DAR AL ISLAM: THE GROWTH OF A PARALLEL SYSTEM OF BANKING, AN ISLAMIC ONE

Oxford Business Group tie- up with leading Islamic bank to produce unique report

Islamic banks are growing at an annual rate of 23 per cent globally, far outpacing the 10 per cent 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 from the increase in oil prices due to excess liquidity from investment 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.

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Pertinent Links:

1) Oxford Business Group tie- up with leading Islamic bank to produce unique report