Tuesday, November 6, 2007

Islamic finance is seeing spectacular growth

by Karina Robinson from the International Herald Tribune

Over the past year, Shariah-compliant assets have grown almost 30%, to more than $500 billion, according to analysis of the industry on a global scale, published this month by The Banker with input from a business consultancy, Maris Strategies. The Banker study underlines that the vast majority of the uptake comes from customers under 30 who are interested in their cultural and religious identity ... Britain, a non-Muslim country with about two million resident Muslims, is the 10th largest measured, with $10.4 billion in Shariah-compliant assets. This is largely because HSBC Amanah, which has $9.7 billion in these assets, is headquartered in London. But it also reflects the City's role as a premier global financial services center, with the British government playing a supportive role in the development of the industry. Britain is intent on becoming the first Western government to issue Islamic bonds.

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