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Iran's Bank Melli Rejects Rumors of Bankruptcy

Source: Mehr News Agency, Tehran

The financial manager of Bank Melli Iran (BMI) has refuted the rumors on declaring bankruptcy by the bank, saying BMI is the largest bank in Iran and across the Islamic world, considering its total assets of around $54 billion.

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

"The total assets of BMI by September 2009 have increased to $59 billion," Qasemi added, the ISNA news agency reported.

He noted that BMI has no debt to the Central Bank of Iran, adding that the bank has no delay in fulfilling its obligations at international level.

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 $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 world's top 100 Islamic banks list in terms of assets, while Saudi Arabia's Al Rajhi Bank came in second, Press TV reported.

"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.

Related News:

Iran banks have $48 bln in bad loans -cbank -
Iran's state-dominated banking system has $48 billion in non-performing loans and it is on the verge of a crisis, the Islamic Republic's central bank governor said in comments published on Monday.

Separately, a pro-reform daily said a shortage of cash at some state bank branches in Tehran and the city of Isfahan on Saturday and Sunday had caused queues and "tension and anger" among customers.

... Payvand News - 01/26/10 ... --

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