The events triggered by the 2008 global financial crisis have ushered in a new wave of banking regulation in the United Arab Emirates and led to a greater focus on risk management. While UAE banks now boast some of the highest capitalisation levels in the world, the biggest challenge facing the sector as a whole is that of tightening liquidity.

The Iranian government is insistent that the growing number of sanctions on the country is not having a detrimental effect on the country's economy. Yet, with its banks limited by the financial instruments they can use and the international banks that they can partner, it is proving increasingly difficult for them to remain profitable.

Since awarding the first dedicated investment banking licence in Iran in 2007, the country's Securities and Exchange Organisation has moved slowly, granting only two more licences despite the proliferation of banks looking to expand into the space. But licences are not the only thing lacking in Iranian investment banking; the dearth of large private companies and investment banking expertise is also stunting its growth.

Muhammad Al-Jasser, the governor of Saudi Arabian Monetary Agency, says that while the country's role within the wider Middle Eastern and global economies is an important one, in times of such financial anxiety, it is important to focus on domestic matters.

After recording relatively sluggish growth in last year's survey, this year's ranking shows the Islamic finance industry posting impressive figures, passing the $1000bn mark in assets for the first time.

The governor of Banque du Liban's conservative approach has set Lebanon on a firm post-crisis footing, and has enabled the country's banking sector to ride out the 'Arab Spring' uprisings in the Middle East and north Africa with relative ease.

Awash with liquidity, Kuwait's banks are struggling to find opportunities to deploy their capital. Implementation of the country's much-heralded $113bn Economic Development Plan is making slow progress amid parliamentary disputes, and banks remain wary of the beleaguered investment and real estate markets.

Qatar is one of the world's richest countries, and its banks are enjoying profitable returns across the board. However, there are concerns that the tiny country's banking sector is overcrowded and has too many regulators, leading for calls for consolidation in both areas.