First Bank issues the first ranking of top 20 Islamic banks in the Arab world

In light of the rapid changes taking place in the global financial sector, Islamic banks continue to consolidate their position as a major player in the banking arena, driven by their ability to align Sharia principles with the requirements of the modern era. These banks have proven their ability to expand and innovate, which has earned them the trust of a wide range of customers, particularly in Arab countries, which represent the most vibrant market for Islamic banking.

From this standpoint, «First Bank» monitors the 20 largest Islamic banks in the Arab world in terms of the volume of assets in US dollars (for unified comparison) for each bank at the end of the fiscal year 2024, as the most consistent and comprehensive indicator in assessing the financial strength of banking institutions, according to the consolidated financial statements announced for each bank on its official website.

The classification revealed a clear Gulf dominance over the Islamic banking scene in the Arab region, as the banks of the United Arab Emirates, Qatar, Kuwait, Bahrain and the Kingdom of Saudi Arabia had a strong presence with 4 banks each, reflecting the concentration of Islamic financial weight in the Gulf region

On the other hand, the classification showed an almost complete absence of Islamic banks in the Arab countries located on the African continent, which reflects a noticeable imbalance in the geographical distribution of Islamic banking power, and it is worth noting that this disparity emerges as an indicator of a structural challenge in the map of Islamic banking in the Arab world.

Al Rajhi Bank topped the list of the largest Arab banks in terms of assets for the year 2024, with assets exceeding $259.35 billion, while Kuwait Finance House came in second place in the Arab world and first in Kuwait, with assets amounting to $119.17 billion at the end of the same year.

Dubai Islamic Bank came in third place in the Arab world and first in the UAE with assets amounting to $93.85 billion at the end of 2024, followed by Alinma Bank in fourth place in the Arab world and second among Saudi banks with assets amounting to $73.68 billion at the end of the same year.

Abu Dhabi Islamic Bank ranked fifth in the Arab world and second in the UAE, with its asset portfolio exceeding $61.51 billion, followed by Qatar Islamic Bank in sixth place in the Arab world and first among Qatari banks, with total assets reaching $55.09 billion by the end of 2024.

Al Rayan Bank ranked seventh in the Arab world and second among Qatari banks with assets of approximately $46.95 billion by the end of 2024, while Al Bilad Bank ranked eighth in the Arab world and third in Saudi Arabia with assets amounting to $41.25 billion for the same period.

Bank Al Jazira ranked fourth in Saudi Arabia and ninth among Arab banks with total assets of $39.63 billion, followed by Dukhan Bank in tenth place in the Arab world and third among Qatari banks with assets reaching $32.36 billion by the end of 2024.

Boubyan Bank ranked 11th among Arab banks and second among Kuwaiti banks with an asset portfolio of $30.44 billion at the end of 2024, while Emirates Islamic Bank ranked 12th in the Arab world and third among Emirati banks with an asset volume of $30.26 billion at the end of 2024.

Al Baraka Group ranked 13th in the Arab world and first among Bahraini banks, with total assets worth $26.19 billion at the end of 2024, followed by Sharjah Islamic Bank in fourth place among Emirati banks and 14th among Arab banks with assets of approximately $21.57 billion

Al Salam Bank ranked 15th in the Arab world and second in Bahrain with an asset portfolio of $18.73 billion at the end of 2024, followed by Warba Bank in third place among Kuwaiti banks and 18th in the Arab world in terms of asset volume, which amounted to $17.19 billion at the end of 2024.

Qatar International Islamic Bank ranked fourth among Kuwaiti and 17 Arab banks with total assets of $16.46 billion, followed by the International Bank of Kuwait in 18th place among Arab banks and 4 Kuwaitis with an asset portfolio worth $12.85 billion at the end of 2024.