AL RAJHI SAUDI BANK REMAINS WORLD’S LARGEST ISLAMIC BANK

Riyadh, 17 Shawwal 1436/2 August 2015 (MINA) – In a ranking exercise of the top Islamic Banks based on assets, the leading Islamic Finance industry title Islamic Finance has released a charting application to visualize rankings, according to Sukuk, and Islamic Finance websites.

Based on the rankings Gulf based banks dominate global Islamic bank rankings with Al Rajhi bank maintaining its top ranking based on assets of over $82 billion, followed by Kuwait finance house on $56.8 billion, Dubai Islamic bank on $33.73 billion and Abu Dhabi Islamic bank with $30.49 billion in assets.

The associated ranking application ‘The Islamic Bank Chart‘ released by IslamicFinance.com to visualize Islamic Banking ranking data allows for the comparison of top ranked banks, as well as the ability to filter by country or to select a specific bank, International Islamic  News Agency quoted by Mi’raj Islamic News Agency (MINA) as reporting.

Overall, Islamic finance assets are heavily concentrated in the Middle East and Asia, although the number of new markets is expanding.

The GCC region accounts for the largest proportion of Islamic financial assets as the sector sets to gain mainstream relevance in most of its jurisdictions; the region represents 37.6 percent of the total global Islamic financial assets.

The Middle East and North Africa (MENA) region (excluding GCC) ranks a close second, with a 34.4 percent share, buoyed by Iran’s fully Shariah compliant banking sector. Asia ranks third, representing a 22.4 percent share in the global total, largely spearheaded by the Malaysian Islamic finance marketplace. (T/Imt/R03)

Mi’raj Islamic News Agency (MINA)