Amman, Jan. 18 (Petra) – Secretary-General of the Union of Arab Banks (UAB), Wissam Fattouh, revealed that the size of the Islamic financial industry reached approximately $3.38 trillion by the end of 2023.

He noted that $1.8 trillion of these assets are concentrated in the Gulf Cooperation Council (GCC) countries, representing 52.5% of the total global Islamic assets.

Fattouh announced that two Jordanian banks were included in the list of the world’s best Islamic banks, as published by The Banker magazine. These banks, ranked based on Sharia-compliant assets, are the Jordan Islamic Bank and Bank al Etihad. Their Sharia-compliant assets totaled approximately $10.7 billion, with a combined capital of around $1.2 billion.

The Jordan Islamic Bank ranked 26th in the Arab world and 42nd globally in terms of Sharia-compliant assets, followed by Bank al Etihad in 34th place regionally and 60th globally.

Data showed that 77 Arab banks entered the list, with a total of $1.41 trillion in Sharia-compliant assets and total assets amounting to $2.659 trillion.

Iraq had the largest number of Islamic banks included in the list, with 19 banks, followed by the UAE with 12, Saudi Arabia with 9, Bahrain with 9, Oman with 7, Qatar with 5, Kuwait with 4, Palestine and Syria with 3 each, and Jordan and Egypt with 2 each. Tunisia and Sudan each had one bank.

Saudi banks led the list in terms of Sharia-compliant assets, totaling $732 billion, followed by UAE banks with $225 billion, Kuwaiti banks with $161 billion, and Qatari banks with $147 billion.

//Petra// AF
18/01/2025 22:47:41