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Western debt crisis spurs growth of Islamic finance

Posted on 01 December 2011

Ashar NazimWith its assets estimated to total nearly $1 trillion globally, Islamic finance remains tiny compared to conventional finance with its tens of trillions of dollars. The market in Islamic bonds, or sukuk, is believed to total about $50 billion, roughly 1 percent of global bond issuance.
But proponents of Islamic finance can point to impressive gains. Ashar Nazim, Islamic financial services leader at consultants Ernst & Young said it had expanded at a compound annual growth rate of 20 percent over the past three years, compared to 9 percent for conventional finance. That performance gap has probably widened further in the last two months as much new business in the West has ground to a halt………………………………………..Full Article: Source

 
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