Dubai – Mubasher: Fitch Ratings said that the Islamic financing growth in the UAE has slowed down in 2016.
The rating firm noted that although the growth slowdown, Islamic Finance remained of better growth that the conventional banking, supported by enhanced recognition of Islamic finance and wider adoption of sharia products, especially in retail.
The six largest Islamic banks and the Islamic windows of conventional banks raised their stakes to 26% in the first half of 2016 compared to 25% in the year-ago period, while lending was up 4% year-on-year.
"We expect growth of Islamic bank financing to be in high single digits in 2016, still higher than that of conventional banks," Fitch said.
