Annual Report

Muamalat persevered in an environment of increased uncertainty in 2005. The nation’s economic momentum moderated in the year under review as economic expansion, as measured by the Gross Domestic Product (GDP), eased to 5.3% in 2005 compared to the 7.1% growth gained in the preceding year. The moderation in growth was evident in key segments of the economy, of which engine of growth manufacturing sector expanded a modest 4.9% in 2005 compared to the almost 10% growth realised in the preceding year. Still, the sharper rise in capital formation growth, accelerating 4.7% from 3.1% in 2004, suggests that investment levels remained buoyant during the year under review.