Gulf States and Asia are leading the growth in Islamic finance, which is being considered most credible alternative to conventional banking in the wake of global financial crisis, a senior banker said. Standard & Poor’s expects the $1 trillion global Islamic finance industry is set to double in size between 2011 and 2015, recording an annual 20 per cent growth driven by increasing demand for this “credible alternative” to conventional banking in the GCC and Asia.
“Young, fast-growing Muslim populations, robust macroeconomic environments, and large infrastructure projects that require financing are the main drivers of this increasing growth. The UAE is surely a predominant force in the region,” Mohammad J.A. Zaqout, executive vice-president, Personal Banking Group of Al Hilal Bank said………………………………………..Full Article: Source