Saderat 4th Islamic Bank

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Asia Banker Institute has introduced Iran's bank SaderatSaderat as the fourth biggest bank in Muslim World with capital of $39.319 billion.

According to the public relations office of Saderat BankSaderat Bank, the institute also announced that 40 percent of the total assets of 100 great international Islamic banks are being held by Iranian banks.

Bank SaderatBank Saderat was founded in 1952. Currently, it is considered the biggest Iranian private bank with 3,300 branches inside and 21 branches outside the country.

It leads the banking system in terms of applying modern technology and practices.

Iranian banks account for about 40 percent of total assets of the world's top 100 Islamic banks, with Bank Melli Iran (BMI)Bank Melli Iran (BMI) showing as the largest in the list.

The world's top 100 Islamic banks managed to increase their assets by 66 percent last year to more than $580 billion as against $350 billion in 2007, while their rivals were trying to deal with the global financial downturn, an analysis by Asian Banker has found.

BMIBMI, with assets of $45.5 billion, was standing at the top of the 100-bank's list in terms of assets, while Saudi Arabia's Al Rajhi BankAl Rajhi Bank came in second, the research said.

Other Iranian banks, Bank MellatBank Mellat with $39.7 billion and Bank Saderat IranBank Saderat Iran with $39.3 billion come next in the list as Kuwait Finance HouseKuwait Finance House with $38.2 billion stands in the fifth rank.

"Iranian banks are still the predominant Islamic banking players, holding seven out of the top 10 ranks and 12 of the 100," The Asian Banker said in its research.

Islamic banks in the United Arab Emirates, Malaysia, Saudi Arabia and Kuwait together carve out nearly another 40 percent of total assets, at a time when their conventional rivals were struggling to deal with the global financial crisis, the report said.

Meanwhile, The Asian Banker believes that BMIBMI may not stay at the top of the list for much longer as its assets did not increase last year.

"This may be due to the European Union freezing the bank's assets, which has shrunk the bank's lead over Al Rajhi BankAl Rajhi Bank to just 4 percent from 40 percent the previous year," it said.

© Iran Daily 2009