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An analysis of the United Arab Emirates banking sector
Finance & Accounting
Pages 12 (3012 words)
Islamic Banking Introduction The recent global financial recession of 2008 is widely considered as one of the most impactful financial depressions witnessed by the global economy which has drastically influenced the global market. During the financial depression of the world economy, the profitability of UAE banking sector was observed to continuously decline fundamentally because of the massive reductions in the funding programs.
In the present day context, the role played by the UAE banking sector can be observed as quite significant for the country’s elevating economic growth rate, both in the micro and macro environments. The banking sector of UAE offers a range of financial products and services targeting both the domestic group of customers and the international clients. Additionally, the recent banking scenario of the country has been witnessed to experience an increasing competition owing to enhanced product innovation requirements and availability of various substitute products/services (Arab News, 2012). Concerning the recent alterations of the industry scenario owing to the impact of the recent global financial turmoil, continuous influence of globalization and altering customer preferences, it can be assumed that the strategies considered by the banks in UAE have changed dramatically towards gaining better flexibility, competency and sustainability. With this concern, the discussion of this report will be focused on comparing two major banking corporations operating in UAE, i.e. ...
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