GCC: Total financial assets of Islamic Banks valued
On the sideline of the Annual Islamic Bankers' Forum, Dr. Ezzeddine Khoja, the Secretary-General of the General Council for Islamic Banks and Financial Institutions (GCIBFI), estimated at $250 billion the total financial assets value of the Islamic banks and companies, excluding the Islamic investment funds.
According to him, the financial assets value of the Islamic banks and companies in the Arabian Gulf States grew to $85 billion last year, up from $61 billion in the previous year, a 35% growth.
- Saudi Islamic finance assets estimated at $94 billion
- Total exports of Bahrain in 2004 stood at BD2.83bn, an increase of 13.4% over 2003
- An unfathomable figure: GCC banking assets set to hit $2 trillion by 2015
- Value of Assets Managed by Global Islamic Banks Expected to Touch AED14.6 Trillion (US$ 4 Trillion) by 2020