FINANCIAL NEWS

Islamic banking assets in GCC hit USD445b in 2012: E&Y

02 Apr 2013

(MENAFN) Ernst & Young’s Global Islamic Banking Center latest estimates show that in 2012, Islamic banking assets with commercial banks in the Gulf region grew to USD445 billion from USD390 billion a year earlier, reported Gulf Daily News.

Annual growth of the Islamic banking industry in the countries of the Gulf Cooperation Council (GCC) slowed to 14 percent, compared with a 19-percent average growth rate over the last 5 years.

Meanwhile, E&Y World Islamic Banking Competitiveness Report shows that the Islamic banking industry is expanding 50 percent faster than overall banking sector in a number of core markets.

It is worth noting that global Islamic banking assets with commercial banks exceed USD1.5 trillion at the current time, with the industry expected to grow to USD2 trillion in 2 years.

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