MEED’s list of the largest 20 Islamic banks in terms of assets in the Gulf Cooperation Council (GCC) included five banks from the UAE, till June 14, 2014.

In its report, MEED noted that Dubai is an ambitious emirate, which seeks to become the capital of the Islamic economy, and is currently encouraging the opening of new Islamic banks.

Ranking fifth on MEED’s list, and first for the UAE, was Abu Dhabi Islamic Bank (ADIB) with assets exceeding $28.76 billion, while net profit and deposits were seen at $235.3 million and $26.47 million, respectively.

Following ADIB was Dubai Islamic Bank (DIB), ranking fourth on MEED’s list and second for the UAE, with assets of more than $33.55 billion, while net profit reached $364 million and deposits were seen at $26.47 million.

Ranking12th for MEED and third for the UAE was Emirates Islamic Bank (EIB) with assets of $11.28 billion, a net profit of $69.6 million and deposits of $8.16 million. Al Hilal Bank followed at 13th and fourth places respectively with assets of $11.21 billion, net profit of $69.6 million and deposits of $8.16 million.

Sharjah Islamic Bank (SIB), ranking 19th on MEED’s list and fifth for the UAE, saw assets of $6.37 billion, a net profit of $55 million and deposits worth $3.72 billion.

Topping MEED’s list for GCC Islamic banks was Saudi Arabia’s National Commercial Bank (NCB) followed by Al Rajhi Bank (Saudi) and Kuwait Finance House (KFH).