Abu Dhabi – Mubasher: The number of Islamic banks grew to about 400 across more than 60 countries globally, said Abdul Rahman bin Abdullah Al Hamidy, chairman of the Arab Monetary Fund (AMF).

Speaking on the sidelines of a conference held in Abu Dhabi, the top official added that the Islamic banking sector saw 15-20% growth this year, while assets at Islamic banks rose to about $2 trillion till the end of 2014.

The leap in Islamic banking reflects the sector’s strength and strong potential, as well as its role in maintaining financial stability in economies where Islamic banks operate, said Al Hamidy.

Islamic banks were directly unhurt by the global financial crisis, as they showed immunity due to relying on asset-based financing.

Al Hamidy also noted that Islamic banking is vulnerable to several risks, including those related to the market, operations and credit.

Thus, there should be solid risk management at Islamic banks in order to monitor and regulate such risks, according to the chairman.