Islamic banking is growing at more than double the pace of conventional banking in Kuwait and strong demand is expected throughout the Arab region, the chairman of Boubyan Bank (BOUK.KW) said on Wednesday.
Credit volumes at Islamic banks in Kuwait reached 11.1 billion Kuwaiti dinars ($39.3 billion) in the first nine months of 2012, up 13.2 percent on last year, Boubyan Chairman and Managing Director Adel Abdul Wahab al-Majed told the Reuters Middle East Investment Summit.
That compares with 5.6 percent credit growth to 18.6 billion dinars at conventional banks, Majed said.
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