Islamic Finance doing well, up 20pct in Gulf
1/27/2012 2:57:26 PM
DUBAI - Islamic finance has increased exponentially in the last decade, with transactions worth more than one billion billion dollars in 2011, but is yet to pass the 1% mark in global financial movements, because of a series of internal issues that see the system trapped between Sharia law, upon which it is based, and economic laws governing international markets.
Islamic finance assets in the MENA (Middle East and North Africa) region increased by 416 billion dollars in 2010, a cumulative annual increase of 20% against growth of less than 9% for traditional banks, according to the Oxford Business Group's recently presented Abu Dhabi 2011 report.
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