AMF: Islamic banks grew annually by 20%

By Roudao one hour ago

Roudao - Erbil

The Director General Chairman of the Arab Monetary Fund, Abdulrahman bin Abdullah Al- Hamidi, on Sunday, that Islamic banks have achieved growth of between 15% -20% per year during the current decade.

Hamidi said in a speech on the sidelines of a conference on the control and supervision of Islamic banks in Abu Dhabi, Islamic banks increased in number and geographical spread widened, becoming scattered in more than 60 countries.

He explained that Islamic banks' assets rose to about $ 2 trillion at the end of 2015.

The Islamic banking industry in both Saudi Arabia and the UAE of global importance, and represents the assets of Islamic banks with them about 19 and 7%, respectively, of the industry's assets worldwide.

According to a study released last June by the Arab Monetary Fund, the Islamic banks have become holds a significant part of the liquidity levels in a number of countries in the world, requiring the central banks continued keep pace with this rapid development and successive and the development of monetary policy tools to suit the growing activities this industry.

Hamidi pointed out that this development in the volume of Islamic banking requires paying the safety and durability of this important sector necessary in order to maintain financial stability in the economies in which it operates these institutions.

Source