Kuwaiti lender sees Islamic banking boom

According to the chairman of Boubyan Bank, Islamic banking in Kuwait is growing double as fast as conventional banking. Throughout the Arab region, the demand is expected to be strong. In the first nine months of this year, credit volumes at Islamic banks in the kingdom reached KD11.1 billion ($39.3 billion). This is an increase of 13.2% compared to the same period in 2011. Meanwhile, conventional banks were able to register credit growth of 5.6% reaching KD18.6 billion. This is the reason why Boubyan has no interest in in overseas expansion yet.