Study: Islamic banks grow faster than conventional counterparts

Islamic banks are growing faster than their conventional counterparts, but still focus on a limited number of core markets, according to a study made by EY. The study’s report said that Islamic banks in six main markets (Qatar, Indonesia, the Kingdom of Saudi Arabia, Malaysia, the UAE and Turkey) gained $625 billion by end of 2013, which is equivalent to 80 per cent of the global Islamic finance market. The report expects that total Islamic banking assets in six main markets will hit $1.8 trillion by 2019. The Islamic banking sector is expected to achieve some gains in other markets like Egypt, Pakistan and North African countries like Tunisia, Algeria, and Morocco.