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Max |
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40°C |
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Min |
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30°C |
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05 : 30 AM |
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Sunset |
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06 : 30 PM |
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50 to 80 per cent |
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03:58 am |
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Dhuhr |
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12:09 pm |
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Asar |
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03:30 pm |
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Magrib |
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06:50 pm |
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Isha |
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08:09 pm |
- Oil Price
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Price in RO
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24ct / gm |
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17.37 |
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22ct / gm |
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17.00 |
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Forex Rates vs R01
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2.60 |
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2.01 |
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Pound |
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1.72 |
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Indian Rs. |
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144.42 |
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Pak Rs. |
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255.85 |
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Bangla Taka |
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201.35 |
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Muscat: Islamic banking assets with commercial banks in the Gulf Cooperation Council (GCC) reached $445 billion at the end of 2012, up from $390 billion in 2011, up by14 per cent year-on-year, which is considerably lower than the five year average of 19 per cent, according to estimates by Ernst & Young's Global Islamic Banking Center.
The report also said that the outlook for the industry remains relatively positive in 2013.
Qatar was the fastest growing market where Islamic banking assets have grown by more than 23 per cent in 2012. While Islamic banking assets with commercial banks in the GCC grew by 14 per cent in 2012, conventional banking assets grew by only 8.1 per cent — indicating the relative resilience and potential of the industry, says the Ernst & Young research note.
Ashar Nazim, partner, Global Islamic Banking Center, E&Y said: "We expect a relatively positive outlook for the Islamic banking industry in the GCC. Quality of growth remains under pressure and we expect more Islamic banks initiating an honest introspection of their operating model, especially with regards to the weak data management infrastructure."
Inability of most Islamic banks to generate accurate data and on time remains a serious concern for the management, the board as well as the regulators. Where such information is available, the analysis remains very rudimentary and has not really translated to a true competitive advantage."
In comparison to their conventional banking peers, Islamic banks remain technologically disadvantaged as software systems are primarily designed for financial institutions based on conventional banking frameworks. While the industry regulators are looking to tackle this issue, it remains a concern for the industry leading to significantly higher operational and commercial risk. In Oman for example, the Islamic banking regulatory framework has recently been introduced, requiring Islamic banking institutions to ensure that all core banking systems are certified as Sharia-compliant. Global Islamic banking assets with commercial banks are now at $1.55 trillion in 2012 and projected to exceed $2 trillion by 2015.
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