Islamic banks in Lebanon need new rules-Al Baraka

Islamic lenders will find it difficult to compete in Lebanon's banking sector without regulatory amendments to support growth of the Islamic banking industry, Mutasim Mahmassani , the general manager of Al Baraka Bank Lebanon said. He said that the market share of Islamic banking assets in the overall banking industry in Lebanon remains below 1%. Al Baraka Bank Lebanon , a subsidiary of Al Baraka Banking Group, expects its profits to grow by 7-8% this year to nearly USD 1 million, he added. The official said that lack of awareness of Islamic banking options in Lebanon was also a major obstacle to growth, adding that murabaha is the most popular tool of Islamic finance in Lebanon.