Global Islamic banking assets held by commercial banks are set to cross $1.8 trillion in 2013, up from the $1.3 trillion of assets held in 2011, Ernst & Young’s World Islamic Banking Competitiveness Report 2013 revealed Monday.
Ashar Nazim, Partner, Global Islamic Banking Center of Excellence at Ernst & Young, said: “The top 20 Islamic banks hold 57 percent of the total global Islamic banking assets and are concentrated in the seven core markets for Islamic banking which include: Saudi Arabia, Kuwait, UAE, Bahrain, Qatar, Malaysia and Turkey.” According to the report, in 2011, the Islamic banking industry in Saudi Arabia, with an estimated $207 billion of Islamic assets, was ranked first. Malaysia, ranked second with total assets of $106 billion in 2011 and UAE ranked third with total assets of $75 billion………………………………………..Full Article: Source