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FINANCIAL NEWS
Assets of Arab banks to jump 13% in 2013 to USD3tr
04 Apr 2013
(MENAFN) The Union of Arab Banks’ (UAB) Secretary General, Wisam Fattouh, stated that during the current year, Arab banks’ assets are projected to jump by 13 percent from a year ago, reported Emirates 24/7.
Fattouh said that in the year, assets are expected to reach a record high of USD3 trillion, from 2012’s USD2.6 trillion.
He added that in spite of instabilities, both in the region and the world, banks in the Arab world are in very good positions due to their good risk-management.
Fattouh noted that Arab banking institutions are not affected by the ‘Arab Spring’, since they are not involved in politics; therefore, the banking sector in the region is still safe from the Euro crisis and from the banking crisis in Cyprus.
It is worth noting that the deposit base of Arab banks reached USD1.5 trillion, with loan portfolio rising to USD1.4 trillion.
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