HSBC’s decision last week to close down its Islamic retail banking operations in six markets – leaving it with a presence only in Malaysia, Saudi Arabia and, in shrunken form, Indonesia – has shone a spotlight on the contradictions of the broader sector.
Islamic banking is reckoned to be growing globally at a rate of more than 20 per cent a year, as a greater proportion of the world’s 2bn Muslims seek out finance that is compliant with sharia laws on issues such as the illegality of charging interest………………………………………..Full Article: Source