Islamic Banks' Assets Grow Meagrely

News: Lebanese Islamic banks, eight years after their introduction into the country, are struggling hard to establish themselves in Lebanon's thriving and competitive banking sector. The Lebanese central bank revealed that the assets of Islamic banks meagrely increased to US$712mn by November 2013, compared with US$674mn in December 2012. The country has four shari'a-compliant banks, which failed to raise their share beyond even 1%. 'People in Lebanon are not very well cultured about the various Islamic banking options, and more awareness must be created of this system by organising workshops and conferences,' Al Baraka Banking Group's CEO and President Adnan Youssef said (The Daily Star).

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Geography: Lebanon

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