Global Arab Network | UAE: Global Islamic Banks Assets to Touch US$ 4 Trillion by 2020

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UAE: Global Islamic Banks Assets to Touch US$ 4 Trillion by 2020

Global Arab Network - - George Haddad

Thursday, 20 May 2010 15:07

UAE (Dubai) - Industry analysts at the International Islamic Finance Forum 2010 are of the opinion that the value of assets managed by Islamic banks is expected to grow to AED14.6 trillion (US$ 4 trillion) by 2020.

This would be possible as the world’s Muslim population grows larger and globally more non-Islamic jurisdictions warm up to the concept of Islamic banking. However, the need of the hour according to analyst is addressing issues such as evolving sukuk structures, poor corporate credit and product innovation.

These sentiments were expressed through an electronic voting system by delegates and high-profile speakers at the Forum. Poor corporate credit was rated deemed as the primary cause of recent sukuk defaults and near defaults, followed by lack of Islamic regulatory oversight. 44.5 percent of participants voted that sukuk structures will evolve only over the next three years from asset-based arrangements to true asset-backed.

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