Banking studies institute issues its report on GCC banks

Kuwait’s Banking Studies Institute issued its 24th report on Gulf Cooperation Council (GCC) banks with comprehensive data on performance, growth rates, and profitability of conventional as well as Islamic banks over the past three years. Institute Chairman Dr. Yagoub Al-Rifaei said the report included an analysis of data of 52 main conventional banks and 20 Islamic Shariah-compliant banking institutions in the GCC countries. He said assets of banks reported on came to USD 250 million and higher, each. The report was issued supplemented with comparison graphs and tables for the main indices and points of interest for the period concerned. The importance attached to issue of this report is due to the fact that it reflects the practical and felt results of official bodies’ efforts at realizing stronger monetary and economic cooperation and integration. There is also the key role played by and the weight of the Gulf banking sector in comparison with non-state sectors of the GCC in local, regional, and international markets. The chairman said the report was issued in both Arabic and English to provide easier access to accurate data for those in the field, and he noted there is a summary of the main indicators and content of the report accessible via the institute’s webpage.