“Asset growth for the seven leading GCC Islamic banks [in the first three quarters 2008] goes something like this. Abu Dhabi Islamic Bank plus 12%. Al Rajhi Bank plus 31%. Bank Al Jazeera plus 9%. Boubyan Bank plus 27%. Dubai Bank plus 61%. Dubai Islamic Bank plus 4%. Kuwait Finance House plus 23%,” said Moody’s analyst Anouar Hassoune. These numbers paint a picture of growth for the Islamic finance industry in an otherwise gloomy global economic environment. And although Dubai Islamic Bank posted growth of just four percent, this low figure can be chalked up to a couple of extenuating factors. For starters, one of the bank’s former vice presidents was held by police this summer as part of a bribery investigation. It is more likely, however, that the low posting derives from DIB’s failure to make use of the United Arab Emirates Central Bank facility for refinancing in the
