Dubai – Decypha: The possibility of mergers in the UAE’s Islamic banking industry has been ruled out by Noor Bank’s Chief Executive Officer, Hussain Al Qemzi, during an interview with Arabian Business.
“I don’t see any mergers [among Islamic banks], but I advocate collaboration, which is vital among our banks,” Al Qemzi told Arabian Business in an exclusive interview.
“We do hold a special forum under the UAE Banks Federation where we exchange views and look at issues that we face. Collectively, we try to pursue these issues,” said Al Qemzi.
The last merger in the Islamic banking industry was seen in 2012 when Dubai Bank merging with Emirates Islamic Bank.
While Muslims globally are estimated to be have $11.5 trillion in wealth, just $2 trillion is held in Islamic financial services, according to London-based Edbiz Corporation.
On the conventional banking side the latest merger taking place is between First Gulf Bank and National Bank of Abu Dhabi, expected to complete by end of first quarter 2017. The merged entity is likely to create one of the largest banks in the Middle East and Africa, with assets of $175 billion (AED642 billion).
By Decypha News Editorial Team
