Aug 29 2009 |
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BMI Largest Islamic Bank
Iranian banks account for about 40 percent of the total assets of the world's top 100 Islamic banks, with Bank Melli Iran (BMI) registering the largest asset on 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 are grappling the global financial downturn, a report by Asian Banker was cited by Presstv.
BMI , with assets of $45.5 billion, stood at the top of the list in terms of assets, while Saudi Arabia's Al Rajhi Bank came in second, the research said.
Other Iranian banks, including Bank Mellat with $39.7 billion and Bank Saderat Iran with $39.3 billion, ranked after Kuwait Finance House with $38.2 billion at fifth place.
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 40 percent of total assets, the report said.
The Asian Banker believes BMI may not stay at the top of the list for long, 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 Bank to 4 percent from 40 percent in the previous year, it said.
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