Islamic banks experienced the same reprieve as their conventional peers in 2021, as Covid-19 restrictions eased and global economic activity – and with it the price of oil – increased significantly compared with 2020. Improved conditions saw profitability rebound across the board, and asset growth remained steady despite slower growth in the key markets of Malaysia and the UAE.
In the main, however, The Banker’s Top Islamic Financial Institutions ranking for 2022 showcases an industry in rude health at the end of the initial pandemic phase. Moreover, the industry’s heartlands of the Middle East and Asia-Pacific look set to avoid the worst of the fallout from Russia’s invasion of Ukraine, at least in the short term.
