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Article: Banking in the Middle East.(the growth of the Islamic private banking sector)
- Article from:
- The Middle East
- Article date:
- February 1, 1999
- Author:
CopyrightCOPYRIGHT 1999 IC Publications Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Private banking is a fast-growing business in the Middle East.
The winds of competition are blowing through the region's personal banking market, particularly at the top end. Local banks in the region have seen their wealthiest clients take their funds to international private banks. Now some are responding by developing their own services.
"The opportunities for domestic private banks appear to be very great indeed," says David Gibson-Moore, executive manager of private banking and share trading at the Al-Rajhi banking and investment company of Riyadh.
One area where the domestic institutions have a distinct advantage is in catering to those ...