Saudi Arabia came in first place in terms of its Islamic banking share, which amounted to $240.1 billion, representing 49 per cent of the total share for the Gulf States, according to an IMF report.
Gulf states’ share of Islamic banking amounted to roughly $490bn, according to the recent report entitled Monetary Operations and Islamic Banking in the GCC.
The report states that the assets of the Gulf Cooperation Council formed close to 38.2 per cent of the assets of the global Islamic banking.
The United Arab Emirates came in second place with approximately $93.1bn, then Kuwait with approximately $78.4bn. Qatar came in fourth place with approximately $53.9bn, while Bahrain came in last place with approximately $24.5bn.
It’s noteworthy that an Islamic banking expert in Saudi Arabia valued the sharia compliant assets at about SAR1.87 trillion ($290bn) in 2014 with the expectation that those assets will jump to SAR2.56 trn ($683bn) by 2019.
($1 = AED3.67, at the time of publishing)