Islamic Banks

Islamic banking assets surge 6 percent to AED535 billion

Abu Dhabi - Wam

Assets of Islamic banks operating in the UAE amounted to AED535 billion by the end of October, around 6 percent growth since the beginning of the year, accounting for 20.2 percent of total banking assets in the country, valued at around AED2.639 trillion during the first 10 months of the year, according to UAE Central Bank figures. The noticeable growthRead more

Eight Islamic Banks account for 20 percent of banking sector

Abu Dhabi - Wam

The UAE is home to eight Islamic Banks, accounting for approximately 20 percent of total assets in the banking sector, which comprises 23 percent of total domestic credit as of the end of August 2017, Mubarak Rashed Al Mansouri, Governor of the UAE Central Bank, said. "The growth of Islamic banking has been supported by robust growth of deposits thatRead more

Islamic banks in GCC likely to outperform conventional counterparts

Jeddah - Arab Today

The profitability of Islamic banks in the Gulf Cooperation Council (GCC) is likely to outpace that of their conventional peers for the second consecutive year in 2017 on the back of stronger margins and the resilient cost of risk, said a report issued by Moody’s Investors Service. According to the report, Islamic banks have become more profitable than their conventionalRead more

Banks in Oman register 10 per cent growth in credit at OMR22b

Muscat - Arab Today

Oman’s financial institutions, including Islamic banks, have achieved a 10.1 per cent growth at OMR22.1 billion by the end of December 2016, over the same period of last year. Credit to the private sector increased by 10.1per cent to OMR19.7 billion by December, 2016. Of the total credit to the private sector, the household sector (mainly under personal loans) stoodRead more

Bahraini Baraka Bank to Open in Morocco This Year

Casablanca - Arab Today

The Executive Director of Bahraini Participatory Bank, Baraka Bank, says his bank will begin operations in Morocco in the first six months of 2017. In line with the reciprocal interest between Morocco and Islamic Banks in Gulf countries to start operating Islamic banks in the country, Adnane Youssef, Baraka Participatory Bank’s Executive Director. expects that his bank will launchRead more

Morocco Turns to Islamic Finance

Rabat - Arab Today

Halal credits and Sharia compliant bank accounts are now available in Morocco as the Central Bank and the Ministry of Economy and Finance have authorized the opening of five Islamic banks, referred to as “participatory” banks, according to a press release published this Monday. No authorizations had so far been granted to foreign banks by Bank Al-Maghrib. Three conventionalRead more