Azerbaijan, Baku, March 9 / Trend A.Taghiyeva /
The largest Islamic bank, Noor Islamic Bank (UAE), is losing millions of dollars from the ban on trade with Iran, Arabic newspaper "Iqtisadiyah" said on Friday citing a source at the bank.
Revenues of the Noor Bank, which had previously acted as agent of Iran's financial transactions in oil export deals, amounted in 2011 to about $48 billion.
The newspaper also reported that many banks of the UAE will suffer heavy losses in case ban on cooperation with Iran continues.
It was also reported that UAE banks have stopped their cooperation with Iran under U.S. pressure. In particular, Noor Bank ceased relations with Iran in December 2011.
Noor Islamic bank was founded in 2007 in the UAE. This is a bank operating on the principles of Islamic banking.
In late 2011, a number of countries, including the U.S., Canada, UK and other EU countries introduced a ban on any transactions with Iranian banks, including the Central Bank.
U.S. and other Western countries accuse Iran of developing nuclear weapons under the guise of peaceful nuclear program. Tehran denies the charges, saying its nuclear program is aimed at meeting the country's electricity needs.