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Article: Islamic Banking
- Article from:
- Middle East
- Article date:
- November 1, 2008
- Author:
CopyrightCopyright International Communications Nov 2008. Provided by ProQuest LLC. (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, whereas, just one Egyptian-based ...