Designing a modle for prioritizing Rial letter of credit applicants: a solution for developing the credit services in Bank Saderat of Iran

Document Type : Original Article

Authors

• MOHAMMAD HOSSEIN Hadavi ¹
• Behrooz Ghasemi ²
• SOHEIL SARMAD SAEIDI ²

¹ PhD student of Marketing Management, Department of Business Management, Central Tehran Branch, Islamic Azad University, Tehran, Iran

² Assistant Professor, Department of Business Management, Central Tehran Branch, Islamic Azad University, Tehran, Iran

https://doi.org/10.22067/mfe.2023.80623.1275

Abstract

In the current situation of the country, realizing macroeconomic policies and achieving the goals of the resistive economy, financing the needs of the real and productive sectors of the economy, especially in the field of indirect provision of funds needed for those active in industrial markets, has become more important than before. It is necessary to find solutions that can respond to the increasing demand for credit services in banks in the current inflationary conditions of the economy and help in the direct financing of the production chain. The use of alternative solutions for granting facilities, such as opening Rial letters of credit, while fulfilling the expectations of industrial customers, is not only compatible with the rules of Islamic banking, but is also attractive for banks because it helps to increase non- shared income. In this regard, conducting applied research with the aim of financial development of commercial banks and improving the marketing methods of financing tools, while helping to strengthen the country's financial system and facilitating the implementation of the general policies of the resistive economy, can also be a way forward in the prosperity of production. This research was carried out with a qualitative approach and with the grounded theory method. Then banking industry experts, experts, managers and other people familiar with the process of opening letters of credit in Sadaret Bank of Iran were selected by snowball method and after interviewing them, data analysis was done in three stages of open coding, axial coding and code Selection was done. Finally, the pattern of prioritization of industrial customers applying for internal letters of credit in Saderat Bank and other commercial banks was presented.

Keywords

• Financial development
• Rial letter of credit (Rial L/C)
• Industrial marketing
• Resistive economy
• Grounded theory

Main Subjects

• Bank