Browse related articlesIslamic banking grows in GCC
Tuesday, March 11 - 2008 at 07:10
A new report by ratings agency Moody's has found that Islamic banks in the GCC have achieved strong growth over the past 10 years and now account for 15% of banking sector assets in the region, reported Gulf News. The report studied 23 GCC Islamic banks, which had $125bn in assets at the end of 2006, representing 25% of the total asset base in the sector globally. Diversification among Islamic banks in the GCC is being driven by growing competition, as several new banks have joined large institutions established in the 1970s, the report said.
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Jeff Florian, Senior ReporterTuesday, March 11 - 2008 at 07:10 UAE local time (GMT+4)
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