Nov 30 2008
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Assets of Arab banks set to reach $2 trillion
Adnan Ahmad Yousef, chairman of Union of Arab Banks, who attended the 2nd Arab-Greek Economic Forum last week in Athens, said that despite the economic upheaval, Arab banks would witness 15 percent annual growth in 2009.
Adnan, who is also chairman and chief executive of the Manama-headquartered AlBaraka Banking Group (ABG), said that the rapid growth of Arab banks had made them one of the most rapidly growing segments within the global banking system. "The balance sheet of Arab banks increased significantly in 2007 rising to $1.69 trillion, an increase of 30 percent over 2006. Our banking sector is made up of 470 institutions forming 267 commercial banks, 45 Islamic banks, 52 investment and national banks, 49 specialized banks and 57 foreign banks," he said.
"As for Islamic finance the number of Islamic banks and institutions operating today in more than 75 countries in five continents is almost 300. Over 120 Islamic banks or 40 percent based in the Arab world and mainly in the GCC and their total assets reached more than $520 billion," he added.
By Mahmood Rafique
© Arab News 2008
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