Arab banks’ deposits to hit $1.8 trillion

27 Nov 2010

(MENAFN) Bank deposits in the Arab world are on track to grow more than 40 per cent, topping $1.8 trillion by year-end, the head of the Union of Arab Banks (UAB) said.

Adnan Yousif said that the increase in deposits came as regional banks avoided ‘dangerous investments and complicated and obscure operations’ that battered world financial markets in 2008.

Arab banks had little exposure to the subprime mortgages and other risky investments that triggered the financial crisis.

A number of Gulf banks, however, have booked higher provisions amid lingering concerns about the fallout from Dubai’s debt woes.

Analysts say the true extent of some banks’ exposure to bad loans is not yet entirely clear.

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