Most troubling, perhaps, is the appearance of Bank Melli of Iran at the top of a listing of the world's top 500 Islamic financial institutions, published by the Banker in November 2008 and reproduced in the IFSC report.

CENTERFORSECURITYPOLICY: Center For Security Policy

Sanctions have been applied as well: in the latest, the European Union decided this week to freeze the assets of Iran's biggest bank, Bank Melli.

ECONOMIST: Israel and Iran

Bank Melli is under U.S. and EU sanctions for facilitating Tehran's support of Hamas and Hezbollah and funding Iran's uranium enrichment program.

CENTERFORSECURITYPOLICY: Center For Security Policy