banking sector in 2007 in the middle east

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Banking Sector in 2007 in the Middle East

Executive SummaryThe business report identifies the key players in the banking sector in the Middle

East and the reasons for their success, major policy issues in the banking sector, and

prospects for the banking sector. The report employed secondary research in collecting

data on the banking industry in the Middle East. The credible sources of information for

the research include books, research journals, trade journals, business magazines,

newspapers, trade association reports, and firm reports. The methods of analysis

employed are cause and effect, historical trends, comparison, and derivation of

implications. The report also employed success factors as an analytical tool emerging in

the business sector. There are ten top players in the banking sector in the Middle East

based on capitalization, assets, market, and financial performance. The strengths of

these individual banks lie in their achievement of the two key success factors. One is

banking efficiency encompassing capital growth and asset management. The other is

development of banking processes based on high levels of trust or by building fiduciary

relationships with various stakeholders. There are also policy issues faced by these

banks in the areas of monetary policy, bank sector policy, bank regulation policy,

financial openness policy, and institutional environment policy. The issues in theseareas affect the top performing banks variedly depending on the environmental context

on which these operate. Prospects for eight of the top performing banks favour growth

because of the alignment of these strategies with the areas for growth while prospects

for two top performing banks is uncertain because the dependence of the success of

the strategies upon the occurrence of various conditions. Change and improvements


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need to occur at the sector and business levels to support competitiveness and

sustainability at these levels.

1. IntroductionThe banking sector in the Middle East is growing fast because of the concurrent

growth in the market for banking and capital services. However, the financial services

are in the midst of an overhaul because of changes in the market. The population in the

Middle East is becoming younger. More women receive higher education in the region

that increases the average educational attainment for the region. These factors

supported the demand for new products suited to a younger and educated population.

As such, the strategic direction of the banking sector is towards the greater diversity in

financial products and improvement in value adding services. In addition, there is alsogreater demand for regulations and practices to better monitor processes to enhance

security of financial systems and banking or finance institutions in the Middle East. In

response, banks are investing heavily in enhancing competencies to compete in the

region and globally. (Financial Times, 2000; Market Research, 2007)Business firms in the banking sector need to develop competitiveness in order to

maintain favourable positions in the industry as well as take advantage of emerging

opportunities. One opportunity is the future growth in bank loans, which means

individual banks should develop loan packages addressing the various needs of themarket at competitive terms. Another opportunity is the expected growth in credit card

applications in the next five years spurred by expected growth in spending because of

income-generating developments in other sectors. Still another opportunity is the future

growth in the microfinance sector with many individuals drawn towards the

establishment of small to medium businesses. Last opportunity is bank assurance or the

integration of banking and insurance spurred by growth in business.

(PriceWasterhouseCooper, 2008)However, there are also challenges or issues in the banking sector faced by

individual banking and finance sectors such as competition from foreign firms and

variances in standards of the different jurisdictions. The ability to address these

challenges distinguishes the successful firms.


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The business report identifies the key players in the banking sector in the Middle

East and the reasons for their success, major policy issues in the banking sector, and

prospects for the banking sector.2. Research Methods

The report employed secondary research in collecting data on the banking

industry in the Middle East. This method pertains to the collection, collation, and

synthesis of researches or reports collected for an original purpose. This is the opposite

of primary research, which draws data for the original purpose of the study. (Creswell,

2003; Saunders, Lewis & Thornhill, 2003) The credible sources of information for the

research include books, research journals, trade journals, business magazines,

newspapers, trade association reports, and firm reports. The methods of analysis

employed are cause and effect, historical trends, comparison, and derivation of

implications. The report also employed success factors as an analytical tool emerging in

the business sector.The research process commenced with brainstorming among the group

members about the approach to the research, the information requirements, and the

steps in completing the research process. The next step is library and online search of

sources on the banking sector in the Middle East. There is a wide range of sources so

there is need to select the key sources according to relevance to the research problems

and objectives set for the investigation. Synthesis and analysis of the resources

comprised the step before the write-up of the report.3. Key Firms in the Banking Sector in the Middle East

The ten key players in the banking sector in the Middle East are the following: v National Bank of Bahrain

v Bank Hapoalim Ltd.v National Bank of Kuwaitv National Commercial Bankv Oman International Bankv Jordan Ahli Bankv Bank Saderat


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v National Bank of Dubaiv Qatar National BankvAkbank (Market Research, 2007)

These banks comprise the leading banks in the Middle East because of their

influence in the local and regional economy as well as role in supporting sustainable

economic development. At the industry and business levels, these banks also maintain

high levels of capitalization and experience positive bank reputation or credit rating with

the central bank of the country of origin and in the region. These banks comprise the top

ten performers in the banking sector in the Middle East, albeit the ranking varies

depending on the focus of the consideration.Top Banks Country Strategy Slogan

National Bank of

BahrainBahrain Strengthen our leadership position in

the domestic market and increase

penetration in regional markets in

order to further improve shareholder

returns without compromising on the

bank's asset quality and excellent

credit ratings

Service Beyond

Banking

Bank Hapoalim Ltd. Israel Retail and international expansion todrive the next part of the earnings

cycle through opportunistic

acquisitions to enter foreign markets

Being First is a

Commitment

National Bank of

KuwaitKuwait Expansion strategy through a major

transformation program (investment in

infrastructure and human

Best Bank in the

Middle East


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development) to provide a platform for

larger scale operation, in a more open

and competitive environment, and

keep in step with the evolution of

banking practices and converging

technologies

National

Commercial BankSaudi

ArabiaDynamic customer-oriented approach

that make customers creative

partners in improving the precise

tailoring of the bank's retail products

to people's needs in an ever-changingmarketplace

Together as One

Oman International

BankOman Provide superior value to customers

and maintain strong relationship built

on trust Deliver consistent returns to

its shareholders backed by a

determination to pursue growth withprudent risk management

A Friend &

Partner

Jordan Ahli Bank Jordan Provide high quality, innovative andcomprehensive financial solutions for

its clientsExpansion plans to reach out to its

current and potential clients in all

locations

The Power of

Change

Bank Saderat Iran Diversify its asset base, increase thebank's market share in Iran, increase

return on assets through diversified

products and services to compete at a

The Export Bank

of Iran


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national and international levelNational Bank of

DubaiDubai,

UAEGenerate substantial growth in

business and profitability to become

the top bank in the UAE by focusingon market expansion via customer-

focused products and services

Qatar National Bank Qatar Diversify sources of revenue byoffering exclusively Islamic financial

services that fully comply with the

Islamic Sharia guidelines and theregulations set by Qatar Central Bank

(QCB)

Together Forward

Akbank Turkey Develop and innovate on retailbanking products and services via the

life cycle theory to maintain and

expand its market

Your Success is

Our Success

Based on the strategies of these top performing banks in the Middle East,

common key success factors emerge that determine the success of these banks

relative to other banks in the region.One success factor is banking efficiency, defined as the extent that the

management of the banks is able to raise assets and maximize profitability in the long-

term (Kahf, 2004). Islamic banks establish partnership relationships with both

shareholders and depositors and the top performing banks were able to balance and

meet the interests of both shareholder and depositors. The top performing banks

achieve this by focusing on internal competencies such as the efficiency of financial,

investment and marketing departments by investing in human development practices.

Effective asset and investment management best practices developed from decades of

experience and compliance with industry and international banking standards

determined the success of these banks.


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Another success factor is building the bank in the local and regional market by

developing high levels of trust (Kahf, 2004) with various stakeholders. As mentioned

previously, Islamic banking practices treat customers and investors as partners, even as

friends or family members. The top performing banks were able to fulfil mutual

expectations of trust by delivering significant asset and investment returns as their duty

in the fiduciary relationship with stakeholders. All of the top performing banks also

engage in community and national economic services such as sponsorship of social

welfare services or humanitarian causes to establish a close relationship with the

community, which also comprise their market.

4. Major Policy Issues Affecting the Banking Sector in the Middle EastFragmented industry is a characterization of the banking sector in the Middle

East in terms of policies. This is because of the lack of uniformity in the policies

implemented by the banking industry in different countries leading to variances in the

level and pace of growth in banking and finance. This in itself constitutes a major policy

issues but there are also specific policy issues face by the banking sector in the Middle

East.First issue is monetary policy. Generally, the banking sector in the Middle East

adheres to the liberalization process, which translates into the market determination of

interest rates and credit allocation. However, liberalization is imperfect or incomplete inmost banking industries of Middle Eastern countries because of the significant

government intervention in market operations. In addition, some of the countries also do

not pursue comprehensive framework on monetary policies that affects the effective

operation of banks at the regional level. (Boulila & Trabelsi, 2004; Creane et al., 2004)These are major obstructions to the unification of the banking sector in the Middle East

as a regional bloc, when regional cooperation could boost the competitiveness of Middle

East banks in the global market.A second issue is banking sector policy. In some countries such as Jordan and

Lebanon, banking sector policy effectively supported the development and efficiency of

the sector. However, half of countries in the Middle East show a different picture. The

inefficiency of the banking sector in these countries could be because of the domination

of government-controlled banks, which means government intervention in the areas of

liquidity management, interest rate margins, and credit allocation. This gives rise to the


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privatization debate, with greater levels of efficiency associated with privatization of

firms. (Creane et al., 2004) As such, many Middle East countries need to modernize

banking skills. There are even countries without ATM services or credit card products.

Moreover, there are also high levels of concentration in the banking industry of some

countries. In eight countries, a small number of banks usually control 60 to 70 percent of

assets. (Boulila & Trabelsi, 2004)This is due to difficulties in the entering the industry

because of government control of the major banks, making it difficult for smaller private

banks to compete. Concentration hampers innovation leading to limited non-cash

transaction services to the market.A third issue is bank regulation policy. Banking regulations emanate from the

central bank. There is positive correlation between the independence of the central

bank and the comprehensiveness and effectiveness of regulatory policies. In countries

with an independent central bank such as Jordan and Morocco, these have strong and

updated bank regulations. The effort to comply with the Basel standards is apparent in

the regulatory policies, albeit compliance requires further improvement. In the other

countries, the central banks are non-independent resulting to problems in supervision of

banks and practice of transparency in banks. (Boulila & Trabelsi, 2004; Creane et al.,

2004) Bank regulation constitutes an important policy issue faced by the banking sector

in the Middle East because this determines bank practices, which in turn determines the

ability of banks in the Middle East to develop regional as well as international

competitiveness and strength.A fourth issue is financial openness policy. Adherence to the liberalization

process meant that many of the banking industry in Middle East countries encourage

openness of current and capital accounts for purposes of regulation. However, even

with the adoption of liberalization, in practice, many of the countries enforce limitations

on earnings repatriation and foreign currency purchases. Concurrently, the countries

practice varied exchange rate policies such as pegged exchange rate relative to the

American dollar. The countries also practice forward, parallel or multiple exchange

markets. There are also similar limitations on currency transactions. (Boulila & Trabelsi,

2004; Creane et al., 2004)The last issue is institutional environment policy. Policies affecting the industry

environment affect the vibrancy of the banking industry and growth of the individual

banks. Policies improving the quality of legal and judicial system and business practices

support industry development. Many of the Middle East countries have poor or weak


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business and institutional infrastructures primarily because of the strong impact of

political pressures on the industry. (Boulila & Trabelsi, 2004; Creane et al., 2004) This

hampers the growth of the industry and sustainability of the individual banks.Top Banks Country Monetary

Policy Bank SectorPolicy BankRegulationPolicy

FinancialOpenness

PolicyInstitutionalEnvironment

PolicyNational

Bank of

BahrainBahrain Efficiency Limited

innovativenessComprehensive

supervisionDiversity of

products &

servicesSustainability

Bank

Hapoalim

Ltd.Israel Efficiency Limited



products &


National

Bank of

KuwaitKuwait Banking

skillsConcentration Effective

supervisionTransparency Growth

National

Commercial

BankSaudi

ArabiaBanking



Oman

International

BankOman Efficiency Limited



products &


Jordan Ahli

BankJordan Efficiency Limited



products &

services

Sustainability

Bank

SaderatIran Banking



National Dubai, Efficiency Limited Comprehensive Diversity of Sustainability


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Bank of

DubaiUAE innovativeness supervision products &

servicesQatar

NationalBank

Qatar Efficiency Limitedinnovativeness

Comprehensive


products &services

Sustainability

Akbank Turkey Efficiency Limitedinnovativeness

Comprehensive


products &


These issues have common and varied impact on the top performing banksdepending on the degree of liberalization, with the policy issues having different impact

on banks operating in an environment with lesser or greater degree of liberalization.5. Prospects of the Sector

Generally, prospects for the banking sector in the Middle East involve growth

opportunities. Increases in disposable income would fuel growth in the banking sector.

Growth in the other sectors that affects the decrease in unemployment would also fuel

growth in the banking sector. Increasing education and the young population would also

boost demand in the modernization of products and services in the banking sector, such

as bank loan demands. The continuing investment opportunities in the Middle East and

the concurrent entry of foreign investments would also boost growth in the banking

sector. Improvements in the regulatory framework of the banks, particularly in countries

such as Jordan and United Arab Emirates, would also determine the extent of growth in

the next years. (Market Research, 2007; PriceWaterhouseCooper, 2008)Specific areas of growth in the banking sector in the Middle East include small

business loans, bancassurance, and credit card applications (Market Research, 2007;

PriceWaterhouseCooper, 2008). Banks focusing on these areas of growth would largelycontribute to growth. However, improving the institutional environment is necessary for

banks to achieve growth. This means that the individual banks that would experience

growth in the next years are those tapping into these opportunities for growth as well as

advocating improvements in the environmental and institutional factors.


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Based on the factors fuelling growth and the areas of growth, the future

prospects for the top performing banks in the Middle East depends on their respective

strategies. The top performing banks in the Middle East have a common strategic focus,

which is the development or improvement in products and services offered to

customers. Many of the top performing banks recognize the importance of customer

focus in developing and diversifying products and services. However, there is a

difference in the priority accorded to customer orientation among the banks.In the case of Bank Hapoalim Ltd. of Israel, it focused on retail expansion as

well as opportunistic acquisitions to enable the company to expand to the wider regional

and global market. The prospect for the bank is uncertainty on whether pursuing an

expansion strategy would lead to growth in the next years because the impact of the

strategy depends on the value contributions of the acquisitions as well as the ability of

the bank to address the product and service demands of different markets.With regard to the National Bank of Kuwait, its strategy is also expansion and

modernization of its banking processes. The prospect for the bank in the next years is

also uncertain because of the dependence on the ability of the bank to innovate given a

concentrated banking industry, non-comprehensive regulatory policies, and weak

monetary policies. If the bank is to achieve the degree of innovativeness, it also has to

play a role in ushering policy improvements.

Top Banks Country Strategy Slogan Prospect for 2012National

Bank of

BahrainBahrain Strengthen our

leadership position in

the domestic market and

increase penetration in

regional markets in order

to further improve

shareholder returns

without compromising on

the bank's asset quality

and excellent credit

ratings

Service

Beyond

Banking

Bank Israel Retail and international Being First is a


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Hapoalim

Ltd.expansion to drive the

next part of the earnings

cycle through

opportunistic

acquisitions to enter

foreign markets

Commitment

National

Bank of

KuwaitKuwait Expansion strategy

through a major

transformation program

(investment in

infrastructure andhuman development) to

provide a platform for

larger scale operation, in

a more open and

competitive

environment, and keep

in step with the evolution

of banking practices and

converging technologies

Best Bank in

the Middle

East

National

Commercial

BankSaudi

ArabiaDynamic customer-

oriented approach that

make customers

creative partners in

improving the precise

tailoring of the bank's

retail products topeople's needs in an

ever-changing

marketplace

Together as

One

Oman Oman Provide superior value to A Friend &


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International

Bankcustomers and maintain

strong relationship built

on trust

Deliver consistent

returns to its

shareholders backed by

a determination to

pursue growth with

prudent risk

management

Partner

Jordan Ahli

BankJordan Provide high quality,

innovative and

comprehensive financial

solutions for its clients

Expansion plans to

reach out to its current

and potential clients in

all locations

The Power of

Change

Bank

SaderatIran Diversify its asset base,

increase the bank's

market share in Iran,

increase return on

assets through

diversified products and

services to compete at a

national and

international level

The Export

Bank of Iran

National

Bank of

Dubai,

UAEGenerate substantial

growth in business and

profitability to become


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Dubai the top bank in the UAEby focusing on market

expansion via customer-

focused products and

servicesQatar

National

BankQatar Diversify sources of

revenue by offering

exclusively Islamic

financial services that

fully comply with the

Islamic Sharia guidelines

and the regulations set

by Qatar Central Bank

(QCB)

Together

Forward

Akbank Turkey Develop and innovateon retail banking

products and services

via the life cycle theory

to maintain and expand

its market

Your Success

is Our

Success

Legend:

Growth Loss Uncertain

For the rest of the banks, the prospect for the next years is growth. One reason

for this is the strategic focus on the areas of growth. A common goal is improvement in

products and service as well as diversification of products and services.None of the top performing banks is likely to experience loss in the next years by

pursuing their current strategic direction regardless of differences in policy context

because of internal competencies of the banks and economic resilience of the region.


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6. ConclusionMiddle East countries have made changes in their respective financial sectors in

the past thirty years as the region sought to establish its role as a trade and financial

centre in the global market. However, the impact of growth in the region depended on

the relative growth in other regions. Many regions experienced faster paced of growth

relative to the Middle East. This means that if the region wants to fuel a faster speed of

growth, they have to improve economic and business infrastructures to support the

improvement of the key sectors, including the banking sector. In the context of

developments in the global market, the biggest challenge for the Middle East is the shift

towards non-repressive policies, which require practical macroeconomic policies and

structure-based reforms. Measures in stabilizing the macroeconomic environment

require a concurrent structural environment conducive to the development of the

banking sector. Key structural changes include the minimization of public sector

intervention in various areas of banking such as in the allocation of credit and

improvements in institutional infrastructures such as supervision.Efforts in the development of the banking sector should focus on the areas of

weakness. In many countries in the Middle East, the focus of policies could be

lessening the involvement of governments in the operations of the banking sector

outside of the limits of supervision, privatization of banks or greater private ownership of

government-controlled banks, improvement economic and fiscal policies, improved

competitiveness in the sector, greater investment in people development, promotion ofdevelopment in the parallel non-bank sectors affecting the banking sector, and

improved legal or judicial environment.In the banking sector of the Middle East, the environmental context strongly

influences opportunities and threats. Opportunities for the banking sector include the

tapping of new markets by diversifying products and services as well as the creation of

markets for banking products such as small business loans and bancassurance. Many

of the large banks in the Middle East also face the opportunity for expanding its market

not only across the region but also in other countries. The banking sector needs torecognize and understand the requirements of these opportunities to succeed in

implementation. However, there are also threats including the entry of foreign

competitors offering better products and services or operating with processes that are

more effective. Another threat is the impact of banking infrastructures of banking sectors

in other regions on the ability of the banking sector in the Middle East to compete


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globally. The banking sector in the Middle East needs to assess these opportunities and

threats in order to develop and implement policies conducive to the realization of these

opportunities and resolution of the threats. Doing so would enhance the capability of the

banking sector in the Middle East to compete globally as a regional bloc.The individual banks in the Middle East also need to assess their internal

strengths and weaknesses to make improvements necessary to develop strengths at

the national, regional and global level. There are ten top players in the banking sector in

the Middle East, which are identified as such based on capitalization, assets, market,

and financial performance. The strengths of these individual banks lie in their

achievement of the two key success factors. One is banking efficiency encompassing

capital growth and asset management. The other is development of banking processes

based on high levels of trust or by building fiduciary relationships with various

stakeholders. The top performing banks need to maintain and augment these strengths

to support continuous growth in the long-term. The low performing banks need to focus

on the development of these competencies in order to improve business performance

as a future prospect.However, even the top performing banks have weaknesses, which are tied to

the policy issues emerging in the sector. One weakness is the modernization of banking

skills. Another weakness is compliance with international standards such as on

transparency. Top performing banks need to focus on these areas of weakness to

improve efficiency and effectiveness as future prospects. Low performing banks alsoneed to address these weaknesses to enhance competitiveness in the future.

AddendumResearch, Planning and Writing Process

The purpose of the research is to investigate the banking sector in the Middle

East in terms of the top players and the reasons for their success, the policy issues

faced by the industry, and the prospects for the future of the top performing individual

banks in the Middle East. Investigating this research topic has its upside and downside.

The upside is the timeliness of the issue especially because of the impact of the credit

crunch in the U.S. in the global banking sector. The importance of the topic meant that

discussion of the topic is widespread to support the informative value of the research.


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The downside is the broad scope of the topic coinciding with the existence of divergent

ideas or perspectives on the banking sector in the Middle East, which means the need

to determine the approach or perspective of the paper in order to pursue a cohesive and

organized research report.Research planning involved the completion of five steps. First is developing and

identifying the topic, which is banking sector in the Middle East. Second is finding

background information, which the introduction contains. Third is the use of catalogues

and indexes to search for books, journals and online sources. Fourth is evaluation of the

resources found to provide data for the three sections of the body. Fifth is the creation

of the citation reflecting all the resources. There are aspects of the research that

positively contributed to the research outcome but there are also problems in the

research process. The systematic process commencing with the consideration of the

research topic supported the determination of the focus of the report and keywords in

searching for the sources. The use of keywords ensured that the resources provided

accurate information for use in the report. However, the lack of articulation of objectives

in completing the research process was a problem because this could have provided

better guidance to the completion of the report. The objectives comprise the specific

target outcomes for the research process and guide the specific steps, focus and

direction of the research process.The writing process in completing the research report involved successes and

failures. One success is the finding of various sources for the project, particularly thespecific reports on the banking sector in the Middle East. However, the wide range of

resources meant the need to collate and synthesize a great amount of information that

increases the likelihood that some important information may not be included in the

report. Another success is the organization of the report according to the assignment

questions. This ensures that all the questions have answers. However, this also

required thorough selection of the appropriate information to include in the report. The

time constraint comprised a challenge during the writing process.Overall, the research report fulfilled the considerations in completing the

research process, the plan for the research, and the writing process. Nevertheless,

there remain areas for improvement in the research planning and writing processes.

Report Content


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The required content of the report included background information on the

banking sector in the Middle East. The body of the report comprised of three sections

coinciding with the research questions. The last section contained the conclusion of the

report. The background information provided a context for the report because this

described the present situation of the banking sector in the Middle East and provided

the contents of the report. However, the banking sector in the Middle East is a broad

topic so that the background information also tended to be general without touching on

the situation of the banking industry and banks in the Middle East countries. The body

of the report contained a more specific discussion of the banking sector in the Middle

East because of the research questions. However, the word count limited the

information included in the discussion. The limitation of the discussion is the provision of

answers to the given research questions. There was no room for in-depth discussion.

The conclusion provided a summary and synthesis of the report. However, there wasonly a limited discussion of the research implications.

The sources of information are diverse including books, journals and online

sources. However, the primary sources employed in completing the report are the

industry or sector reports made by independent research firms. These sources provided

fitting answers to the research questions. It could also be better to compare the data of

independent research companies with information from the individual members of the

banking sector and government reports.

Working in a Research GroupAlthough there is a difference in working in groups in the setting of the

organization when compared to working in academic groups, similar processes and

issues emerge. Working in a group requires consensus building because of different

interests. Each member of the group has an idea of how the research process would

proceed and a picture of the research outcome. There are differences in the ideas of the

individual members so that the consensus combined the common ideas. The lengthy

discussion occurred over the differences in ideas and in determining the ideas to adopt

or the means of combining ideas. It was important to gain the agreement of all the

members in order to support a better research outcome.Apart from consensus building, the role of leadership was also important for a

number of reasons. One, consensus building requires a person to facilitate the


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discussion and the sharing of ideas by the group members. The leader acts as the

facilitator of ideas by signalling the people to share their ideas to ensure organized

discussion. Another, there is also need to collate and synthesize the different ideas and

present these to the group for consideration. The leaders role in synthesizing all ideas

and directing the group to make decisions based on the requirements of the research

topic is also important. Initially there was no group leader, which resulted to a

disorganized discussion but after the members agreed on the leader, the discussion

went smoothly.

Reference List

Boulila, G. & Trabelsi, M., 2004. The causality issue in the finance and growth nexus:

empirical evidence from Middle East and North African countries. Review of Middle East

Economics and Finance, 2(2), pp.123-138.

Creane, S. Mobarak, A. Goyal, R. & Sab, R., 2004. Financial

sector development in the Middle East and North Africa. IMF Working Paper No.

04/201. [Online]. Available at: [Accessed 23 January 2009].

Creswell, J.W., 2003. Research design: qualitative and quantitative approaches.

Thousand Oaks, CA: Sage Publications.

Financial Times, 2000. Middle East banking and finance/regional trends. [Online]

Available at: http://www.mafhoum.com/press2/81E78.htm [Accessed 23 January 2009]

Kahf, M., 2004. Success factors of Islamic banks: based on a study of the actual

conduct of some Islamic Banks. Paper prepared for the Brunei Symposium on Islamic

Banking and Finance, January 2004. [Online] Available at:


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http://monzer.kahf.com/papers/english/SUCCESS_FACTORS_OF_ISLAMIC_BANKS_

ENGLISH_JAN_04_BRUNEI.pdf [Accessed 23 January 2009]Market Research, 2007. Middle East banking sector analysis (2007-2011). [Online]

Available at:

http://www.marketresearch.com/product/display.asp?productid=1532336&g=1

[Accessed 23 January 2009]

PriceWaterhouseCoopers, 2008. Middle East region: industries - banking & capital

markets. [Online] Available at:

http://www.pwc.com/Extweb/industry.nsf/docid/CE791ADB5624C73C80257120003952

62 [Accessed 23 January 2009].Saunders, C. Lewis, P. & Thornhill, A., 2003. Research methods for business

students. 3rd ed. London: Prentice Hall Financial Times.


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banking sector in 2007 in the middle east

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