The Forum for Partners in Iran's Marketplace

June 2017, No. 84


BIM Status among 100 Islamic Banks

BIM ranked first among the Iranian banks in terms of net profit and its related changes. This success was achieved under conditions that BIM in comparison with other Iranian banks under evaluation, possessed less assets and capital.

In 2016, the Bank of Industry and Mine (BIM) acquired a high status among world’s top 100 financial institutes in the field of providing Islamic finance.

According to the BIM database, Leaders in Islamic Finance published an article about prominent leaders in finance, citing 100 top financial institutes offering Islamic finance in 2016. It placed Iran’s BIM in the 31st position.

The report put the rank of the bank in terms of assets at 30th and in terms of obligations at 25th place. The bank stood in the 18th position in terms of income and 25th place in terms of net profit.

The bank ranked first among the Iranian banks in terms of net profit and its related changes. This success was achieved under conditions that BIM in comparison with other Iranian banks under evaluation, possessed less assets and capital.

Meanwhile, the Bank of Industry and Mine has improved its status among top 100 Iranian companies by 9 steps, elevating from 55th place to 46th place. According to the public relations department of BIM, the ranking was carried out by the Industrial Management Institute based on financial statements related to Iranian calendar year 1392 (2013/2014). The bank succeeded in gaining the highest rank over the recent years.

According to the report, the highest rank of BIM was 49 among top 100 companies, which was registered in Iranian calendar year 1390 (2011/2012).

Industrial Management Institute announced the top 100 government and private companies, which have more than rls. 200 billion of income in the current fiscal year, primarily based on their volume of sale, and secondly based on other indices such as profitability, exports, debt, and marketing.

BIM Supports Small, Medium Industries

Ali Ashraf Afkhami, Chairman of the Board and Managing Director of Bank of Industry and Mine, said: “The bank in addition to financing major and infrastructural industrial projects stands in a top position among Iranian banks in financing small and medium-sized industries and in solving financial problems of production units.”

He added that after implementation of the Joint Comprehensive Plan of Action (JCPOA), it was the first bank that took landmark measures for the opening of foreign LCs. He further noted that currently financing industrial projects and opening LCs are being conducted through SWIFT system with no problems.

Afkhami termed attention to the private sector as a basic strategy of BIM and said the bank has played a significant role in financing small, medium and large industrial projects and in creating job opportunities. He said at present there is no point in the country not having benefited from the activities of the bank or production units not having become operational without BIM facilities.

BIM Financing Power Plant Projects

Afkhami said: “With the implementation of JCPOA, hope, trust and cooperation have emerged in the business environment.”

Afkhami, who was speaking in a gathering of economic activists of Iran-Italy Chamber, further pointed to the role of the banks in providing facilities and noted: “Italy enjoys the technology and basic engineering and technical knowhow in machinery and is active at the world level. It is also an important country at the global economic level.”

Putting forward the question as to what makes Iran’s economy attractive, he said Iran is the second economy in the Middle East region and has little debts and enjoys a diversified economy. “Contrary to the regional counties which only have oil and gas, Iran along with oil and gas stands in a top position in mineral fields such as cement, steel and textiles.” Furthermore, he added, Iran has also strategic position in the region and can serve as a hub between Europe and the Middle East, and play a role at a wider scale in the world.

Afkhami noted that after implementation of the JCPOA, the banking system has made effective steps to re-enter the world’s financial system so that after 10 years of sanctions it is now coordinating with the world banking system by restructuring in compliance with world standards.

He said the Bank of Industry and Mine with a background of 60 years is more interacting with companies. With regard to the financing of petrochemical projects by the bank, he referred to Kavian Petrochemical project which has been launched in Assalouyeh with a capacity of producing 2.2 million tons of ethylene per year. Afkhami also referred to the under construction Masjed-e Soleiman petrochemical complex, Ilam petrochemical project with a fund of $230 million and Lorestan and Mahabad petrochemical projects which produce downstream petrochemical substances.

He said: “BIM stands in the first position in financing of power plant projects in the country and in the past three and a half years we have financed more than three thousand megawatts with a fund of $1.8 billion which have become operational and another two thousand megawatts is under construction with the facilities of the bank.”

According to Afkhami, the bank stands at highest global scales in the area of water desalination and has had outstanding activities in the Persian Gulf littoral states while it has financed over 50% of cement and tile projects in Iran.

He also referred to the activities of Bank of Industry and Mine in the area of steel and referred to the steel projects in Yazd, Tabriz, Shadegan, Qaenat, Sepid Dasht and Sabzevar, and a pelletizing unit in Bandar Abbas.

Afkhami said the first express train in the country has been financed by BIM which is under construction in Tehran-Qom-Isfahan route and the second project in this area is Tehran-Mashhad railroad for which feasibility studies are underway.

While referring to the activities of the bank in the area of social responsibility and new energies, he termed air aviation, shipping and auto parts as proper grounds for cooperation between Iran and Italy.

The meeting was held on the occasion of the presence of a high-ranking Italian delegation of economic activities from Reggio Emilia region in Iran.

BIM Finances 1000 Industrial Projects

By the end of the year 2016, the bank has allocated rls.14,500 billion to 1004 industrial projects within the framework of promoting production plans. According to BIM database, Chaharmahal and Bakhtiari, Isfahan and Tehran ranked highest in terms of receiving the loans, respectively. Since the beginning of the current year (March 21, 2016) up to the end of the calendar month of Mehr (September/October), 56 small and medium industrial plans have been put into operation in the country by using facilities granted by the Bank of Industry and Mine. The plans included manufacture, development and purchase of machinery by using rls. 1000 billion facilities, creating 1,131 job opportunities.

Therefore, at present 109 small and medium-sized projects are under implementation in the country with 66% progress for which over rls. 4,250 billion has been allocated. Of the mentioned sum, rls. 1,523 billion has so far been paid and with the completion of these projects jobs will be provided for 3,410 people.

In addition to the items mentioned, in the said period, 11 big projects have become operational with facilities of over rls. 252 billion plus 87 million euros by taking advantage of the facilities of the bank and 1,141 job opportunities have been provided.

In addition, in other reports it was announced that Atiyeh Damavand Investment Company, affiliated to BIM group of companies, has received the gold medal of the most efficient and most profitable investment company from Germany. It also won the top medal of merit and top management in national development and job creation.

According to BIM database, the mentioned medals were presented to the company in a ceremony held by the Ministry of Road and Urban Development and in the presence of some officials from the President’s Office, a number of Majlis deputies and a large number of experts and managers of the private sector and cooperatives.


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  June 2017
No. 84