Ernst and Young presented the 8th annual edition of the World Islamic Banking Competitiveness Report 2011-12 in Manama today. According to the report, global Islamic banking assets with commercial banks to reach $1.1 trillion in 2012.
“Shari’a compliant assets represent 14% share
of MENA banking market, 26% in GCC,” said Ashar Nazim, Islamic Financial Services Leader, Ernst and Young. With Oman recently legalising Islamic banking earlier in this year, the GCC’s share is expected to rise further. “Globally as mature markets press forward with banking reforms, many
others are keen to explore an alternative Islamic finance option,” Nazim added. Regarding the creation of new Islamic financial institutions, Nazim could not confirm that an Islamic Bank of Switzerland is underway, as some media reports unveiled a month ago, also mentioned by the E&Y report. “We heard about this development but we cannot elaborate at this point of time,” Nazim told AMEinfo.com.