(Agence France-Presse) The Islamic banking industry is being hampered by low profits and “mediocre” customer satisfaction despite impressive growth, officials and executives said at a financial conference in Bahrain.
The sector, which provides banking services compliant with Islamic sharia law, has doubled in size over the past four years and is now worth more than $2 trillion (1.6 trillion euros).
But a study by EY (formerly Ernst & Young) released at the World Islamic Banking Conference in Bahrain this week found that Islamic banks run at significantly lower profit margins than their conventional peers.
