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Wednesday, 2 September 2015

Iran boasts $518b banking asset, highest in Islamic world

TEHRAN – Iran’s banking asset amounts to $518 billion, making the country the biggest asset holder in Islamic banks, said Mehdi Razavi, the chairman of Iran Banking Institute. 

Addressing the 26th Annual Islamic Banking Conference in Tehran on Tuesday, Razavi said that the country accounts for 37 percent of the Islamic world’s total banking assets. 

“From 1995 to 2014, Islamic banks and financial institutes have seen an approximately annual growth of 20 percent and their total asset value has increased from $300 million in 2005 to about $2000 billion in 2014”. 

“According to some estimates, the total asset value of Islamic banks will touch $3,400 billion in 2018”, Razavi highlighted. 

According to published statistics, the number of Islamic banks and financial institutes has surpassed 600 across the world. 

Business Monitor has predicted a 21 percent asset growth in 2016 for Iranian banks, amounting to $586.06 billion.  

Although Iranian banks were under western economic sanctions, a 40 percent asset growth was fulfilled. Iranian banks' total assets were estimated to be approximately $301 billion and $403 billion in 2013 and 2014, respectively.  

Furthermore, granted loans by Iranian banks amounted to approximately $153.93 billion in 2014 and the loans were up 19% in 2014, hitting $183.33 billion.  

In regards to deposit attraction by Iranian banks, 22 percent growth has been predicted, amounting to approximately $219.09 billion, the report reveals. The amount had been allegedly about $179.39 billion in 2014.  

(Tehran Times / 02 September 2015)
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