Statistical data of development of Islamic Bank s activity
The growth of the Islamic banking and financial sector coincided with the surplus of revenue of Islamic oil-exporting countries. More recently, the globalization of the economy, the liberalization of capital flow, and privatization have paved the way for the expansion of the Islamic financial sector. [7] majority of recent studies of Islamic finance have commented on the spectacular growth of Islamic assets. While the volume of Islamic financial assets at the turn of the millennium was estimated to be in excess of 150 billion dollars (Niquet, 2008), it is currently deemed to be in excess of 700 billion dollars, including nearly 300 billion dollars of assets and over 400 billion dollars of financial investments managed by Islamic banks. The growth rate of assets owned by Islamic banks, which increased from 15% in 2000 to 23% in 2008, is significantly higher than the growth rate of assets owned by conventional banks. Another remarkable and exceptional fact is that in countries such as the United Kingdom, Islamic assets have continued to gro w in spite of the severity of the subprime crisis and the subsequent credit crunch (Jouini & PastrГ©, 2008). Islamic banking remains highly concentrated geographically, since nearly two-thirds of Islamic financial assets are located in the Gulf, while almos t 20% are located in South-East Asia (Hassoune & Satel, 2008). The available studies and statistics indicate that the growth rate of Islamic assets is approximately 39% in the GCC zone as opposed to just 15-20% in the rest of the world (MIFC 2009 ). Another remarkable fact is apparent from the wide range of publications in the field, ie the good financial health of Islamic financial institutions. To cite just two examples, the average return on equity (ROE) of the Kuwait Financial House and the < span align = "justify"> Al Rajhi Bank over the course of the last ten years is approximately 30%. There are two reasons which account for this high level of financial performance. In terms of resources, Islamic banks have access to a vast amount of relatively cheap deposits (the current total amount of available savings in the Gulf and south-east Asia is estimated at around 5000 billion dollars). In the realm of employment, the price of Islamic products remains relatively high. The level of risk on the main market of Islamic banks - the retail market - is relatively low. [7]
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Table 1 provides an overview of the descriptive statistics for the values ​​of variables used in the assessment of efficiency scores of Islamic banks. The statistics ...
