Islamic finance is growing at an average annual rate of 20 per cent and is one of the fastest growing sections of the finance industry. That was the claim by World Islamic Banking Conference managing director David McLean at the opening of the two-day Second Annual World Islamic Banking Conference: Asia Summit (WIBC Asia 2011) in Singapore.
Today there are more than 600 financial institutions operating in more than 75 countries,” he said. “The increasing presence of Islamic financial institutions in new jurisdictions and the increased international interest in Islamic financial markets represents a tremendous opportunity for cross-border flows that are Sharia-compliant………………………………………..Full Article: Source