Dubai: Islamic banks in the Gulf Cooperation Council (GCC) have recorded strong growth in the last 10 years and account for 15 per cent of banking sector assets in the region, ratings agency Moody's said in a report.

It studied 23 GCC Islamic banks, which had $125 billion in assets at the end of 2006, representing 25 per cent of the total asset base in the sector globally.

Growing competition is seen driving diversification among Islamic banks in the GCC.

Moody's said the dominant commercial-banking model in GCC Islamic banking is increasingly being boosted by the growth of Sharia-compliant investment banking segment as well as other Islamic fin-ance services such housing mortgage.

"Islamic banks in the Gulf control a market share close to 15 per cent of the regional banking system's assets, and have become part of mainstream financial intermediation. At the same time, Islamic banks in the GCC have also become more diverse," the report said.

Islamic banking, which follows the interest-free model in compliance with Sharia, has been expanding at double-digit annual growth rates over the past decade, Moody's said in the report.

Several new banks have joined large institutions established in the 1970s, making the sector more competitive. "Competition has been heating up, forcing Islamic banks to enhance their commercial entrenchment, develop relevant business models, strengthen their brands and reputation and provide innovative solutions to a growing number of clients attracted by the concept of interest-free banking," the report pointed out.

Successful evolution

It said although commercial banking in the Islamic financial industry is expected to remain dominant, specialised and investment houses will continue to grow, as the financing and investment needs of regional clients are getting more specific.

"Given the successful evolution of the industry as a whole, newcomers will intensify competition, forcing established players to seek opportunities in non-core, non-traditional business lines and to explore new territories outside home markets," Moody's said.

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