Global Banking Directory 2.0
Press Release Distribution Service
Add Bank | Banking Forum Online
BankDEP Crypto Bank
BanksDaily on Twitter BanksDaily on LinkedIn BanksDaily on Instagram

Financial and Banking News

Islamic banking assets to exceed $1 trillion

Islamic banking is growing at a phenomenal rate and expected to have assets under management in excess of $1 trillion by 2010.

That is one of the conclusions of the World Islamic Banking Competitiveness report which will be unveiled in Bahrain today at the 14th World Islamic Banking Conference which is being held at the Gulf Hotel. The event kicked off yesterday with pre-conference workshops organised by MTI Consulting of Bahrain, McKinsey and Fitch Ratings.

In the MTI workshop, which looked at marketing effectiveness within the industry, chief executive Hilmy Cader argued that the Islamic banking industry had to improve its marketing and look into product development and service quality within the industry. He said that ITO research showed that while there were lots of products within the industry their were question marks over how well they met the consumer needs.

"Our research shows that we need improvements in the quality of customer services within the industry," he said. "Many customers remain unsure about the real difference between conventional and Islamic finance and that has to change." Hilmy Cader added that the industry was continuing to expand with money moving from conventional finance to the Islamic model across the region.

That is a view backed by McKinsey's report which says that that Islamic banks are growing at a faster level than conventional banking across a wide area. The report, to be published today, also states that the rising interest in Islamic finance corresponds to the increase in the number of players in the market.

While most of the current growth is coming from mainstream businesses and corporate banking three areas of growth stand out, according to McKinsey partner, Ozgur Tanrikulu. He said that sukuk would continue their fast growth curve, driven by large infrastructure and real estate projects and investors search for diversification from fixed income instruments.

Assets management is also set to boom, he said and the Asian Islamic market was also set to grow, driven by government support and product innovation. Around 1,000 delegates from both the Islamic and conventional financial industry from across the globe will turn up for the 14th WIBC.

Source: Gulf Daily News
Date: 10.12.2007 [150]
Get your content published on BanksDAILY.com in just a few clicks.

Financial and Banking News
 Post-Pandemic Economic Recovery: Key Factors Driving Growth and Stability

The COVID-19 pandemic caused a global economic halt, resulting in disruption, job losses, and uncertainty. However, as vaccination efforts progress and countries adjust to the new normal, there is hope for an economic recovery.

 Wiki Finance Expo Sydney 2023 Is Coming Soon!

Regulation, Forex, Crypto, Web 3.0, Metaverse, AI, ESG Will Be in Focus. Taking place on November 16th, Wiki Finance Expo, Sydney 2023 is Aussie largest and most anticipated fintech event of the year. 30.10.2023 | Source: WikiExpo

 Blockchain Economy Dubai Summit 2023: Just Two Weeks Away and Buzzing with Anticipation

Dubai, UAE - The Blockchain Economy Dubai Summit is generating palpable excitement within the blockchain and crypto communities, with only two weeks remaining until the event. Scheduled for October 4-5, 2023, at the Le Meridien Dubai Hotel & Conference Center, this prestigious event gathers over 3,000 blockchain entrepreneurs, crypto enthusiasts, and industry leaders from 85 countries. 20.09.2023 | Source: Teklip

 📰 News Archive

2007-2024 © BanksDAILY.com | All Banks in One Place | Privacy Policy