Islamic finance doing well says report
Manama, November 24, 2010
Islamic finance and the GCC markets are outperforming the rest of the world, delegates at the world's largest gathering of Islamic bankers were told yesterday.
The World Islamic Banking Conference which is held annually in Bahrain has attracted more than 1,200 industry leaders from 50 countries to the kingdom.
Delegates heard the upbeat news from the latest World Islamic Banking Competitiveness Report launched by McKinsey & Company at the event.
The report said the Islamic finance industry had posted strong growth in 2010 though profitability had declined.
And it predicted Islamic finance could grow further, particularly in the small to medium-sized business sector across emerging markets.
Speaking at the conference, Ernst & Young Bahrain partner Sameer Adbi said that while the Islamic finance industry would not reach the levels of growth it had achieved before the financial crisis, it would still outperform conventional banking in the coming years. - TradeArabia News Service