Islamic banking shines
According to Standard Chartered Saadiq, Islamic banking assets in the UAE are forseen to grow to 20 % of the total banking sector in 2012 from an estimated 18 % this year.
The bank anticipates Islamic assets to comprise 38 per cent of total consumer banking assets in the UAE in 2012, compared to about 35 per cent in 2010.
Globally, the Islamic banking industry is estimated to be worth $1 trillion.
Standard Chartered Saadiq plans to begin Islamic banking operations in Nigeria and Oman next year, as it seems to grow its Shariah-compliant business in the Middle East, Africa and southeast Asia.
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