Islamic Finance Industry Growing 16% Every Year

Abu Dhabi: Abu Dhabi Islamic Bank (ADIB) said the Islamic finance industry is growing rapidly, with global assets increasing by an estimated 16 per cent last year to $1.6 billion (Dh5.9 billion) last year.

The bank convened a high-level workshop in the UAE last week to discuss the current status of the Islamic finance industry and how innovation can sustain its rapid growth.

Speakers at the workshop suggested that better alignment of standards across the industry would allow Islamic banks to compete more effectively with conventional banks and take greater market share.

“Since the global crisis, there has been a clamour globally for a more ethical financial model, and Islamic banks can play a very positive role in leading this move,” said Tirad Al Mahmoud, Chief Executive Officer of ADIB.

Originally published on www.gulfnews.com