A growing momentum for Islamic banking in the UAE

A report «Global Competitiveness sector Islamic banking 2015 - 2016», published by «Ernst & Young», that the Islamic banking sector in the UAE is characterized by a growing momentum thanks to the development and innovation achieved in the digital world, the thing that makes them rank equal to Malaysia in terms of its share of the Global Market. According to the report, the total profits of Islamic banks in the Gulf countries has exceeded $ 12 billion for the first time in 2014, with expectations of continuing growth of the sector amid ambiguity of regional economic conditions.
As is the nine markets Chairperson currently it is the growth of global Islamic finance industry engines, the report identifies a group of 40 banks in these nine key markets, as important elements for progress in the future of the industry, noting that 50% of those banks owns shares worth billion base and more dollars.

Shaping the Future

World Islamic Banking Conference with the international consulting company «Ernst & Young» and held a press conference to discuss key strategic imperatives for the Islamic finance industry, and that the Gulf Hotel in the Kingdom of Bahrain.

And he gave a press conference which will be held a month before the World Conference of Islamic banks in the twenty-second annual edition, the most prominent light on what is in the report. He pointed feel Nazim, Partner and Head of Islamic Financial Services Group at Ernst & Young, that the results and outputs of the report provide statements of a leader will help shape the future of the Islamic banks.

He added that innovation in technology and development in the digital world to call for a change of bank customers' experiences across channels and all focal points, which can help banks to anticipate the changing needs of customers. He continued to say: «We hope that these ideas contribute insights to stimulate job discussions between the executive heads of major Islamic banks, not only during the conference, but in what is beyond that, in the board of directors and other areas of decision which we hope will have a deep impact making».

Industry growth

In the same context, Mozamil Kspti, director of global Islamic banking center in the Ernst & Young said: «can be attributed global Islamic banking industry, the growth of the Arab Gulf States, during the past few years, to increase public sector spending in the light of falling oil revenues.It is interesting to see how the banks will be affected by this, where governments spend their reserves deposited in banks to cover the deficit in the budget, due to lower global oil prices. »

Encourage industry

For his part, d. Syed Farooq, Chairman of the Board and Chief Executive Officer for the Middle East Global Advisors, during the conference, the long-term the World Conference of Islamic banks in the formation of the leaders of thought in the Islamic financial services industry role. The World Islamic Banking Conference shares during the two years and twenty years in the promotion and care of the industry, as a platform to provide insights reference about the opportunities and challenges. The conference also led a pivotal role in attracting Islamic banking industry leaders to form constructive alliances in order to strengthen the foundations of the industry.