Islamic banks share of market is estimated 45% compared to conventional banks share
Bankers: Islamic banks share of the market is estimated to 45% compared to conventional banks share
Bankers: Islamic banks share of the market is estimated to 45% compared to conventional banks share.
CEOs of a number of Islamic banks said that Islamic banks grow strong and rapid rates, compared to the traditional banking sector, arguing that Islamic banks are estimated share of the market with 45% share compared to conventional banks.
They, on the sidelines of the second session of the work of Islamic economics summit, which was held in Dubai yesterday, that the sector needs to unify standards and its own laws in line with the nature of Islamic economics.
And detailed, CEO «Abu Dhabi Islamic Bank», Trad Mahmoud said, that «there is a demand for Islamic banking products contributed to the decline in demand for products from traditional banks, which means that there is a shift from (traditional banking) to (Islamic)».
He pointed Mahmoud that Islamic banks share of the market is estimated to 45%, although the number of conventional banks exceeds the number of Islamic banks significantly, and expected that the share rise in the future to 50%, in conjunction with the support provided by the state, represented by the central bank, to support the sector even more, judging from the fact that the UAE has become a center of Islamic economy in the world.
Mahmoud explained that the sector needs to unify the standards and laws, its own in line with normal Islamic economics, and are quick to increase growth rates for the sector, noting that Islamic banks need good liquidity management, many Islamic banks does not improve liquidity management and some keep it rigid. He pointed out that this move away from the financial and moral Islamic banking, which aims to increase the operating ratios global goal, and talk here is not in the UAE, but includes all the Islamic banks globally.
Mahmoud pointed out that Islamic banking should be concerned with legislative Bbenitha through standardization, not match the products, reproduce, stressing the importance of the role of Islamic banking scholars in uniting this necessary to give Islamic banks entrusted with the role in the coming period standards.
In turn, the Group Chief Executive Officer «Dubai Islamic Bank», Dr. Adnan Chilwan, said that «Islamic banking services show tremendous potential he still untapped to a large extent», pointing out that «there is a growing demand for Islamic banking services in all countries of the world and not Islamic countries only, what proved the Islamic banking system of power in the face of the economic challenges faced by the world in the near future, and it was led by the global financial crisis.
Chilwan stressed that increased growth rates and quotas for the Islamic banking sector in the financial market, it must be supported unification of standards, laws and legislations own Islamic Bachirvh, and taking into account the special considerations with them as one of the most important factors that will push the sector in the future.
For his part, Chief Executive called for «Emirates Islamic Bank», Jamal Bin Ghalaita, standardization and the creation of a unified reference for all Islamic banks operating in the sector, so are referenced in the event of certain differences, pointing to the need for innovation by Islamic banks and find products new.
He noted Bin Ghalaita that the Islamic banking sector grow to occupy a prominent place in the overall economic activity, and the best proof of that excellent results and rates of exceptional growth achieved by Islamic banks during the past few years, which excelled through which the conventional finance sector.
For his part, Chief Executive told «Kuwait Finance House», Mazen riser, that Islamic banks in front of her challenge to grow and go beyond the limits of what is currently offered, and the standardization of legislation and regulations governing the sector without cloning Islamic products produced by the banks, pointing out that the share of Islamic banking in an increasing growth in Kuwait and the Gulf states and the region as a whole. He pointed out that standardization will enable Islamic banks to offer their services in line with the ethical aspect target.