July Shows Record Growth for Banking Industry in Dubai

Despite a shaky early start to 2010, July has brought a buzz of activity to the news revolving around the banking industry. A study done by the British University in Dubai showed proof that the Islamic banking model performs better than any other in the world during economic downtimes.

While banks in all other areas of the world were reporting losses, headlines boasting that “Bank Shares Stabilize Dubai Market” appeared all over the media. And it’s true; on July 4^th the bank sector index was the only value-adding sector, while all other sectors suffered serious market losses. This may seem surprising, but it shows that there is hope on the horizon for other sectors that can manage to weather the economic storm.

The banks are sharing the wealth with the economy. Standard Charter Bank launched an innovative mortgage facility to cater to the upper echelon of homebuyers by making loans of up to $5m available to non-residents. The only stipulation is that for property to be eligible for the financing it must have been, or be, built by the banks registered developers.

All of this looks quite favorable for those in the banking industry. While other countries around the world are laying-off or letting go of top industry professionals in light of financial losses, Dubai is still actively recruiting the best of the best. And what professional in the banking industry would not want to work for the only banking model in the world that profits in a downed global economy?