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Article: Islamic banking: text and tables by economic analyst Moin Siddiqi.(SPECIAL REPORT 2008)
- Article from:
- The Middle East
- Article date:
- November 1, 2008
- Author:
CopyrightCOPYRIGHT 2008 IC Publications Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Islamic banking is steadily moving into the mainstream of conventional financial systems and has remained largely insulated from the global credit crisis. It is expanding not only in the Muslim world, but also in other countries where Muslims are a minority, notably Britain, France, the US and even Japan. The industry has grown at a prodigious rate of 15-20% annually over the past decade; a trend that is likely to continue as the economic and construction boom in the Middle East and Asia regions will boost the value of Shariah assets.
THERE ARE NOW over 300 Islamic financial institutions (IFIs) spread over 75 countries and 300 Shariah-complaint mutual funds, ...