Islamic assets held by commercial banks are set to hit $1.8 trillion next year, partly spurred by growth in the Gulf region, according to research by Ernst & Young.
Global Islamic banking assets stood at $1.3tr last year, but "record robust growth" in the sector is forecast to see that rise by almost 40 per cent by 2013.
"This forecast is significantly higher than some of the earlier industry estimates," the accountancy firm said.
The top 20 Islamic banks - which between them hold over 57 per cent of global Islamic banking assets - have registered growth of 16 per cent per annum in the last three years, Ernst & Young said.
However, the profitability of the Islamic sector still lags behind that of conventional banking.
Saudi Arabia is the biggest market for Islamic banking followed by Malaysia and UAE, according to Ernst & Young's World Islamic Banking Competitiveness Report 2013.
Banks in Saudi Arabia had an estimated $207 billion of Islamic assets in 2011, followed by Malaysia with assets of $106 billion and the UAE with $75 billion. Emerging markets in Islamic banking include Indonesia, Egypt, Iraq and Libya, the report said.
Ernst & Young said that the leading return on equity for Islamic banking was only 11.6 per cent, against 15.3 per cent for the conventional banking sector, between 2008 and 2011.
business@thenational.ae
COMPANY%20PROFILE
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Biog
Age: 50
Known as the UAE’s strongest man
Favourite dish: “Everything and sea food”
Hobbies: Drawing, basketball and poetry
Favourite car: Any classic car
Favourite superhero: The Hulk original
The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
KINGDOM%20OF%20THE%20PLANET%20OF%20THE%20APES
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What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
Oppenheimer
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COMPANY%20PROFILE
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Miss Granny
Director: Joyce Bernal
Starring: Sarah Geronimo, James Reid, Xian Lim, Nova Villa
3/5
(Tagalog with Eng/Ar subtitles)
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
Tips for used car buyers
- Choose cars with GCC specifications
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- If you are planning to sell the car soon, buy one with a good resale value. The two most popular cars in the UAE are black or white in colour and other colours are harder to sell
Tarek Kabrit, chief executive of Seez, and Imad Hammad, chief executive and co-founder of CarSwitch.com
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Honeymoonish
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SPEC SHEET
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CPU: Unisoc T610; Mali G52 GPU
Memory: 4GB
Storage: 64GB, up to 512GB microSD
Camera: 8MP rear, 5MP front
Connectivity: Wi-Fi, Bluetooth 5.0, USB-C, 3.5mm audio
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Audio: Stereo speakers, 2 mics
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