Bank Melli Iran, the largest in Islamic banking

The total assets of BMI at the end of second quarter of 1388 (September, 2009) have increased to US $59 billion, the head of financial department at BMI, Hojatollah Ghasemi, said Monday, denying reports that the bank is bankrupt.

Ghasemi said that BMI has no debt to Iran's central Bank, adding that the bank has no delay in repaying its international commitments.

After a decision by Iran's Finance Ministry to ban the withdrawal of more than 150 million rials (roughly $15,000) per day, a rumor spread that two major government-owned banks (Melli and Mellat) were on the verge of declaring bankruptcy.

A report released in September, 2009 by Asian Banker showed that the world's top 100 Islamic banks increased their assets by 66% last year to more than US $580 billion, compared to $350 billion in 2007, while rivals were trying to deal with the global financial downturn.

According to the survey, BMI was standing at the top of the 100-bank's list in terms of assets, while Saudi Arabia's Al Rajhi Bank came in second.

"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 reporting its research.

/Press TV/