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Wednesday, March 20, 2013

GCC Islamic commercial banking assets hit $445 billion


According to estimates by Ernst & Young’s Global Islamic Banking Center, Islamic banking assets with commercial banks in the GCC reached $445 billion at the end of 2012, up from $390 billion in 2011, with the outlook for the industry remaining relatively positive in 2013. This represents a 14 per cent year-on-year growth, which is considerably lower than the five year average of 19 per cent.
Qatar was the fastest growing market where Islamic banking assets are expected to have grown by more than 23 per cent during 2012. While Islamic banking assets with commercial banks in the GCC grew by 14 per cent in 2012, conventional banking assets grew by only 8.1 per cent - indicating the relative resilience and potential of the industry.

Ashar Nazim, Partner, Global Islamic Banking Center, Ernst & Young said, “We expect a relatively positive outlook for the Islamic banking industry in the GCC. Quality of growth remains under pressure and we expect more Islamic banks initiating an honest introspection of their operating model, especially with regards to the weak data management infrastructure."
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