Islamic finance institutions add $580bn in assets

Total assets at the world’s 100 largest Islamic banks climbed by 66 per cent to more than US$580 billion (Dh2.13 trillion) last year, according to a report by Asian Banker.

The dramatic jump reflects the rapid growth of the Islamic finance industry as a whole, analysts say. While little reliable data exists on Islamic assets globally, the overall industry is by some estimates worth about $1 trillion and growing.

“Overall, 2008 was a relatively good year for the Middle East and Asian financial sector, with banks including Islamic financial institutions posting stellar performance in the first half of the year,” said Khalid Howladar, a senior credit officer for Islamic finance at Moody’s in Dubai. “The slowdown fully took effect only in the third and fourth quarter.”