Arab banks' assets to hit $3 trillion this year

The total assets held by banks in the Arab world will hit US$3 trillion this year, up 13 percent from US$2.6bn in 2012, according to the Union of Arab Banks (UAB).

Wissam Fattouh, secretary general of UAB, told the state-run Bahrain News Agency on the sidelines of a conference that the deposit base of Arab banks currently stood at US$1.5 trillion, with loan portfolios rising to US$1.4 trillion.

Fattouh added that the Arab banking sector was still not safe from the ongoing euro zone crisis, particularly recent troubles seen in Cyprus's financial sector.

"Financial crises are imported into the Arab region which does not export them. Thanks to their good risk-management, the Arab banks are in very good positions despite the regional and global fluctuations," Fattouh said.