Islamic Banks increase assets by 66%

According to Asian Banker Research, the world's 100 largest Islamic banks ranked by assets held more than $580 billion in assets in 2008, a 66% increase from the $350 billion they held in the previous year.


Some more related details about the Islamic banks.


Bank Melli Iran (BMI) tops the list and Saudi Arabia's Al Rajhi Bank follows in second place.


Iranian banks are still the dominant Islamic banking players, holding seven out of the top 10 ranks, and 12 of the 100. The Iranian banks also take up around 40% of the 100 largest Islamic banks' assets.


Although two Islamic banks in the UK are large enough to be in the top 100, Islamic banks headquartered outside the Middle East, Asia and North Africa are still very small when compared with the longer-established players in the Middle East.


East of Iran, only Malaysian and Bangladeshi Islamic banks have a significant amount of assets.


Saudi Arabia has the banks that are proportionately the largest, considering that the three Saudi Arabian banks in the list are all in the top 35.