IslamicFinance.de

More than 400 Islamic banks and financial institutions are now operating in over 60 countries from different regions. The Dubai Center for Islamic Banking and Finance (DCIBF) has released its second annual report on Islamic economy during the third Global Islamic Economy Summit in Dubai. The report focuses on the efficiency performance of 131 Islamic banks operating globally and other various key facets of Islamic banking. The Kuwait Finance House (KFH) received the highest efficiency score, followed by Al Inma Bank from Saudi Arabia, which obtained the top score in terms of cost-efficiency. Although it is expected that Islamic banking will continue to grow globally, the report warns that it may face challenges especially in countries that heavily rely on oil and other commodity prices. In this regard, diversification of the industry and further expansion is essential for its sustainable growth.

The Dubai Center for Islamic Banking and Finance (DCIBF), a joint initiative of Hamdan Bin Mohammed Smart University (HBMSU) and the Dubai Islamic Economy Development Centre, has formally released its second annual report on Islamic economy. The report titled 'Islamic Banking: Growth, Efficiency and Stability' focuses on the efficiency performance of 131 Islamic banks operating globally and other key aspects of Islamic banking. The Kuwait Finance House (KFH) received the highest efficiency score, followed by Al Inma Bank from Saudi Arabia, which obtained the top score in terms of the most cost-efficient Islamic bank in the world. The top 20 most efficient Islamic banks come from seven countries, including the UAE, Qatar, Malaysia, and Bahrain in addition to Kuwait and Saudi Arabia. Outside the GCC region, it is only Malaysia that made it to the top 20 list. Mansoor Al Awar, HBMSU Chancellor, said the results would positively impact the entire global Islamic economy, as more essential reforms will be implemented to improve competitiveness.