GULF DAILY NEWS: MANAMA: A new report from a global strategic management consulting firm shows that Islamic banks are making their mark in non-Muslim countries.
The AT Kearney study reveals that these wholesale banks target a broad set of corporate, institutional and high net worth clients, both Muslims and non-Muslims.
While Sharia-compliant banking has traditionally focused on the GCC and Malaysia, there has recently been a dramatic increase in the number of Islamic banks outside the core markets, most remarkably in the UK, where the number of Islamic banks has more than doubled over the past 12 months.
At the same time, their products remain popular in their core markets, where Islamic banks consistently outgrow their conventional competitors.
"While Islamic banks in their core markets take a universal banking approach, with retail, corporate and investment banking business lines, they focus on wholesale banking in the UK," said AT Kearney Middle East manager of financial services Dr Alexander von Pock.
Assets in the Islamic banking sector grew to over $250 billion globally in 2006, according to the UK Treasury. Islamic Banks ‘Are Making [Their] Mark’ >>>
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