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