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GCC Islamic banks' assets to maintain growth in 2013
- Middle East: Thursday, March 21 - 2013 at 04:39
According to a report by Earnst & Young, Islamic banks' expansion in the GCC continues to outstrip growth of conventional banks, while their performance is particularly strong in Qatar, Reuters has reported. Islamic assets at commercial banks in the GCC region rose 14.1% year-on-year to $445bn at the end of 2012, said Ashar Nazim, Islamic financial services leader at E&Y. This was faster than the growth of conventional bank assets in the region, which rose 8.1%, the report said without giving a figure for the size of those assets. "We expect a relatively positive outlook for the Islamic banking industry in the GCC," the consultancy said. Qatar's Islamic banking assets were estimated to have grown more than 23% in 2012.
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