Since the beginning of 2006, The Banker has listed 78 new Islamic financial institutions formed or under formation (u/f). They include Bank of London and the Middle East, set up in the UK in July this year; Islamic Bank of Asia, a subsidiary of DBS Bank, set up in Singapore in May; Boubyan Takaful Insurance Company, set up in Kuwait in June last year; and AmIslamic Bank Berhad, set up in April 2006 in Malaysia, which has the highest sharia-compliant assets ($22,263.25m) among the new entrants.
Only 11 of these 78 were able to provide basic figures but the strong range of product categories and diverse geographic spread, from Yemen to Afghanistan, clearly demonstrates the expansion potential in the industry. And with 47 of the 78 from the six Gulf Cooperation Council (GCC) states, the GCC will remain a key growth area.TABLE: LATEST ENTRANTS - ISLAMIC FINANCIAL SINCE 2006
