UAE dominates Islamic bank rankings in H1

Banks from the UAE dominate the Emirates Business rankings of top Islamic banks in the GCC, with four UAE entities finding place among the top 10 based on assets as of June 30, 2009.

The combined asset base of the top 25 Islamic banks in the GCC stands at a $218.76 billion (Dh803.51bn), a growth of just a little more than two per cent over the end-2008 figure of $214bn, exclusive research by this paper reveals. However, assets of the top 25 Islamic banks witnessed an impressive growth of more than 28 per cent in 2008 over 2007.

There are a total of six UAE banks among the top 25 Islamic banks, with a combined asset base of almost $62bn – topping the country charts.