Iran stands first in Islamic banking assets

TEHRAN (ISNA)- Iran stands in the first place in terms of Islamic banking assets, said Central Bank of Iran Governor Valiollah Seif.

Iran holding over 37 percent of banking assets based on Sharia is standing in the first place in terms of volume of banking assets among countries providing financial-Islamic services, he said in the 27th Islamic Banking Conference.

Today, the total value of world assets obtained based on Sharia has reached over $2 billion, $1.5 billion of which belong to banking assets. Iran holds 37 percent of this amount which has put it in the first place in terms of Islamic banking assets.

Omitting usury from banking activities is the most important basis of Islamic banking and Iran is among few countries which has practically exercised the move.

By ISNA