The Race of Big Numbers: «Emirates Islamic» and «Dukhan» Battle for a Place Among the World’s Top 10 Islamic Banks
First Bank
Competition among global Islamic banks continues to gain momentum as institutions seek to strengthen their positions in international rankings through faster growth and broader business expansion.
Against this backdrop, the rivalry between «Emirates Islamic» and «Dukhan» has emerged as one of the most notable examples of shifting dynamics within the Islamic banking sector.
According to March 2026 data, «Emirates Islamic» ranks as the 10th largest Islamic bank in the world by total assets, while «Dukhan» occupies the 11th position, with the UAE-based lender reinforcing its standing through a growth trajectory that has significantly outpaced its Qatari counterpart.
«Emirates Islamic» reported total assets of 40.68 USD bn at the end of March 2026, compared with 34.72 USD bn for Dukhan Bank, widening the gap between the two institutions in the sector’s most widely used measure of scale.
The advantage also extended to the deposit base, with «Emirates Islamic» recording customer deposits of 29.76 USD bn by the end of March 2026, versus 24.95 USD bn for «Dukhan» during the same period.
Similarly, «Emirates Islamic» maintained its lead in financing activity, as net customer financing reached 25.65 USD bn at the end of March 2026, compared with 24.97 USD bn for Dukhan Bank, further strengthening its position among the world’s leading Islamic financial institutions.
The magnitude of the shift becomes even clearer when analyzing performance from the end of 2022 through March 2026. During this period, «Emirates Islamic» achieved 99.8% growth in total assets, compared with just 18.9% for «Dukhan». This enabled the UAE lender to surpass its Qatari rival by the end of 2025 before widening the asset gap to 5.97 USD bn by March 2026.
In deposits, «Emirates Islamic» recorded growth of 93.9% over the past three years, compared with 21.8% for «Dukhan». This allowed it to overtake its competitor by the end of 2025 and expand the gap to 4.81 USD bn by March 2026, reflecting its success in attracting deposits and strengthening its funding base.
The same trend was evident in financing activity, where Emirates Islamic posted 94.7% growth in net customer financing over the period, compared with 20.1% for «Dukhan». Having surpassed its rival by the end of 2025, the bank further widened the gap to approximately 679.14 USD mn by March 2026, supported by a significantly stronger pace of expansion.
Emirates Islamic’s advantage also extended to profitability indicators. The bank generated net profit of USD 231.36 mn during the first quarter of 2026, exceeding Dukhan Bank’s 117.89 USD mn during the same period, highlighting a stronger ability to translate operational growth into earnings.
In addition, «Emirates Islamic» reported a return on average assets of 2.30% during the first quarter of 2026, compared with 1.38% for «Dukhan», indicating greater efficiency in utilizing assets to generate returns.
At the same time, the bank achieved a return on average equity of 20.47%, compared with 11.18% for Dukhan Bank during the first quarter of 2026, reflecting a stronger capacity to generate value for shareholders and deliver higher profitability.
On the capital front, «Emirates Islamic» reported capital of 1.48 USD bn at the end of March 2026, slightly above Dukhan Bank’s 1.44 USD bn, providing a solid foundation to support future expansion plans.
These financial indicators suggest that the shift in competitive positioning between the two banks is not the result of temporary growth, but rather reflects a clear and sustained advantage in expansion across multiple banking activities.
Having overtaken «Dukhan» by the end of 2025, «Emirates Islamic» continued to strengthen its position during Q1 of 2026, consolidating its place among the world’s top 10 Islamic banks.
Nevertheless, competition between the two institutions remains open. The current gap could still change in the coming years should Dukhan Bank succeed in accelerating its growth trajectory and enhancing its operating performance, enabling it to narrow the difference and challenge once again for the tenth position globally.
