Islamic Banks May Control 40% of Banking Services in UAE by 2010


Bankers anticipate that eight Islamic banks in the United Arab Emirates are likely to control 40% of banking services in the Emirates by the end of 2010.

The expansion of the Islamic banks, financing companies and insurance groups that operate within the confines of the rules of the Shari’a has been in response to a growing demand for Islamic financing, which is growing at a rate of 15-20% per annum.

Deposits in the Islamic banks recorded a significant increase in 2007 at $45.4 billion compared with 33.5 billion a year earlier.

Moody’s rating service company estimated the assets of the 23 Islamic banks in the GCC at $125.7 billion at the end of 2006, representing 15% of total assets in the Gulf countries and 25% of the $450 billion in Islamic banking assets globally.

al-Ittihad, UAE, April 20, 2008


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