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From Matthias Knab, currently in Africa: According to Celent, a Boston-based financial research and consulting firm, Islamic finance has become a major global industry, with over 300 institutions currently involved in both Muslim countries and international markets. Globally, Islamic banking assets are estimated between US$600 billion and $650 billion and have registered a growth rate of 10-15% per year over the last decade, Celent says in its new report, Islamic Banking in the Middle East and North Africa.

Some key findings of the report include:

• Islamic banking is an attractive business because it is generally highly profitable. Major Islamic banks have been less impacted than conventional banks by the current financial crisis.
• The Middle East is currently one of the most developed Islamic banking markets, with more than US$255.8 billion in Islamic banking assets. Over the last decade with the expansion of economies, this region has seen exceptional growth, both in terms of financial institutions providing Islamic products and services and assets under management. Furthermore, Islamic banking assets have grown more rapidly than conventional assets in the Middle East region. However, Islamic banking is not equally developed across all countries.
• Islamic banking is in an infancy stage in the North African region, representing approximately US$18 billion in 2007.
• Islamic banking markets in Saudi Arabia and Kuwait are reaching their maturity phas......................

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