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ISLAMIC BANKS ASSETS LIKELY TO REACH 1.8 TN USD IN 2013

Inside India

Islamic banking assets with commercial banks globally reached up to 1.3 trillion USD in the year 2011. It is estimated that it will reach 1.8 trillion USD by the end of 2013. This would represent the average annual growth of 17 per cent, states a report of Ernst & Young’s World Islamic Banking Competitiveness, 2013. Islamic banking assets with commercial banks, as per the report, grew to 1.3 trillion USD in 2011, achieving an average annual growth of 19 per cent over past four years (24 per cent in 2011). E&Y launched an EY Islamic Banking Universe this year to track industry performance across core Islamic finance markets with a combined GDP of 5 trillion USD in 2011. Islamic banking assets are likely to go beyond 2 trillion USD by 2014, the report says. Islamic banks continue to grapple with multiple challenges relating to sub-scale operation, asset quality, negative operating income from core activities and a weak risk culture, it said.



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