Banking and insurance in Iran
No Institution name Institution name ( in Persian ) Year founded
1 Ghadir Investment Company سرمایه‌گذاری غدیر 1991
2 AminIB تأمین سرمایه امین 2008
3 EN Bank شرکت سرمایه گذاری بانک اقنصاد نوین 1994
4 Pasargad Bank شرکت سرمایه گذاری بانک پاسارگاد 2008
5 Turquoise Partners شرکت سرمایه گذاری فیروزه 2005
6 Mofid Securities Co شرکت کارگزاری مفید 1994
7 MellatIB تأمین سرمایه بانک ملت 2011
List of Iranian banks -- Investment institutions
See also : Privatization in Iran , Tehran Stock Exchange , and Iranian Oil Bourse
Following the Iranian Revolution, Iran's banking system was transformed to be run on an Islamic interest-free basis. As of 2010 there were seven large government-run commercial banks. As of March 2014, Iran's banking assets made up over a third of the estimated total of Islamic banking assets globally. They totaled 17,344 trillion rials, or US$523 billion at the free market exchange rate, using central bank data, according to Reuters. Since 2001 the Iranian Government has moved toward liberalising the banking sector, although progress has been slow. In 1994 Bank Markazi (the central bank) authorised the creation of private credit institutions, and in 1998 authorised foreign banks (many of whom had already established representative offices in Tehran) to offer full banking services in Iran's free-trade zones. The central bank sought to follow this with the recapitalisation and partial privatisation of the existing commercial banks, seeking to liberalise the sector and encourage the development of a more competitive and efficient industry. State-owned banks are considered by many to be poorly functioning as financial intermediaries. Extensive regulations are in place, including controls on rates of return and subsidized credit for specific regions. The banking sector in Iran is viewed as a potential hedge against the removal of subsidies, as the plan is not expected to have any direct impact on banks. As of 2008, demand for investment banking services was limited. The economy remains dominated by the state; mergers and acquisitions are infrequent and tend to take place between state players, which do not require advice of an international standard.