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Assets of Islamic banks grew 66 percent in 2008

They increased from $350 billion in 2007 to…


August 29, 2009 7:25 by

Assets of the world’s 100 biggest Islamic banks grew 66 percent in 2008 from the previous year, according to an annual report by The Asian Banker magazine. The banks held assets totaling $580 billion last year, up from $350 billion dollars in 2007.

“Islamic finance has seen an incredible surge in popularity, based on stronger regulatory regimes and a better international understanding of its dynamics,” said Emmanuel Daniel, the magazine’s president and CEO.

Saudi Arabia’s Al Rajhi Bank had the highest net income of $1.74 billion.


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