Islamic banks are growing at an annual rate of 23% globally, and are far outpacing the 10% set by conventional banks, and will attract half of all Islamic funds world-wide in as little as a decade, according to a top Islamic Banking MD in the UAE capital.

“Islamic Deposits in the Gulf investment accounts have more than doubled within the past five years, resulting in the increase in oil prices due to excess liquidity from increasing projects, the rise in the Sukuk market, and new banking job opportunities,” said Ahmed Darweesh Bin Dagher Al Marar,  Managing Director, Abu Dhabi Islamic Bank (ADIB).

The projections were made as a top level research partnership was announced  between ADIB – the Islamic financial institution operating in accordance with Shari’a principles - and the Oxford Business Group (OBG), the UK-based publishing, research and consultancy conglomerate to produce the most authoritative analysis of the UAE capital’s Islamic Financial Services sector to date.

“This spark of Islamic Banking has created new opportunities in the region’s finance industry, and working with OBG, we aim to help inform the market on the benefits of Islamic Banking,” said Mr Ahmed Darweesh Al Marar.

“The first modern Islamic finance institutions were formed about 20 years ago.  Today there are over 300 around the world with total assets in excess of $300bn,” said Patrick Wrigley, Editorial Manager, OBG. 

“The vitality of the Islamic market in Abu Dhabi, has stirred other commercial banks to find ways to enter the market so the range of customer options is growing steadily.”