28 Nov 2011
(MENAFN) Ernst & Young said that in 2012, Islamic banking assets with commercial banks globally would surge 33 percent from 2010’s USD826 billion, reaching USD1.1 trillion, reported Arabian Business.
The firm added that by 2015, the Middle East and North Africa (MENA) region’s Islamic banking industry would be forecasted to increase more than a double reaching USD990 billion.
It also said that as a result of deteriorating asset quality, returns on assets fell to 1.5 percent in 2010, compared with 4 percent in 2006, adding that higher provisions and operating costs contributed to the notable drop in profitability of Islamic banks.
It is worth noting that Islamic banking market share of all banking assets in the MENA region reached 14 percent, whereas it crossed the all important 25 percent threshold in 2011 in the Arab Gulf region.
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