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FINANCIAL NEWS
GCC Islamic banks to experience tough year
21 Jun 2017
(MENAFN) The slowdown at Islamic banks in the GCC States will persist this year after asset growth dropped to 5.3 percent last year from 10.7 percent in 2014.
Accordingly, asset growth will stabilize at almost 5 percent as government’s spending cuts and revenue-boosting initiatives, like new taxes.
While the economic slowdown will remain pronounced in KSA, Islamic bank’s growth accelerated last year, due to their plan of increasing business amid corporates and SMEs.
Meanwhile, the fall in economic activity was steeper in Qatar, where a mix of lower liquidity and government spending cuts prompted banks to limit their expansion plans.
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MENAFN2106201700450000ID1095571071
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