IslamicFinance.de

Over the years, Islamic banking in the Gulf Co-operation Council region has witnessed remarkable growth and seen tremendous demand for its products and services, the report said. The share of Islamic banking sector continues to increase, accounting for around 16.6% of the total assets of the region’s banking system as of end-March 2010.
In order to meet the growing needs of Shariah-compliant financing in the region, most conventional banks have either opened a new subsidiary or introduced an Islamic window within the existing infrastructure, according to KFH.
In terms of financing, opportunities for Islamic banks in the GCC include residential mortgages, underpinned by a high level of demand for home mortgages within the local market.