23.01.2012 - UAE's Islamic banks control 30 pct of global Islamic banking
Abu Dhabi Islamic Bank (ADIB), in its Abu Dhabi 2011 Report unveiled by Oxford Business Group, highlighted the important role played by the Islamic banking sector in promoting economic and financial growth in the UAE. The report revealed that the UAE Islamic financial services sector represented 30% of the global Islamic banking industry in 2011 and due to the growing demand for Islamic financial services among different customer segments within the UAE. The report showed that Islamic banks have played a major role in financing UAE infrastructure projects, residential properties for UAE nationals and development of the human capital market through training of national talent. Islamic banking assets in MENA rose to US$ 416 billion in 2010. This represented a cumulative annual growth rate of 20% over five years, compared with less than 9% for conventional banks. (Press Release)