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Sunday, 20 December 2015

Gulf banks set to dominate global Islamic banking sector by 2020

Islamic banking assets of commercial banks based in Qatar, Indonesia, Saudi Arabia, Malaysia, the UAE and Turkey (known as QISMUT) are set to exceed $801 billion in 2015, according to EY's World Islamic Banking Competitiveness Report 2016.
The report said this will represent 80 percent of international Islamic banking assets which are set to exceed $920 billion this year.
It added that In terms of banking market share, Saudi Arabia, Kuwait, Bahrain and Qatar are expected to be the major players by 2020.

Saudi Arabia continues to dominate the share of the global Islamic banking market with 33 percent, followed by Malaysia (15.5 percent) and the UAE (15.4 percent), the report said, adding that Islamic banks in Bahrain have also been steadily gaining market share over traditional banks.

(Arabian Business.Com  19 December 2015)
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