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Gulf Islamic banks’ profits exceeded $12 billion last year: report

Sector in UAE gained momentum due to growing development and innovation in digital world

The total profits of Islamic banks in the Gulf countries exceeded $12 billion in 2014 for the first time ever, reveals an economic report.

These profits came with expectations of the continued growth of the sector amid ambiguity of regional economic conditions. There are nine major markets that are currently engines of growth for the global Islamic financial industry, says the economic report by Ernst & Young.

The report said that the Islamic banking sector in the UAE gained momentum due to the growing development and innovation achieved in the digital world. This is what puts it on par with Malaysia in terms of global market share, KUNA reports.

The report entitled “World Islamic Banking Competitiveness”, represents an initiative that aims to identify the competitive edge, strategic leadership and improve the performance in the global Islamic finance industry and the analysis of the basic strategies that should be applied by the Islamic financial institutions.

($1 = AED3.67, at the time of publishing)