LONDON: Britain’s South Asian communities celebrated their contribution to the British economy, highlighting the industrialist Hinduja brothers as among the wealthiest tycoons in the country.
The Asian Business Awards gala event in London attracted business leaders, entrepreneurs and several prominent parliamentarians.
It also celebrated the top 10 wealthiest British-based Asians, with Gopichand and Srichand Hinduja, brothers of Indian origin, edging out steel magnate Lakshmi Mittal for the top spot.
“The event is a celebration of Asian business excellence, acumen and achievement, with Asian business leaders mixing with powerful policymakers, business trendsetters and celebrities,” organizers said.
“Asians have come a long way from the stereotypical corner-shop owners.”
Sponsors Asian Media and Marketing Group (AMG) published an Asian Rich List showing the combined overall net worth of the 101 wealthiest had reached £51.5 billion ($86 billion, 62 billion euros) — an increase of £6.5 billion on last year.
The London-based Hindujas, entrepreneurs who co-chair the multinational Hinduja Group conglomerate, were ranked as Britain’s richest South Asians with a total worth of £13.5 billion.
“The lesson one can learn was from what my father used to say — never put all your fruits in one basket,” said Gopichand Hinduja.
Asian Business Awards gala draws trade giants
Asian Business Awards gala draws trade giants
Islamic banks’ market share in Turkiye rises to 9.2%: Fitch Ratings
RIYADH: Islamic banks in Turkiye lifted their asset market share to 9.2 percent in 2025 from 8.1 percent a year earlier, as financing and deposits outpaced the broader banking sector, a new analysis showed.
In its latest report, Fitch Ratings said financing and deposit market shares rose to 7.9 percent and 10.4 percent, respectively, by the end of 2025, compared with 7.3 percent and 9.4 percent in 2024.
The agency noted that new digital Islamic banks are emerging in the country, with investment from Gulf Cooperation Council countries expected to continue.
Turkiye’s strong ties with Islamic countries across the Balkans, Africa and the Middle East support the development of its Islamic banking sector, attracting investors and contributing to the industry’s growth.
In its latest report, Fitch stated: “Three recently established private Islamic banks (two digital) grew rapidly in the first nine months of 2025. Investment in digital participation banking from the Gulf Cooperation Council countries underscores the potential for further investment from the region.”
It added: “Planned establishment of new participation banks, and rapid growth of recently established banks – albeit from small bases – means that the segment landscape may be reshaped in 2026.”
Dubai Islamic Bank PJSC’s investment in digital bank TOM underscores the potential for further GCC investment.
Turkish regulators have approved the establishment of Halk Katilim Bankasi A.S. and Adil Katilim Bankasi A.S. (digital), while BIM Birlesik Magazalar A.S.’s application is pending.
Fitch added that state-owned participation banks may merge or pursue initial public offerings, potentially reshaping the banking landscape.
The report predicts Islamic banks’ market share will rise further in 2026, supported by strong internal capital generation and growth appetite. However, the non-performing financing ratio may increase moderately due to high inflows.
“The segment’s non-performing financings ratio deteriorated to 2 percent at end-2025 compared to 1.2 percent in 2024 but remained below the sector average of 2.5 percent,” said Fitch.
It added: “We expect pressure to persist given still-high financing rates, high but declining inflation, and the sensitivity of unsecured retail (lower share than conventional banks) and SME segments to economic cycles. We forecast a moderate increase in the segment NPF ratio in 2026.”
