(MENAFN) The slowdown at Islamic banks in the GCC States will persist this year after asset growth dropped to 5.3 percent last year from 10.7 percent in 2014.
Accordingly, asset growth will stabilize at almost 5 percent as government's spending cuts and revenue-boosting initiatives, like new taxes.
While the economic slowdown will remain pronounced in KSA, Islamic bank's growth accelerated last year, due to their plan of increasing business amid corporates and SMEs.
Meanwhile, the fall in economic activity was steeper in Qatar, where a mix of lower liquidity and government spending cuts prompted banks to limit their expansion plans.
MENAFN2106201700450000ID1095571071
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.