Banking in Emerging Markets

Gulf Cooperation Council (GCC) FinTech Play 2017

  • Share

For both participation (Islamic) and traditional financial institutions across emerging markets, the risk of disruption is real. And the finance function of banks is at the center of this disruption.

Advances in new technologies — such as in-memory computing, the cloud, analytics, mobility, artificial intelligence, blockchain and robotic — offer CFOs an opportunity to reimagine what the finance function should look like. Many CFOs are now key players in driving adoption of these technologies more broadly in the organization, and in leading the transformation that ensues from technology innovation.

Highlights

  • 70% of bankers find the GCC banking sector open to integrating FinTech innovations
  • 60% of bankers suggest FinTech innovations could enhance customer service and reduce cost
  • Global participation banking assets reached US$930 billion in 2015
  • FinTech innovations could add 150 million new Islamic banking customers by 2021: EY
  • The GCC region’s share of participation banking increased to 72%
  • Saudi Arabia, the UAE and Malaysia are the three largest participation banking markets, in terms of assets

EY – To identify innovation characteristics and emerging areas of innovation, EY has developed the following framework

“The pace of FinTech innovation in the GCC has been extremely rapid over the past few years but still requires more work on-ground to truly revolutionize the banking industry. The variety of ways in which FinTech innovations are being adopted by the banking sector is increasing and we may even see banks collaborating to build ‘shared-cost FinTech solutions’ in the future.”

Gordon Bennie, MENA Financial Services Leader, EY

 

EY – Infographic

“The fact that almost one-third of the US$3 trillion global Sharia-compliant assets are either reported as ‘informal or ‘best estimates’ demonstrates the limitation of participation banks in making sound strategic decisions. CFOs need reliable information and we are seeing a strong desire to improve data management and analytics at participation banks through FinTech innovations.”

Ashar Nazim, Partner, Global Islamic Banking Center, EY

Country outlook

Explore our country-specific insights by clicking each of the tabs below.

 

×

To identify innovation characteristics and emerging areas of innovation, EY has developed the following framework

EY – To identify innovation characteristics and emerging areas of innovation, EY has developed the following framework

×

In the GCC, smartphones are “a way of life” for a dominant majority of banking customers

EY – Islamic banking Industry in 2020: a potential scenario

×

EY – Islamic banking Industry in 2020: a potential scenario

×

EY – Infographic

×

 

×

GCC region has accelerated its growth by...

EY – Islamic banking Industry in 2020: a potential scenario

×

Expect a CAGR of 14% through 2015–20, with total assets reaching US$1.8t across these nine important markets of QISMUT and Kuwait, Bahrain and Pakistan (QISMUT+3). QISMUT will remain the key driving market with GCC providing the additional acceleration.

EY – Islamic banking Industry in 2020: a potential scenario

×

Participation banking assets grew strongly in 2014 with GCC gaining above average growth rate

EY – Islamic banking Industry in 2020: a potential scenario

×

Participation industry footprint Share of markets - Bahrain:

EY – Participation industry footprint Share of markets - Bahrain

More insights available about Bahrain in the Banking in emerging markets report

×

Participation industry footprint Share of markets - Saudi Arabia:

EY - Participation industry footprint Share of markets - Saudi Arabia

More insights available about Saudi Arabia in the Banking in emerging markets report

×

Participation industry footprint Share of markets - Malaysia:

EY - Participation industry footprint Share of markets - Malaysia

More insights available about Malaysia in the Banking in emerging markets report

×

Participation industry footprint Share of markets - UAE:

EY - Participation industry footprint Share of markets - UAE

More insights available about UAE in the Banking in emerging markets report

×

Participation industry footprint Share of markets - Kuwait:

EY - Participation industry footprint Share of markets - Kuwait

More insights available about Kuwait in the Banking in emerging markets report

×

Participation industry footprint Share of markets - Qatar:

EY - Participation industry footprint Share of markets - Qatar

More insights available about Qatar in the Banking in emerging markets report

×

Participation industry footprint Share of markets - Turkey:

EY - Participation industry footprint Share of markets - Turkey

More insights available about Turkey in the Banking in emerging markets report

×

Participation industry footprint Share of markets - Indonesia:

EY - Participation industry footprint Share of markets - Indonesia

More insights available about Indonesia in the Banking in emerging markets report

×

Participation industry footprint Share of markets - Pakistan

EY - Participation industry footprint Share of markets - Pakistan

More insights available about Pakistan in the Banking in emerging markets report

 

Back to Top