IRAN BANKING ASSETS AMOUNT $518 BILLION IN ISLAMIC COUNTRIES

Tehran,  19 Dzulqa’dah 1436/ September 3, 2015 (MINA)- Iran’s banking assets amount to $518 billion, making the country the biggest asset holder in Islamic countries, said Mehdi Razavi, chairman of Iran Banking Institute, Tehran Times reported.

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.

Also, according to published statistics, the number of Islamic banks and financial institutes has surpassed 600 across the world, International Islamic News Agency (IINA) quoted by Mi’raj News Islamic News Agency (MINA) as reporting.

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

In regards to deposit attraction by Iranian banks, 22 percent growth has been predicted, amounting to approximately $219.09 billion, the report revealed. The amount had been allegedly about $179.39 billion in 2014. (T/Imt/R03)

Mi’raj Islamic News Agency (MINA)