Bank Melli Iran
After World War I, when the occupying countries left Iran, an act for establishment of Bank Melli Iran was ratified by National Assembly on 3rd of May 1927. Its memorandum was ratified by Finance Committee of National Assembly on 4th of July 1928 and on 10th of September 1928, Bank Melli officially started its operations in Tehran. Based on memorandum of the bank, Bank Melli Iran was recognized as a public company and a legal entity regulated by commercial rules and regulations.
Initial capital of bank consisted of Rials 20 million of which only Rials 8,000,000 was paid up.
In 1935, capital of the bank was increased to Rials 300,000,000 and again in 1952 the capital was raised to Rials 2 billion, which was totally paid up. In the very beginning of establishment, the bank had only 2 branches, one in Tehran Bazaar and another in Bushehr port. Bushehr was then one of the leading commercial ports of Iran. The first representative office of Bank Melli Iran abroad was established in Hamburg in 1948.
Until 1959, Bank Melli Iran was assigned with Central Bank duties including printing banknotes and regulating monetary flow in the country. In 1959 the bill for Memorandum of Iran Banking and Monetary Policy was ratified by National Assembly and from 09thAugust 1960, duties of Central Bank were removed from Bank Melli Iran
and Central Bank of Iran was established with a capital of Rials 3.6 billion.
After the Islamic Revolution and establishment of Islamic Republic system in Iran, banking system was changed abolishing usury and banking based on Islamic teachings was introduced. A non-usury banking operation Act was ratified and advised to the banks in 1983. The executive instructions and by-laws were prepared
and executed in Bank Melli Iran from 20 March of 1984.
On its 84th anniversary, Bank Melli Iran is now working with 40 thousand staff in 3277 active branches inside the country and 13 active branches and 4 subsidiaries outside the country with additional 180 counters, which puts the bank among the biggest financial institutes in Iran and even in the world. (Staff position table).
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Bank Melli Iran began its U.A.E operations in 1969 and its first branch commenced operations on 1 January, 1970. The Branch was inaugurated by the then Ruler of Dubai, the legendary and visionary leader, the Late His
Highness Sheikh Rashid Al Maktoum. From this date, Bank Melli Iran, U.A.E. has played a very active role in the trade activities of Dubai and with opening of branches in Abu Dhabi, Al Ain, Sharjah, Fujairah and Ras Al Khaimah, the Bank’s role covered the entire U.A.E. In Dubai, the Bank has two full-fledged branches, one being the Main Branch in Deira Dubai and the other being the Bur Dubai Branch. In addition to this, the Bank has a pay- office located inside the premises of the Iranian Hospital in Satwa, Dubai.
Thus with a total of 7 branches and a pay-office, BMI has been catering to the various business requirements of its customers in the U.A.E.