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.

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.

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.

Competition to be the Middle East’s leading international financial centre is rife. However, recent domestic problems in Dubai and Manama have weakened their respective positions, and have created an opening for Qatari capital Doha to emerge as a stronger challenger. 

Dubai’s banking sector has suffered a series of setbacks in the past few years. But with a series of new bond issuance from state-owned companies being met with high demand, and banks rolling out new mortgage products, 2011 has seen an upturn in the fortunes of the emirate.

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.

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.