WOCCU and Arrowhead Credit Union Work With Credit Unions In Iran
Dr. Mo Vaziri (left) with the Minister of Cooperatives, Mr. Kardvni.
Madison, WI– The need for secure and reliable
financial services is not a unique one in the
international community but the availability of
these services often is challenging. This is
especially true in primarily Muslim countries,
such as Iran, where traditional interest bearing
accounts and credit practices are forbidden by
religious doctrine. That is where the World
Council of Credit Unions, Inc. (WOCCU) steps in
to build a bridge between people of countries,
spreading the guiding philosophy of the credit
union movement; people helping people.
This past December, Dr. Mo Vaziri traveled to
capital city of Tehran on a mission for the World
Council of Credit Unions. Dr. Mo Vaziri, who on
a typical day presides over a subsidiary division
of Arrowhead Credit Union. Vaziri was chosen for
this role because of his prior experience
consulting for the Iranian Central Bank on the
restructuring of the Tehran Stock Exchange three
There are 1,579 credit unions in Iran with
419,069 members. Some of these credit unions
serve across the country, such as Samen Alaemeh,
with 500 branches nationwide and Mola Almovahedin
with 300 branches. With growth of the credit
union sector, the credit unison have asked for
advice in the establishment of a regulatory
agency over the credit union system.
"Vaziri's unique perspective, having worked
financial agencies in Iran as well as other
countries, coupled with his educational
background and credit union expertise made him
the perfect choice to assist with this auspicious
undertaking," states Larry Sharp, President/CEO
of Arrowhead Credit Union. "We were happy to
donate his time to make this event happen."
Dr. Mo Vaziri meets with the representatives from the Iranian parliament including the Minister of Cooperatives and other CU executives.
According to Brian Branch, Chief Operating
Officer at WOCCU, who helped to organize the
trip, "credit unions are one of the most active
community based means by which ordinary people
exercise democracy and economic self help around
the world. Credit unions provide members with a
means by which they can improve their lives
through their own collective actions."
Vaziri adds, "It was a great experience to
Iran as the role of financial cooperatives
throughout the country is expanding. By
participating in WOCCU, the Iranian credit union
system will have access to the technology and
processes to assist them in providing more
financial services to their members with better
oversight from the new regulatory agency."
"To help in the development of the global
union community is a testimony to the viability
of the credit union message; as we establish
these bonds and learn from other cultures, they
learn from our financial practices, and we can be
ambassadors of goodwill around the world," states
World Council of Credit Unions is the global trade association and development agency for credit unions. World Council promotes the sustainable development of credit unions and other financial cooperatives around the world to empower people through access to high quality and affordable financial services. World Council advocates on behalf of the global credit union system before international organizations and works with national governments to improve legislation and regulation. Its technical assistance programs introduce new tools and technologies to strengthen credit unions' financial performance and increase their outreach.
World Council has implemented more than 290 technical assistance programs in 71 countries. Worldwide, 60,500 credit unions in 109 countries serve 223 million people. Learn more about World Council's impact around the world at www.woccu.org.
Phone: (608) 395-2000