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GCC VAT a test for Islamic Finance- Fitch


Goldmoney adds Shariah-compliant methods to boost investment from Islamic markets


Path Solutions joins CIBAFI, the world renown General Council for Islamic Banks and Financial Institutions


"Kazakhstan Islamic Finance 2016: a new frontier for Islamic finance" country report


Azerbaijan looks to new Islamic bank as sector rules progress


Linar Yakupov received an award for his contribution to the development of Islamic finance industry in Russia


The 2nd International winter school of Islamic law and economics has started in Kazan


Russian financial experts are exploring options to launch Islamic Banking


Recent Comments


Islamic banking will be most relevant to SME sector: Zafar Sareshwala

Interview with director and head of Islamic Corporation for Development's (ICD) India operations.


Islamic Develop Bank calls for new Islamic microfinance structures

As the Shariah-compliant Islamic finance sector booms in the GCC region, the President of the Islamic Development Bank (IDB) Group, Dr. Ahmad Mohamed Ali, asked experts in the field to develop new Islamic microfinance structures.


Dubai Silicon Oasis Authority and Thomson Reuters Reveal Key Findings of Digital Islamic Economy Report 2015

Dubai Silicon Oasis Authority (DSOA) and Thomson Reuters, with support from the Dubai Islamic Economy Development Centre (DIEDC) released the 'Digital Islamic Economy Report' for 2015, in collaboration with DinarStandard.

Gulf Islamic banks’ cumulative profits exceeded $12 billion


The total profits of Islamic banks in the Gulf countries exceeded $12 billion in 2014 for the first time ever, states the economic report by Ernst & Young.
Gulf Islamic banks’ cumulative profits exceeded $12 billion
The Ernst & Young presented the analytical study entitled as «World Islamic Banking Competitiveness Report 2015-16» in a conference in Bahrain’s capital Manama.

The key findings can be crucial for the future of the Islamic banks. Technological innovations and digital transformation will play an important role in building relationships with customers by assisting banks to meet the customer requirements.

According to the report, nine major markets are currently engines of growth for the global Islamic financial industry. Forty systemically important banks from these markets are presented in the report. The capitalization of more than 50% of these financial institutions exceeds 1 billion US dollars.

The Gulf Islamic banking sector growth, particularly in Saudi Arabia can be related to the increased budget expenditures from the oil income. It is revealed at the same time, that governments intend to withdraw resources from the banking sector in order to reduce the budget deficit caused by the fall of the global oil prices.

It is also stated in the report that the Islamic banking sector in the UAE gained momentum due to the growing development and innovation achieved in the digital world. This is what puts it on par with Malaysia in terms of global market share.

The full version of the report is planned to be presented on December 2015.

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Malaysia's fast-growing Islamic finance sector benefits not only the Muslim world but also non-Muslim countries, said former Prime Minister Tun Abdullah Ahmad Badawi.

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