The licenses of the loan unions Halal and Imishli were annulled at the decision of the National Bank of Azerbaijan (NBA). The main reason for annulation was non-presentation of quarter fiance reports. The loan unions functioned from 2001.
In accordance with the Law on loan unions, the non-bank loan organizations are established from 11 people and carry out loan transactions through financing of their members. They are due to render an account to NBA per quarter.
The number of the non-bank loan organization dropped down 81 with closing of these loan unions.