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GCC leads the way in Islamic banking, says new report

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Saudi Arabia’s Al Rajhi Bank, Kuwait Finance House and Dubai Islamic Bank have emerged as the top three biggest Islamic banks in the world. This is according to a new report released by the Islamic finance portal.

The review – entitled ‘The Islamic Bank Chart’ – features a comparison of all of the Islamic financial institutes across the globe, featuring various data and information on each one. Based on the rankings, Al Rajhi is the world’s biggest Islamic bank, with assets of over $82 billion. It is followed by Kuwait Finance House and Dubai Islamic Bank on $56.8 billion and $33.73 billion, respectively.

 

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The Chart

According to the website, only wholly Shariah compliant banks were considered for the ranking, with windows-based operations not included. Asset data was collected from the latest available annual reports, and where appropriate, values were converted into US dollars using the average exchange rate for 2015.

Overall, Islamic finance assets are heavily concentrated in the Middle East and Asia, with the GCC accounting for the largest proportion of Islamic financial assets at 37.6%. The Middle East and North Africa (MENA) region – excluding the GCC – comes a close second, with a 34.4% share. Asia, meanwhile, ranks third, representing a 22.4% share in the global total, largely spearheaded by the Malaysian Islamic finance marketplace.

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