Global Islamic finance assets are projected to grow 36% by 2028
Islamic banking
Latest in Islamic banking
halal
UAE sets $697bn Islamic bank target and aims for Halal export boost; Cabinet reviews tourism sector amid $122.5bn goal
UAE Cabinet meeting reviews Islamic finance, tourism and Hajj strategies
Dubai
Dubai Islamic Bank total income grows 15.9% to $6.36bn in 2024
Pre-tax profit up 27% to $2.45 billion; Customer deposits up almost 12% to $67.8 billion; NPF ratio improves 140bps to $2.48 billion
financial institutions
United Arab Bank reports 30% jump in pre-tax profit for FY2024
Total assets for the Sharjah-based bank climb 22% to $5.85 billion driven by a 23% growth in loans, advances, and Islamic financing
digital payments
Mastercard, ruya collaborate to bring innovative digital products to UAE’s Islamic banking landscape
The bank will benefit from the services of Mastercard Advisors, which employs more than 3,000 consultants in 53 countries
Islamic banking
Neutral outlook for EMEA Islamic banks as consolidation persists in 2025: Report
Consolidation will continue to shape the market across Europe, the Middle East, and Africa next year, particularly among smaller Islamic banks with weaker franchises
Islamic banking
Islamic financing to outpace conventional banking in GCC amid rising demand, Moody’s reports
The global rating agency predicted further growth for Islamic financing in the region through mergers
CBUAE
UAE Islamic bank assets grow $23.4bn in a year
UAE’s Islamic bank sector sees massive growth in value of assets
fintech
Fintech propels Islamic banking to $4 trillion: Report
The report also said countries such as the UK, Russia, Kazakhstan, and Australia are poised to set new standards in Islamic banking
Dubai
Dubai Islamic Bank’s income grows 47 percent to $3.95bn for first nine months
Bank’s balance sheet crosses the AED300 billion-milestone for the first time, reaching AED313 billion ($85.23 billion) up 9% YTD
Islamic banking
Worldwide Islamic banking assets worth $4tn, set for massive growth
Islamic banking assets could rise to $5tn by 2025 say analysts
Islamic banking
Saudi Arabia, Kuwait to fuel 10% annual growth in Islamic finance sector: Report
S&P forecasts around 10 percent aggregate growth across the Islamic finance industry between 2023-2024
banking
Dubai Islamic Bank reports 15% rise in its net profit to AED3.11bn in H1, 2023
The bank said the improvement in its performance was driven by rising core revenues, controlled impairments and effective cost management
CBUAE
UAE Islamic banks’ gross assets reach AED650bn in Q1, 2023
Their deposits also registered a 6.2% increase to AED453.4 billion during the period
Islamic banking
Global Islamic finance industry continues its growth path
In 2022, the Islamic finance industry continued to expand, with assets up by 9.4 percent compared with 12.2 percent in 2021, supported by growth in banking assets and the sukuk industry.
CBUAE
UAE Islamic bank assets reach $169.1bn
Islamic banks operating in the UAE saw a steady increase over the course of the past year
Bank of London and the Middle East
Digital Islamic bank Nomo plans aggressive expansion into UAE and Saudi Arabia with local partners
Nomo currently has an operational setup only in Kuwait, though it caters to customers in the entire Middle East through its digital app