Internet banking is gradually gaining momentum in the Middle East after a slow, tentative start when neither financial institutions nor customers appeared to have much enthusiasm for the concept. Bankers are now divided between a minority who are pressing ahead as rapidly as possible and a rather larger number who are reluctantly acquiescing in an investment that they privately consider will neither generate immediate profit nor be popular with customers in the short term. Internet banking has only scratched the surface of the potential market. The service, which has been taken up by little more than a quarter of a million customers, is available from only 18 banks in eight countries. These are Saudi Arabia, Bahrain, Qatar, Kuwait, the UAE, Jordan, Lebanon and Egypt. However, several banks are planning internet strategies and are expected to be offering the service by the year-end. The financial conditions are right for making this...
