The total assets of Islamic banks in Bahrain have increased 13 per cent at the end of last year – up from 4 per cent in 2003, said Islamic Banks and Financial Institutions general council secretary general Dr Omar Al Hafiz.

The figures were released by the Central Bank of Bahrain on Wednesday.

According to Ernst and Young's 'World Islamic Banking Competitiveness Report 2013' released last year on the sidelines of the World Islamic Banking Conference, the Kingdom's Islamic asset market share amounted to 26.9 per cent with $13 billion assets.

The global Islamic banking assets are poised to cross $1.8 trillion next year, up from $1.3 trillion last year, the E&Y had forecast in its report.

The CBB in 2008 had reported that the total assets for the Islamic banking industry stood at $15.9 billion.