthly payment.
-Example of a loan for 10 years with 9% interest rate that has a 120
payments and a loan amount is 250000 S.P must has the following:
-Minimum required Salary is 1300000 S.P.
-Monthly payment is 32850 S.P.
-Number of Payments is 180 payments.
-Total of payments is 3942000 S.P.
-Sum of interest Payments are 1442000S.P.
1-Each bank before he gives the loan approval to the customers, the banks
should take some steps to secure the loan and these procedures it taken by
the credit analysis department:-
2-The Customer should fill the contract report that is issued by the bank and
this report has general information about the borrower like:* Customer
Name. * Address. * Telephone. * military Service Religion. *Nationality, Age,
Gender, Kind of the required real estate loan, The customer condition with
bank if he is a new client or he is an old client for the bank. His credit history
with the bank, the bank employees who is responsible for this loan,
signature of both sides the client and the employee.
3-analyzing the customer entity and his intention to repay the required
payments & the required documents and conditions from the targeted
customer are the following :
1- photocopy for his ID and Passport.
2- The customer should finish his military service and he must
make a photocopy of his military service book.
3- Make a photocopy of the customer family book if he is married.
4- Make a photocopy of the customer civil record and a document
of his living place with the signet of Al-Moukhtar.
5- The customer's "electricity invoices, water invoices, Phone and
Mobile invoices" for the last 2 years.
6- Paper from the court that he or she ever goes to the prison.
7- Report and a document of his current and the previous bank
liabilities" loans if he had taken a loan before or now.
4-The bank makes a visit site for the house or the apartment and check it's
situation by:
7
8. *Syrian Gulf Bank:
* Brief summary about the bank:
Syria Gulf Bank was licensed to operate as
a private commercial bank by the Council of
Ministers on 13th April 2006 through decree no
32. SGB is presently under establishment and
should be operative beginning 2007.
-The founders of this bank are divided in to two
groups:
-Syrian founders (25%) are Abdul-Wahab Sawan (5%),Kareem Mahran Khawanda
(5%), Saadalla Ibrahim Massouh (5%), Muhammad Salim Abdulkader Kailani (5%),
Abdul-Ghani Abdul-Rahman Al Attar (3%) and Costi Farid Chehlaoui
(2%).
- Foreign founders (49%) are United Gulf Bank (UGB), Bahrain (24%), Al Fotouh
Investment Co, Kuwait (11%), Global Investment House, Kuwait (7%) and First
National Bank, Lebanon (7%).
-The Board of Directors:
TitleName
ChairmanMasaud Mahmoud Jawhar Hayat
Vice ChairmanOmar Mahmoud Al Qouqa
Board memberYounis Mohamad Brouche
Board memberImad Rizk Allah Al Fata
Board memberAbdulWahab Zahid Sawan
Board memberKarim Mehran Khawanda
Board memberAbdul Ghani Abdul Rahman Attar
Board memberIssam Khair Allah Anbouba
Board memberMoh’d Ayman Arabi Kassab Bashi
General ManagerIssam Nashawati
8
10. Consumer Loan INDIVIDUAL HOUSING LOAN
Guidelines To buy a finished apartment or house
Targeted Customers
Only for the mature Syrian citizens who has the Syrian Nationality and the Syrian
Palestinian citizens from any religion.
-In Some Situations the bank accepts some foreign customers who are living here in
Syria and the Syrian government accepts them as residents like Arabs and the
embassy employees.
Customer Age
-Minimum required age is21 years.
-Maximum age for the customer at the end of the loan payments should not be up of
60 years.
Customers Who Can Benefit
from the Loan
-Public sector employees if their foundation wants to transfer their salaries to the
bank.
-Private corporations, Insurance companies, Universities, Industrial companies'
employees if their organizations wanted to transform their salaries to the bank
account.
-The perfect class of the employees in general likes " Doctors, Accountants,
Engineers...." or businesses owners.
Loans period and Interest Rate
- Loans interest rate are fixed for all the periods and it doesn't change "10%"
-Loans for 5 years required 10% interest rate.
-Loans for 10 years required 10% interest rate.
-Loans for 15 years required 10%interst rate.
-In addition to the interest rate there is a 1% is just paid at once time at the
beginning of the loan as a commission.
Amount Of Loans and period
- The maximum credit line for this type of loan by S.P is 10 million.
-The minimum credit type for this type of loan by S.P is 500000.
- The maximum credit line for this type of loan as a percentage is 70%of the house
value that is valued by a real estate expert seller.
-The minimum amount that the customer must pay to get the loan is 30% of the
required loan.
-The interest rate will be changed according to the Central bank interest rate.
Required reserve and
Repayment arrangements
-The interest rate will be a decreasing interest rate and it counted according to the
balance.
-The Repayments will be equally distributed by each month and will contain the
interest payments + the principal amount.
-The required net salary or net income each month must equal three times of the
required monthly payment or in simple English the salary or the net income at least
30% of its amount will be used to pay the required loan monthly payment.
1-Each bank before he gives the loan approval to the customers, the banks should
take some steps to secure the loan and these procedures it taken by the credit
analysis department:-
2-The Customer should fill the contract report that is issued by the bank and this
report has general information about the borrower like:* Customer Name. *
Address. * Telephone. * military Service Religion. *Nationality, Age, Gender, Kind
of the required real estate loan, The customer condition with bank if he is a new
client or he is an old client for the bank. His credit history with the bank, the bank
employees who is responsible for this loan , signature of both sides the client and
the employee.
3-analyzing the customer entity and his intention to repay the required
payments & the required documents and conditions from the targeted customer are
the following :
1- photocopy for his ID and Passport.
2- The customer should finish his military service and he must
make a photocopy of his military service book.
3- Make a photocopy of the customer family book if he is
married.
4- Make a photocopy of the customer civil record and a
document of his living place with the signet of Al-Moukhtar.
5- The customer's " electricity invoices, water invoices, Phone
and Mobile invoices" for the last 2 years.
6- Paper from the court that he or she ever goes to the prison.
7- Report and a document of his current and the previous bank
10
11. *Byblos Bank " Syria":
*Brief Summary about the bank:
Founded in 2005, Byblos Bank Syria S.A. is the sixth
private bank to set up operations in Syria following
legislation to reform and modernize the banking sector. Byblos Bank Syria S.A. is owned and
managed 41.5% by Byblos Bank S.A.L. (Lebanon). A 51% stake was acquired by Syrian
investor and The OPEC (Organization of Petroleum Exporting Companies) Fund for
International Development has joined in the capital with 7.5%.
*Board of Directors and work team:
Name Position
Mr. Semaan F. Bassil Chairman
Mr. Alain C. Tohmé Vice Chairman
Dr. François S. Bassil Director
Mr. Mohammad Al Mortada Mohammad Al Dandashi Director
Mr. Samir A. Hassan Director
Mr. Nader M. Kalai Director
Mr. Andre Abou Hamad Director
Mr. OPEC Fund for International Development Director
Mr. El Mou’taz W. Al Sawwaf Director
Mr. Nadim F. Ghantous CEO
Mr. Walid Abdel Nour Deputy General Manager
Mr. Pierre Abi Aad Senior Relationship Manager
Mr. Antoine Abboud Advisor to the Chairman
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12. Guidelines To buy a finished apartment or house
Product Brand Name "Bytie W ana Herah Fieh" ,"I am a free and it' my house"
Bank Logo "Boukra Ahla", "Tomorrow is better".
Apartment Location Damascus, Aleppo, Homs.
Targeted Customers
Only for the mature Syrian citizens who has the Syrian Nationality from any
religion and in some situations the Syrian emigrants.
Customer Age
-Minimum required age is 25 years.
-Maximum age for the customer at the end of the loan payments should not be up
of 55 years.
Loans period and Interest Rate
Loans interest rate are fixed for all the periods and it doesn't change "12%"
-Loans for 15 years required 12% interest rate.
-Loans for 10 years required 12%nterst rate.
-Loans for 15 years required 12% interest rate. – There
was an offer "Loans for 30 years required 11.5% interest rate".
Amount Of Loans and period
- The maximum credit line for this type of loan by S.P is 20 millions.
- The maximum credit line for this type of loan as a percentage is 50%of the house
value that is valued by a real estate expert seller.
-The minimum credit line for this type of loan by S.P is 1 million.
-The minimum amount that the customer must pay to get the loan is 50% of the
required loan.
-The interest rate will be changed according to the Central bank interest rate.
-The customer can put of deposit of a sum of money to benefit from a bank offer
that the customer can just pay 30% of the required loan as a first payment but this
deposit will stay in the bank until the sum will be 30% of the required loan.
Required reserve and
Repayment arrangements
-The interest rate will be a decreasing interest rate and it counted according to the
balance.
-The Repayments will be equally distributed by each month and will contain the
interest payments + the principal amount.
-The required net salary or net income each month must equal three times of the
required monthly payment or in simple English the salary or the net income at least
30%of its amount will be used to pay the required loan monthly payment.
-The bank will prefer un married people by required a little percentage of the
borrower income that it's part will be paid to cover the monthly payments for single
persons the percent is 30% of income, for married people percentage will be 33%
of income.
1-Each bank before he gives the loan approval to the customers, the banks should
take some steps to secure the loan and these procedures it taken by the credit
analysis department:-
2-The Customer should fill the contract report that is issued by the bank and this
report has general information about the borrower like:* Customer Name. *
Address. * Telephone. * military Service Religion. *Nationality, Age, Gender,
Kind of the required real estate loan, The customer condition with bank if he is a
new client or he is an old client for the bank. His credit history with the bank, the
bank employees who is responsible for this loan , signature of both sides the client
and the employee.
3-analyzing the customer entity and his intention to repay the required
payments & the required documents and conditions from the targeted customer are
the following :
1- photocopy for his ID and Passport.
2- The customer should finish his military service and he must
make a photocopy of his military service book.
3- Make a photocopy of the customer family book if he is
married.
4- Make a photocopy of the customer civil record and a
document of his living place with the signet of Al-Moukhtar.
5- The customer's " electricity invoices, water invoices, Phone
and Mobile invoices" for the last 3 months.
6- Paper from the court that he or she ever goes to the prison.
7- Report and a document of his current and the previous bank
liabilities" loans if he had taken a loan before or now.
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