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Best and largest Islamic banks in the world

Best and largest Islamic banks in the world

Posted on: September 2, 2022

Category: Banking

Author: GBO Specialist

Best and largest Islamic banks in the world

Posted on: September 2, 2022

Category: Banking

Author: GBO Specialist

GBO, a leading corporate services firm, has carried out in-depth research to present you with a detailed report on the largest Islamic banks in the world

Various lists of the Islamic banks in the world may feature different names, based on factors such as assets, revenue, market capitalization, customer base size, or numerous other indicators used to rank them. Consequently, these lists often yield varying outcomes. Additionally, some banks adhere to their own countries’ regulatory requirements, resulting in diverse reporting methods.

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Islamic banks that operate under the specific laws of Sharia that forbid charging and paying interest to Muslim customers form a highly specialized sector of the banking industry.

In addition, the religious law forbids trading of assets that are non-Shariah compliant (or haram). As well as catering for Muslim customers, it is growing to be considered a more equitable and sustainable form of finance in the rest of the world, and so has also gained popularity outside the Muslim world.

The following is the complete list of the 100 largest Islamic banks by assets.

100 largest Islamic banks

	Name of Bank	Country	Assets $ million	Net income $ million	Rank
1	Al Rajhi Bank	Saudi Arabia	97.298	12.943	1
2	Dubai Islamic Bank	UAE	60.899	8.566	2
3	Kuwait Finance House	Kuwait	58.515	6.236	3
4	Maybank Islamic	Malaysia	54.459	2.534	10
5	Qatar Islamic Bank	Qatar	42.088	5.334	5
6	Abu Dhabi Islamic Bank	UAE	34.085	4.826	6
7	Alinma Bank	Saudi Arabia	32.398	5.677	4
8	Parsian Bank	Iran	31.024	394	42
9	Masraf Al Rayan	Qatar	26.723	3.647	8
10	Bank Rakyat	Malaysia	25.846	4.322	7
11	Al Baraka Banking Group	Bahrain	23.809	1.546	17
12	CIMB Islamic Bank	Malaysia	23.580	1.333	20
13	Bank AlBilad	Saudi Arabia	19.629	2.088	11
14	Bank AlJazira	Saudi Arabia	19.460	2.997	9
15	Emirates Islamic Bank	UAE	15.894	1.963	12
16	RHB Islamic Bank	Malaysia	15.867	979	24
17	Bank Islam Malaysia	Malaysia	15.461	1.276	22
18	Public Islamic Bank	Malaysia	15.034	1.099	23
19	Boubyan Bank	Kuwait	14.307	1.593	16
20	Noor Bank	UAE	13.809	1.636	15
21	Qatar International Islamic Bank	Qatar	13.805	1.876	13
22	Barwa Bank	Qatar	12.185	1.854	14
23	Sharjah Islamic Bank	UAE	12.182	1.467	19
24	Al Hilal Bank	UAE	11.883	1.495	18
25	Islami Bank Bangladesh	Bangladesh	11.528	665	32
26	AmBank Islamic	Malaysia	10.345	864	28
27	MBSB Bank	Malaysia	10.343	1.285	21
28	Ithmaar Bank	Bahrain	8.296	226	58
29	Hong Leong Islamic Bank	Malaysia	7.792	559	35
30	Bank Islam Brunei Darussalam	Brunei	7.385	869	27
31	Warba Bank	Kuwait	7.221	892	26
32	Kuwait International Bank	Kuwait	7.141	900	25
33	Bank Syariah Mandiri	Indonesia	6.818	557	36
34	Meezan Bank	Pakistan	6.769	306	50
35	Ajman Bank	UAE	6.165	666	31
36	AFFIN Islamic Bank	Malaysia	6.130	444	39
37	Jordan Islamic Bank	Jordan	5.864	590	33
38	Bank Muamalat Malaysia	Malaysia	5.607	576	34
39	Faisal Islamic Bank of Egypt	Egypt	5.383	673	30
40	HSBC Amanah Malaysia	Malaysia	4.921	441	40
41	Sina Bank	Iran	4.901	335	48
42	Al Salam Bank	Bahrain	4.536	807	29
43	First Security Islami Bank	Bangladesh	4.349	160	72
44	Export Import Bank of Bangladesh	Bangladesh	4.316	338	47
45	Kuwait Finance House (Bahrain)	Bahrain	3.991	463	38
46	Al-Arafah Islami Bank	Bangladesh	3.979	260	57
47	Bank Muamalat Indonesia	Indonesia	3.968	272	55
48	OCBC Al-Amin Bank	Malaysia	3.877	356	44
49	Al Baraka Bank Egypt	Egypt	3.491	192	65
50	Bahrain Islamic Bank	Bahrain	3.396	312	49
51	Islamic International Arab Bank	Jordan	3.043	273	54
52	Shahjalal Islami Bank	Bangladesh	2.902	178	66
53	Bank BNI Syariah	Indonesia	2.846	294	51
54	Abu Dhabi Islamic Bank – Egypt	Egypt	2.759	175	68
55	Bank BRIsyariah	Indonesia	2.629	349	46
56	Al Rayan Bank	United Kingdom	2.505	172	69
57	Bank Nizwa	Oman	2.266	356	43
58	Khaleeji Commercial Bank	Bahrain	2.257	268	56
59	Kuwait Finance House (Malaysia)	Malaysia	2.248	410	41
60	Al Baraka Islamic Bank	Bahrain	2.180	215	60
61	Standard Chartered Saadiq	Malaysia	1.901	161	71
62	Al Rajhi Banking & Investment Corporation (Malaysia)	Malaysia	1.833	175	67
63	Alizz Islamic Bank	Oman	1.774	202	63
64	Union Bank	Bangladesh	1.758	94	80
65	ABC Islamic Bank	Bahrain	1.745	352	45
66	Dubai Islamic Bank Pakistan	Pakistan	1.666	120	74
67	Bank Aceh Syariah	Indonesia	1.601	154	73
68	Safwa Islamic Bank	Jordan	1.581	199	64
69	BankIslami Pakistan	Pakistan	1.559	108	79
70	Palestine Islamic Bank	Palestine	1.104	110	77
71	Arab Islamic Bank	Palestine	1.062	109	78
72	Al Baraka Bank (Pakistan)	Pakistan	926	77	83
73	Qatar First Bank	Qatar	895	275	53
74	Bank Tabungan Pensiunan Nasional Syariah	Indonesia	835	277	52
75	First Energy Bank	Bahrain	826	540	37
76	Al Baraka Bank Syria	Syria	769	62	87
77	Syria International Islamic Bank	Syria	711	53	90
78	MCB Islamic Bank	Pakistan	682	72	85
79	Bank Panin Dubai Syariah	Indonesia	608	116	76
80	Bank Mega Syariah	Indonesia	509	83	82
81	Bank BCA Syariah	Indonesia	490	87	81
82	Albaraka Bank	South Africa	475	50	92
83	Bank Alkhair	Bahrain	471	76	84
84	Bank Jabar Banten Syariah	Indonesia	467	59	89
85	Bank Syariah Bukopin	Indonesia	439	61	88
86	Elaf Islamic Bank	Iraq	347	215	61
87	Ibdar Bank	Bahrain	325	218	59
88	Cham Islamic Bank	Syria	304	48	93
89	Jaiz Bank	Nigeria	297	36	96
90	Venture Capital Bank	Bahrain	292	165	70
91	Al Janoob Islamic Bank for Investment and Finance	Iraq	251	211	62
92	Maldives Islamic Bank	Maldives	211	22	97
93	Safa Bank	Palestine	166	67	86
94	Bank Victoria Syariah	Indonesia	147	20	98
95	Liquidity Management Centre	Bahrain	129	52	91
96	Global Banking Corporation	Bahrain	128	119	75
97	United Capital Bank	Sudan	124	48	94
98	ICB Islamic Bank	Bangladesh	76	-131	100
99	Bank Maybank Syariah Indonesia	Indonesia	46	37	95
100	Citi Islamic Investment Bank	Bahrain	15	14	99
	Name of Bank	Country	Assets $ million	Net income $ million	Rank

It is difficult to determine the “top” Islamic banks, as different banks may be considered the best in different regions or for different types of financial products and services.

However, some Islamic banks that are often considered to be among the leading institutions in the industry include:

Al Rajhi Bank: Based in Saudi Arabia, Al Rajhi Bank is one of the largest Islamic banks in the world, with a strong presence in the Middle East and Southeast Asia.
Dubai Islamic Bank: Based in the United Arab Emirates, Dubai Islamic Bank is one of the oldest and largest Islamic banks in the world, with a global network of branches and a wide range of sharia-compliant financial products and services.
Bank Negara Malaysia: Based in Malaysia, Bank Negara Malaysia is the central bank of the country and is responsible for regulating and supervising the Islamic finance sector. It is a leading institution in the Islamic finance industry and offers a range of sharia-compliant financial products and services.
Qatar Islamic Bank: Based in Qatar, Qatar Islamic Bank is one of the largest and oldest Islamic banks in the world, with a strong presence in the Middle East and Southeast Asia.
Abu Dhabi Islamic Bank: Based in the United Arab Emirates, Abu Dhabi Islamic Bank is a leading Islamic bank in the region, with a wide range of sharia-compliant financial products and services.

It is important to note that these are just a few examples of Islamic banks and that there are many other reputable and well-established institutions in the industry. It is always a good idea to do your own research and consider your specific financial needs and goals before choosing a bank.

This ranking of the 100 largest Islamic banks in the world gathers data from 22 countries and represents a total of $903.9 billion in combined assets, $583.4 billion in net loans, $662.4 billion in deposits and $12.9 billion in net profit. Only Islamic banks whose financial data was available in financial year 2018 were included in the ranking.

Saudi Arabia-based Al Rajhi Bank is the largest Islamic bank, and the bank saw its total assets expand by 6.4% to $97.3 billion. Dubai Islamic Bank is the second-largest Islamic bank, and Maybank Islamic, the largest Islamic bank in Asia Pacific, ranks #4, read here about the largest banks in Asia Pacific.
The top 10 largest banks include eight banks from the Middle East and two banks from Asia Pacific. On aggregate, the top 10 accounted for 51.3% and 67.7% of combined assets and net profits, respectively.
Malaysia, Saudi Arabia, the UAE, Qatar and Kuwait are the largest markets in terms of the Islamic bank assets, with their aggregate assets representing 79% of the combined assets of the 100 largest Islamic banks. The Islamic banks in Malaysia, including both domestic and foreign Islamic banks, held six out of the top 20 ranks and 16 of the total 100. Notably, the combined assets of all Malaysian Islamic banks accounted for 23% of the 100 largest Islamic banks’ assets. After Malaysia, Bahrain and Indonesia have the next largest number of Islamic banks at 15 and 13, respectively. However, the aggregate bank assets in Bahrain and Indonesia accounted for only 6% and 2%, respectively.

Projecting the top 10 Islamic banks in the world 2022 is now extremely difficult, owing to the volatility in oil prices, which is the major factor in determining the economic climate for the Middle-East countries that make up more than half of the total number of banks, and eight out of ten in the top ten banks.

About the Author: GBO Specialist

GBO provides corporate solutions, which includes step-by-step guidance incorporating foreign companies and opening bank accounts worldwide as well as assisting to obtain gaming and financial licenses, clearing and payment solutions, operating from 2009 You can contact GBO at: https://il.linkedin.com/in/lena-dikman-04422496/

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