04.07.2011 - Islamic wealth management grows in the Gulf
Islamic financial institutions (IFIs) are not willing to leave wealth management to conventional foreign banks any longer. According to the 15th Cap Gemini Merrill Lynch World Wealth Report, the number of high-net worth individuals in the Middle East increased in 2010 by 10.4% to 440,000. Altogether they sit on $1.7tr, 12.5% more than in 2009. In the UAE, the happy few with over $1m said good-bye to some 1,900 wealthy members of the HNWI club, a decrease of 3.5%. Nevertheless in the UAE, all IFIs have established wealth management centers in recent years. At Dubai Bank this segment is called Royal Banking..............................................Full Article: Source
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