Islamic banking assets with commercial banks to be worth $920 billion by end of 2015

This content was originally posted in 7DAYS UAE website at: Islamic banking assets with commercial banks to be worth $920 billion by end of 2015 Islamic banking assets held with commercial banks is expected to be worth $920 billion globally by the end of this year, a major auditing firm has said. Ernst & Young said assets held by banks in the six key markets – Qatar, Indonesia, Saudi Arabia, Malaysia, the UAE and Turkey – will be more than $801 billion by the end of this month. Gordon Bennie, financial services leader for the MENA region, said: “With the exception of Turkey and Indonesia, Islamic banking has gained market share in all markets, demonstrating the immense success and resilience of the industry. “Twenty-two international Islamic banks now have $1 billion or more in shareholder equity, making them better positioned to lead the future regionalisation of the industry. “In relative terms, however, they are still only one third of the size of their largest traditional peers in home markets and also lag in terms of return on equity.” Saudi continues to dominate the global market at 33 per cent and is the highest contributor to total global Islamic banking assets, followed by Malaysia at 15.5 per cent and the UAE at 15.4 per cent. Ernst & Young said in its World Islamic Banking Competitiveness Report that the total assets with commercial banks in those six countries are expected to reach $1.6 trillion by 2020. Read the original story at: Islamic banking assets with commercial banks to be worth $920 billion by end of 2015