Largest Islamic banks in 2021
This year’s evaluation covers the 100 largest Islamic banks and financial holding companies (banks) from 25 countries. The 100 largest Islamic banks combined had $1.11 trillion in total assets, $721 billion in net loans, $824 billion in customer deposits and $12.7 billion in net profit. The aggregate total assets of these banks increased by 12%, while aggregate net profit slid by 15%.
Saudi Arabia-based Al Rajhi Bank topped the ranking of the largest Islamic banks in the world, with total assets up by 22% to $125 billion in 2020. It generated $2.8 billion in net profit in 2020, which accounted for 26% of the total net profit of the 100 Islamic banks.
The top 10 banks’ ranking of the largest Islamic banks remained almost the same, with the exception of CIMB Islamic Bank, which moved up one notch to ninth spot, while Al Baraka Banking Group dropped to tenth place. Dubai Islamic Bank and Kuwait Finance House maintained their second and third places respectively. In fourth place is Maybank Islamic, which remained the largest Islamic bank in Asia.
Malaysia had the most Islamic banks on the list, followed by Indonesia, Bahrain and Bangladesh. Malaysia also held the largest share of total assets at 21.8%, while Saudi Arabia, the United Arab Emirates (UAE), Kuwait and Qatar accounted for 19.5%, 14.1%, 11.4% and 11% of the aggregate total assets respectively. Saudi Arabia had the notably greater share of net profit, at 34.3%, followed by Qatar (16.4%), the UAE (12%) and Malaysia (11.8%). Out of the 100 Islamic banks, 42 are from Asia. These banks held 29% of the aggregate total assets of the 100 largest Islamic banks, but only generated 16% of the aggregate net profit.
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Notes: (1) In the change in income and profit columns, P->L: profit to loss; L->P: loss to profit; L->L: loss to loss. (2) n.a.: not available; n.m.; not meaningful.
Source: TABInsights, S&P Global Market Intelligence