Thursday 16, October 2014 by Robin Amlôt

Optimistic outlook for Gulf Islamic banks

While not everything in the garden is exactly rosy, there is no doubt that the message being delivered by Standard & Poor’s at its 3rd Annual Islamic Finance Conference, held in the Dubai International Financial Centre mid-October was an upbeat one for the Islamic finance sector. Ahead of the conference Timucin Engin, , Director Rating Analytical, Financial Institutions at S&P, noted in conversation that all of the banking licences issued in the last six years in the GCC have been for Islamic banks and banks converting to Shari’ah compliance. If that’s not a sign of government support for the sector overall across the region I am not sure what is!